Insulin Biosimilars Market Size, Share, Growth Analysis, By Type(Fast-acting Insulin, Intermediate-acting Insulin, and Long-acting Insulin), By Distribution Channel(Hospital Pharmacies, Retail Pharmacies, Drug Stores, and Online Pharmacies), By Indication(Diabetes Type 1, and Diabetes Type 2), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Insulin Biosimilars Market?

Global Insulin Biosimilars Market size was valued at USD 2.67 billion in 2022 and is poised to grow from USD 2.80 billion in 2023 to USD 4.07 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

Q: Which region accounted for the largest share in Global Insulin Biosimilars Market?

North America is slated to hold sway over global insulin biosimilars demand outlook across the forecast period. High prevalence of diabetic demographic in this region is the key factor supporting its dominance. Poor eating habits and adoption of sedentary lifestyles are key factors that have given rise to incidence of diabetes in North American countries. High healthcare spending potential and the presence of key pharmaceutical companies will also bolster the demand for insulin biosimilars in this region with United States accounting for the largest market share and Canada the second largest in North America.

Report ID: SQMIG35B2206 | Region: Global | Published Date: May, 2024
Pages: 219 | Tables: 90 | Figures: 76

Insulin Biosimilars Market News

In September 2023, Meitheal Pharmaceuticals, a leading pharmaceutical company based in the United States, announced that it had signed an exclusive agreement with Dongbao Pharmaceutical to develop 3 new insulin biosimilars for the United States market.

In November 2023, USV, a renowned pharmaceutical company based in India collaborated with Biogenomics to develop a local biosimilar version of Insulin Aspart called InsuQuick.

Insulin Biosimilars Market Report Snapshots

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Insulin Biosimilars Market size was valued at USD 2.67 billion in 2022 and is poised to grow from USD 2.80 billion in 2023 to USD 4.07 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

Insulin biosimilars market players can capitalize on the increasing incidence of diabetes by marketing their products as the right choice for effective diabetes management. Insulin biosimilar companies should also utilize strategies such as collaborations, partnerships, and mergers to fast-track the development of new insulin biosimilars. Companies can also improve their commercialization times by leveraging lucrative regulatory norms. 'Eli Lilly and Company', 'BIOTON S.A.', 'Merck & Co.', 'WOCKHARDT', 'Sanofi SA', 'Fresenius Kabi', 'Mylan N.V.', 'Julphar', 'Biocon Ltd.', 'Tonghua Dongbao', 'SEDICO Co.', 'Boehringer Ingelheim', 'Advanced Chemical Industries Limited', 'Aristopharma Ltd.', 'Amgen', 'Novo Nordisk A/S', 'Polfa Tarchomin S.A.', 'Sandoz', 'Popular Pharmaceuticals Ltd.', 'Denver Farma S.A'

Originator insulin products and biosimilars that have been used for years are now facing patent expiration issues and this is projected to bolster the demand for novel and innovative new insulin biosimilars. High investments in medical R&D are projected to create new opportunities for insulin biosimilar providers.

Adoption of Biologic and Biosimilar Therapies for Diabetes: Patients as well as healthcare institutions are focusing on adoption of novel biosimilar and biologic therapies for diabetes management, and this is slated to create new opportunities for suppliers of insulin biosimilars. Companies can develop novel products that are in accordance with this trend to maximize their revenue generation going forward.

North America is slated to hold sway over insulin biosimilars demand outlook across the forecast period. High prevalence of diabetic demographic in this region is the key factor supporting its dominance. Poor eating habits and adoption of sedentary lifestyles are key factors that have given rise to incidence of diabetes in North American countries. High healthcare spending potential and the presence of key pharmaceutical companies will also bolster the demand for insulin biosimilars in this region with United States accounting for the largest market share and Canada the second largest in North America.

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