Global Insulin Biosimilars Market Size 2024, Forecast To 2033
6 Mar, 2024
The insulin biosimilars market size has grown rapidly in recent years. It will grow from $2.64 billion in 2023 to $3.08 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increased diabetes prevalence, growing healthcare costs, expanding access to diabetes treatment, market competition and price pressures, regulatory support and approval pathways. The insulin biosimilars market size is expected to see rapid growth in the next few years. It will grow to $5.41 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. Major trends in the forecast period include diversification of insulin product portfolios, global market penetration, technology integration in insulin delivery, regulatory support for biosimilars development, patient-centric approaches in product development.
Global Insulin biosimilars Market Key Driver
The increasing prevalence of diabetes is expected to propel the growth of the insulin biosimilars market going forward. Diabetes refers to a group of chronic metabolic disorders characterized by high blood sugar levels over a prolonged period. Biosimilars play a crucial role in the treatment of diabetes by providing an alternative option for insulin therapy, as a result, the increasing prevalence of diabetes increases the demand for insulin biosimilars market. For instance, in December 2021, according to the International Diabetes Federation (IDFT), a Belgium-based federal agency, the number of people with diabetes would increase to 643 million by 2030 and 783 million by 2045. Additionally, over 1.2 million children and adolescents (aged 0-19 years) are currently living with type 1 diabetes. Therefore, increasing the prevalence of diabetes drives the insulin biosimilar market. The market size in 2023 indicates significant potential for growth, with forecasts projecting expansion by 2024 and 2028.
Get A Free Sample Of The Global Insulin biosimilars Market ReportGlobal Insulin biosimilars Market Segments
The insulin biosimilars market covered in this report is segmented –
1) By Biosimilars Type: Rapid Acting biosimilars, Long Acting biosimilars, Premixed Acting biosimilars
2) By Disease Indication Type: Type I Diabetes, Type II Diabetes
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
4) By End User: Hospitals, Ambulatory Surgical Centers, Other End Users
By Geography:The regions covered in the insulin biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the insulin biosimilars market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global insulin biosimilars market report during the forecast period. The regions covered in the insulin biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Insulin biosimilars Industry Players
Eli Lilly and Company,Boehringer Ingelheim GmbH,Merck & Co Inc.,Pfizer Inc.,Biocon Ltd.,Mylan N.V.,Wockhardt Limited,NOVO Nordisk A/S,Sanofi S.A,Ypsomed AG,Fresenius Kabi AG,Sandoz International GmbH,Novartis International AG,Aurobindo Pharma Ltd.,Intas Pharmaceuticals Ltd.,Dr. Reddy's Laboratories Ltd.,Amgen Inc., Samsungbioepis Co. Ltd.,Coherus BioSciences Inc .,Teva Pharmaceutical Industries Ltd.,Stada Arzneimittel AG,Celltrion Inc.,Biogen Inc., AstraZeneca plc,Fujifilm Kyowa Kirin Biologics Co. Ltd.,Mochida Pharmaceutical Co. Ltd.,Daiichi Sankyo Company Limited,LG Chem Ltd.,JCR Pharmaceuticals Co. Ltd.,Green Cross Corporation,Lupin Limited,Torrent Pharmaceuticals Ltd.,Zydus lifescience Ltd.
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Insulin biosimilars Market Overview
Insulin biosimilars refer to biological products that are similar in terms of quality, safety, and efficacy to an existing reference insulin product that has already been approved and marketed. It is commonly used to manage blood glucose levels and it is essential for people with diabetes to maintain healthy glucose levels.
Insulin biosimilars Global Market Report 2023 provides data on the global insulin biosimilars market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The insulin biosimilars market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.