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Insulin is a hormone essential for regulating blood glucose levels in humans. Insulin biosimilars are biopharmaceutical products that are highly similar to existing biologics in terms of quality, safety, efficacy and purity. Insulin biosimilars offer a cost-effective treatment alternative to patented insulin products, thereby increasing accessibility. Common types of insulin biosimilars include Rapid-Acting, Long-Acting and Premixed. While rapid-acting insulin is used to control spikes in blood glucose levels after meal consumption, long-acting insulin treats overall elevated levels through the day. Premixed insulins contain a combination of short and long acting formulations. The rising diabetes rates globally have spurred the demand for more affordable treatment options like biosimilars.
The global Insulin Biosimilars Market is estimated to be valued at US$ 1,507.7 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the insulin biosimilars market expansion is the rising preference for cost-effective treatment alternatives among patients and healthcare payers alike. Insulin biosimilars offer nearly equivalent clinical efficacy as reference products but at significantly lower prices, estimating average annual savings of US$ 1000-2000 per patient. This makes insulin biosimilars an attractive proposition, especially in developing countries. Additionally, increasing government initiatives for biosimilar development and commercialization in major markets like Europe and Asia Pacific are also positively impacting market growth. Recent regulatory approvals and new product launches by existing players will further fuel market revenues over the forecast period.
Segment Analysis
The global insulin biosimilars market is dominated by the long acting sub-segment of insulin which held around 45% share of the market in 2023. Long acting biosimilars such as glargine and degludec have gained popularity among patients as they need to be taken only once a day thereby offering convenience. This reduces the treatment cost and medication non-adherence compared to traditional human insulin which needs to be taken several times a day.
PEST Analysis
Political: The governments across countries are supporting the growth of biosimilars market by incentive programs and funding for their development and production. This is helping in better management of diabetes and reduction of healthcare expenditure.
Economic: The individual savings on diabetes treatment and lower economic burden on the patients due to affordable biosimilars is boosting the market growth. However, fluctuations in currency exchange rates can impact the production cost of manufacturers.
Social: Increasing incidence of diabetes worldwide due to obesity, sedentary lifestyle and aging population is driving the demand for insulin. Growing awareness about biosimilars and their benefits is positively impacting the adoption rate.
Technological: Advancements in analytical techniques for biosimilar development and manufacturing are leading to similar quality, safety and efficacy as reference products. This is improving patient and physician confidence in biosimilar therapies.
Key Takeaways
The global insulin biosimilars market is expected to witness high growth at a CAGR of 3.4% during the forecast period of 2023 to 2030. North America dominated the market in 2023 with around 30% share driven by favorable regulations and insurance coverage for biosimilars in the US. Asia Pacific region is anticipated to be the fastest growing market due to rising diabetes prevalence, improving access to healthcare and increasing healthcare expenditures in countries like India, China and Japan.
Key players operating in the insulin biosimilars market are Eli Lilly and Company, H. Boehringer Sohn AG & Ko. KG, Novo Nordisk A/S, Wockhardt Ltd., Momenta Pharmaceuticals, Inc., and Ypsomed AG. Eli Lilly and Novo Nordisk are well established players offering long acting biosimilar insulins glargine and degludec. Wockhardt and Momenta are Indian players actively engaged in developing and manufacturing affordable biosimilar insulins to cater the Indian and other emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
