Global Insulin Biosimilars Market Share Is Expected To Grow At A CAGR Of 21.45% By 2030

12-Jan-2023 | Facts and Factors

According to Facts and Factors, the global insulin biosimilars market size was worth around USD 1.44 billion in 2021 and is predicted to grow to around USD 5.81 billion by 2030 with a compound annual growth rate (CAGR) of roughly 21.45% between 2022 and 2030.

Biosimilars are successors of biologic medicines that have lost the exclusive protection provided by the patent. They differ from simple generic medicines owing to their complexity in terms of structure, size, and the overall manufacturing process. Biosimilar becomes available in the live market only after undergoing strict regulatory processes that demonstrate the safety and efficiency of the biosimilar along with their similarity to the original medicine or drug.

Browse the full “Insulin Biosimilars Market Size, Share, Growth Analysis Report By Disease Indication (Type II Diabetes, Type 1 Diabetes), By Type (Long Acting Biosimilar, Rapid Acting Biosimilar, and Premixed Biosimilar), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/insulin-biosimilars-market

As per the European Medicines Agency (EMA), a biosimilar is a biologically derived medicine that is very similar to another biological drug that has already received the necessary approval in the European market. Biosimilar insulin is produced by copying an original insulin formula. They have almost the same effect as branded medicines but are relatively more cost-effective.

However, which type of medicine best suits the patient is purely decided by the healthcare professional handling the case depending on the severity of the diabetes case. Like other insulins, biosimilar insulin should also be prescribed as per the trade name and not with a generic name to avoid any errors or confusion. If a person is switching to biosimilar insulin then they need to closely monitor blood sugar levels to prevent any serious complications.

The global insulin biosimilar market is projected to be driven by the cost-efficiency of biosimilar products which are relatively lesser prices than the corresponding branded medicines. Diabetes in general is an expensive disease since it requires constant medication and insulin therapy in situations related to serious cases.

As per data from the American Diabetes Association, the average medical expenditure on diabetes per year per person comes to around USD 9,601. The same report claims that the medical expenses of people living with diabetes are almost 2.5 times higher than the medical expenditure of [people without diabetes. A recent NBC report stated that the cost of insulin remains one of the major barriers for many Americans who have diabetes.

Although the US Government has decided to keep a monthly cap of USD 35 for senior citizens starting in 2023, the total cost is still high. Biosimilar insulins are less priced than other commercial insulins which makes them more effective and efficient since they can be afforded by an ever larger section of the population. Pharmaceutical companies are working toward developing biosimilar insulins that cost USD 72 or less per year.

The global market growth could be restricted due to the high investment required to develop insulin biosimilars influenced by the complexities associated with the production and sale of the products. Biosimilar insulins have to undergo extensive regulatory processes before they can be launched in the market for purchase or sale. This leads to an increase in the overall price required to commercialize a product, especially medical drugs.

The increasing use of technology in healthcare may create higher expansion opportunities while the complexities with the manufacturing of insulin biosimilars could act as a major challenge.

Segmental Overview

The global insulin biosimilars market is segmented based on disease indication, type, and region

Based on disease indication, the global market segments are type II diabetes and type 1 diabetes with the former leading the global market growth in 2021. People suffering from type I diabetes do not produce insulin at all and hence in almost all cases, they require external insulin injections. Type I diabetic patients are required to take insulin injections or pumps almost daily. Patients with type II diabetes may have insulin therapy as a part of the treatment plan. As per the Centers for Disease Control and Prevention, more than 37 million of the American population suffers from diabetes, out of which around 90 to 95% have type II diabetes.

Based on type, the global market divisions are long acting biosimilar, rapid acting biosimilar, and premixed biosimilar. The global market is dominated by the rapid acting biosimilar segment due to the short time required by the insulin injections to showcase the effect. Rapid acting biosimilar start working within 15 minutes of application and their effect lasts up to a few hours. Long acting biosimilars proved effective during the initial phase of introduction but the high associated cost led to funding reduction.

Regional Overview

North America is projected to lead the global insulin biosimilar market due to the high number of diabetic patients in the US. The recent Centers for Diseases Control and Prevention stated that there are more than 37 million people in the US who are currently living with diabetes. The number represents 11.3% of the US population.

Growth in Asia-Pacific is projected to be led by increasing investments in the pharmaceutical industry, more so in the biotechnological segment. India is home to Biocon, one of the largest producers of biosimilars in Asia. The company is the third largest producer of insulins across the globe and is the one Indian company to bring its biosimilar products to the European and US market.

Report Scope

Competitive Landscape

The global insulin biosimilars market is led by players like Biocon, Eli Lilly & Co., NOVO Nordisk A/S, Pfizer Inc., Ypsomed AG, Boehringer Ingelheim, and Merck & Co.

Recent Developments:

• In November 2021, Biocon launched biosimilar insulins in the US region. The newly introduced products are Semglee injection and Insulin Glargine injection
• In July 2022, the House of Representatives in California passed an initiative that will provide USD 100 million for the regional production of insulin biosimilars

The global insulin biosimilars market is segmented as follows:

By Disease Indication 

• Type II Diabetes
• Type 1 Diabetes

By Type 

• Long Acting Biosimilar
• Rapid Acting Biosimilar
• Premixed Biosimilar

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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