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: 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 Insights

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).

Insulin biosimilars are drugs or products that are like insulin but not identical and can never be termed as the exact copy of original protein. Growing incidence of diabetes is the prime aspect that is projected to boost sales of insulin biosimilars over the coming years. Increasing investments in diabetes R&D and growing need for diabetes management around the world are also slated to augment the demand for insulin biosimilars across the forecast period and beyond. New clinical trials being performed for novel insulin biosimilars are also helping market expansion. The patent expiry of original insulin products is also a key trend that is estimated to create new opportunities for insulin biosimilars market players in the future. However, stringent regulatory mandates and improper clinical acceptance of novel insulin biosimilars are estimated to be key restraints for the overall market development in the long run.

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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