Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Biosimilar Insulin Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region" report has been added to ResearchAndMarkets.com's offering.
The global biosimilar insulin market is forecast to reach US$1.8 billion by the end of 2024. This recent study predicts an impressive compound annual growth, propelling the market to an estimated value of US$ 5 billion by the close of 2031.
Dominating the Market: Biosimilar Insulin Sales
In 2023, biosimilar insulin sales gained significant traction within the global insulin market, underscoring their increasing relevance in meeting the requirements of diabetic patients worldwide. The data highlights this notable shift in the healthcare landscape.
Cost-Effective Biosimilar Insulin - Meeting the Demand
Access to affordable insulin has become a pressing issue, particularly for individuals in the low-income bracket. Recent efforts have been made in various jurisdictions and by commercial insurance companies to cap the price of insulin.
Companies such as Biocon, Eli Lilly and Company, Sanofi, BGP Pharma, Aspen, and Mylan (Viatris) are developing biosimilar insulin to address this critical need.
R&D Investments and Technological Advancements
Manufacturers are also allocating funds to research and development, with the aim of introducing more cost-effective and advanced technologies in the field of biosimilar insulin. Increased research efforts are expected to result in the introduction of new technologies, further enhancing the acceptance and utilization of biosimilar insulin, ultimately leading to market expansion in the coming years.
Competitive Pressure and Price Reductions
While the pharmaceutical industry is experiencing exponential growth through the introduction of novel products, biosimilar insulin products must adhere to stringent regulatory requirements to ensure product integrity.
Competition may drive pharmaceutical companies to reduce the prices of standard drugs. This competitive pressure could impact the demand for biosimilar insulin, making it crucial for biosimilar products to match the efficiency and reliability of standard drugs.
Regional Insights
- U.S.: Leading the Way in Biosimilar Insulin: The prominence of the U.S. biosimilar insulin market can be attributed to the increasing number of FDA approvals for drugs that require cold storage. In 2023, the U.S. held a significant market share, and this trend is expected to continue. The approval of interchangeable biosimilars like Semglee, which can be substituted for reference products without clinician approval, has driven demand for biosimilar insulin in the U.S., thereby increasing the market's overall value.
- U.K.: Leveraging Biosimilar Insulin for Healthcare Savings: The U.K. also has a substantial market share in the European biosimilar insulin market. The country's biopharma industry plays a crucial role in driving the demand for biosimilar insulin. While the U.K. offers several biosimilar insulin products, they must be prescribed by brand name and are not interchangeable. The cost-effectiveness of biosimilar insulin products presents opportunities for the National Health Service (NHS) to improve availability and manage healthcare costs.
- India: A Booming Market for Biosimilar Insulin: India has emerged as a prominent market for biosimilar insulin, particularly in the Asia-Pacific (APAC) region. The Indian government is actively promoting the expansion of the biopharmaceutical industry to achieve self-sufficiency. Investment in biotechnology research and development has been a priority, with significant financial commitments. Over 100 Indian biopharmaceutical companies are involved in the production and marketing of biosimilars. These companies are modernizing their technology and workforce capabilities to tap into India's vast potential in this sector.
Competitive Analysis
Leading manufacturers are strategically lowering the prices of biosimilar insulin products to expand their market presence. Licensing, approvals, and corporate partnerships are key trends observed in the market, as companies seek to advance biosimilar insulin products.
Key Companies Profiled
- Biocon
- Eli Lilly and Company
- Sanofi
- BGP Pharma
- Aspen
- Mylan
Key Segments Covered in Biosimilar Insulin Industry Research
Biosimilar Insulin Market by Product:
- Insulin Glargine
- Insulin Analog
- Others
Biosimilar Insulin Market by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
For more information about this report visit https://www.researchandmarkets.com/r/e4z1aj
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