Insulin Biosimilars Market Growing Demand, Synopsis, Opportunities and Analysis 2022 to 2030
Insulin Biosimilars Market Highlights
Insulin
Biosimilars Market was valued at USD 2311 Million in 2019 and is
expected to register a CAGR of14.80% during the forecast period of 2022 to
2030.
The
USFDA approved new insulin glargine Basilar, for type 1 and type
2 diabetes which is a biosimilar version of Sanofi’s
basal insulin Lantus (insulin glargine). Additionally, Lilly and Boehringer
Ingelheim’s biosimilar insulin glargine has got approval through the European
Medicines Agency’s (EMA’s) Biosimilar pathway. Such ongoing approvals by the
respective authorities are expected to drive the growth of the insulin
biosimilars market. An analysis conducted by the FDA revealed that the US
marketed biosimilars typically launched with 15% to 35% lower initial list
prices than comparative list prices of reference products. Additionally, even
with only 1 generic on the market, list prices can drop by 31% to 39%. The
reduction in cost helps patients to adhere to the treatment, thereby increasing
the preference for biosimilar products.
The
global insulin biosimilars
market is currently dominated by a few market
players. The key players are involved in expansion, acquisition, and strategic
collaborations to maintain their global footprint. For instance, India-based
Biocon and US-based partner Mylan announced in October 2019 the launch of the
first insulin glargine biosimilar in Australia available on the Pharmaceutical
Benefits Scheme (PBS). Almost two million Australians have diabetes, with
approximately 280 Australians developing diabetes every day.
Insulin Biosimilars Market Regional Analysis
The market has been divided, by region, into the
Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas are anticipated to hold the
largest market share owing to the higher number of diagnosed patients
undergoing treatment, available healthcare infrastructure, and the presence of
prominent players in this region. The insulin biosimilars market in the
Americas has further been branched into North America and Latin America, with
the North American market divided into the US and Canada.
The European insulin biosimilars market report has been categorized as Western Europe and
Eastern Europe. The Western European market has further been classified as
Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The
insulin biosimilars market in Asia-Pacific has been segmented into Japan,
China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the
rising prevalence of diabetes and the expansion of healthcare facilities, the
market in Asia-Pacific is expected to be the fastest-growing. The insulin
biosimilars market in the Middle East & Africa has been divided into the
Middle East and Africa.
Insulin Biosimilars Market Players
The
global insulin biosimilars market players are Sanofi S.A., Boehringer
Ingelheim, Eli Lilly & Co., NOVO Nordisk A/S, Biocon, Merck & Co.,
Mylan N.V., Pfizer Inc., Sandoz, Fresenius Kabi, and others.
Insulin Biosimilars Market Segmentation
The global insulin biosimilars market has been
segmented based on type and indication.
The market, based on type, has been divided
into rapid-acting biosimilars, long-acting biosimilars, and premixed
biosimilars. The long-acting biosimilars are likely to hold maximum market
share in the global insulin biosimilars market owing to its benefits in the
treatment for diabetes. Pre-mixed insulins are pre-formulated combinations of
rapid-acting and long-acting insulin; they provide an approximation of
basal/bolus therapy with the advantage of fewer total injections.
Based on indication, the insulin biosimilars
market has been bifurcated into type I diabetes and type II diabetes. The type
II diabetes segment is anticipated to hold a larger share in the market due to
many patients suffering from the condition as compared to type I diabetes
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