May 26, 2024

Insulin Biosimilars Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Insulin is an important component in the management of diabetes, with over 460 million people suffering from the disease globally. Biosimilars provide a more cost-effective alternative to branded insulin for patients. Insulin biosimilars work by lowering blood glucose levels in the same way as human insulin. They essentially have the same clinical efficacy and safety as originator biologics but are available at lower costs. The development of insulin biosimilars is increasing access for patients in both developing and developed nations by expanding treatment options.

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.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/insulin-biosimilars-market-1750

Market key trends:

One of the key trends in the insulin biosimilars market is the increasing number of product approvals. Regulatory bodies across various regions are approving biosimilar insulin products to support people with diabetes. For instance, in February 2019, the European Commission approved the marketing authorization for Semglee, developed by Mylan. Similarly, in July 2019, the US FDA approved Semglee. Such approvals are increasing the availability of more affordable treatment options.

Another trend is the greater market access and uptake in developing nations. Countries with large diabetic populations and budget constraints are adopting insulin biosimilars as the preferred treatment option. This is driven by the significant cost savings that biosimilars provide compared to reference products. Manufacturers are also focusing on these emerging markets for faster market penetration of their biosimilar insulins.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the insulin biosimilars market is moderate due to existing stringent regulations to enter the market. However, biosimilar developers can leverage their expertise in insulin for easier market entry.

Bargaining power of buyers: The bargaining power of buyers in the insulin biosimilars market is high due to the availability of generics alternatives. In addition, buyers can easily switch between branded and biosimilar drugs.

Bargaining power of suppliers: Manufacturers hold moderate bargaining power over suppliers as raw material suppliers for insulin biosimilars have limited options. However, key inputs are commoditized which constrain supplier bargaining power.

Threat of new substitutes: The threat of new substitutes is low as insulin is the most effective treatment for diabetes currently. However, alternative drug delivery methods can be a potential threat over the long-term.

Competitive rivalry: The competitive rivalry in the insulin biosimilars market is high owing to the presence of key players offering similar treatments. Players compete based on pricing strategies, geographical expansion, and new product launches.

Key Takeaways

The global insulin biosimilars market is expected to witness high growth over the forecast period owing to rising prevalence of diabetes and increasing demand for 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.

The North America region currently dominates the market and is expected to maintain its position throughout the forecast period. This is attributed to the growing diabetic population and presence of major players in the region. Europe is the second largest and fastest growing market for insulin biosimilars. This is owing to rising government initiatives to promote biosimilars adoption and availability of advanced healthcare infrastructure in countries like Germany and UK.

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. Key players are focused on mergers and acquisitions to expand their product portfolio and geographical footprint. For instance, in 2020, Boehringer Ingelheim acquired all shares of Eli Lilly’s biosimilar portfolio to strengthen its position in the global insulin space.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it