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Insulin is a naturally occurring hormone that regulates blood sugar levels in the human body. It is primarily used for the management and treatment of diabetes. Insulin biosimilars are drug products that are highly similar to already approved biological drugs called reference products. These provide an affordable treatment option for diabetes. The growing prevalence of diabetes worldwide has increased the demand for efficient management of the disease. As per the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021, and the number is projected to rise to 643 million by 2030 and 783 million by 2045. The high costs associated with branded insulin have compelled patients to switch to more affordable biosimilar versions.
This has helped reduce the economic burden on patients and healthcare systems. 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 key trends: The key trend gaining traction in the insulin biosimilars market is the rising approval and launch of new biosimilar products. Several pharmaceutical companies are engaged in the development of biosimilar versions of insulin to cater to the growing patient pool suffering from diabetes globally. For instance, in May 2022, the US FDA approved Semglyce (insulin glargine-yfgn) injection, developed by Mylan N.V. (part of Viatris Inc.), as the first interchangeable biosimilar product for the reference biologic Lantus (insulin glargine). Such introductions of new biosimilar approvals are expected to increase competition and bring down drug prices, fueling the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as insulin biosimilars market requires high capital investment and strict regulations posed by governments.
Bargaining power of buyers: The bargaining power of buyers is moderate as the insulin demand is consistent. However, availability of substitutes poses a threat.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to presence of a large number of suppliers and manufacturers in the market.
Threat of new substitutes: The threat of new substitutes is high with advancement in drug discovery and delivery technologies.
Competitive rivalry: The competitive rivalry is high among existing players to gain major market share.
Key Takeaways
The global insulin biosimilars market is expected to witness high growth. The market was valued at US$ 1,507.7 Mn in 2023 and is anticipated to reach US$ 2,007.9 Mn by 2030, expanding at a CAGR of 3.4% during the forecast period.
Regional analysis: North America region currently dominates the market and is expected to continue its dominance in the forecast period. Higher acceptance of biosimilars and presence of major market players drive the growth in the region. Asia Pacific region is expected to witness fastest growth due to rising prevalence of diabetes and increasing healthcare expenditure in the region.
Key players: 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 Company holds the major market share. However, other players are expanding their product portfolio and strengthening distribution channels to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
