New York, July 14, 2022 (GLOBE NEWSWIRE) -- The biosimilar insulin market reached US$ 1.3 Bn at the end of 2021 and is expected to surge ahead at a CAGR of 14.9% over the forecast period (2022-2032). As biologics manufacturing in emerging countries has increased, the global pharmaceutical industry has become even more competitive. Companies in these fields will need to constantly upgrade their specialized manufacturing skills to stay relevant.
Funding in biotechnology will continue to drive a significant portion of the industry, with biologics accounting for an increasing proportion of leading pharmaceuticals. The requirement for biosimilar insulin is increasing at a rapid rate to meet the needs of the growing diabetic population. With recent approvals of some biosimilar insulin products, manufacturers are trying to increase their production capacity keeping in mind product effectiveness, safety, and ease of administration.
Biologic products must adhere to strict regulations and laws; thus, the supply isn't enough to meet demand. There are only a few approved biosimilar insulin products available. The regulatory guidelines for phase-appropriate production process studies for clinical supplies are beneficial in the case of biosimilar insulin.
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The biosimilar insulin industry has grown due to increased advancements in insulin management systems. Growing demand for insulin and the rising population dealing with diabetes are driving manufacturers, and also new entrants, to develop innovative products. Additionally, growing healthcare costs and increased R&D efforts have fueled biosimilar insulin market expansion.
The COVID-19 pandemic increased the risk of diabetes diagnosis after contracting the virus, prompting pharmaceutical companies to invest in biosimilar insulin facilities and meet the rising demand.
Key Takeaways from Market Study
- The biosimilar insulin market is expected to reach 5.9 Bn by 2032.
- Insulin glargine held 81.6% market share by product segment in 2021.
- By distribution channel, retail pharmacies are making biosimilar insulin widely available, and the segment held a market share of 46.7% in 2021.
- Around 69.9% of the global market share, by region, was accounted for by North America in 2021.
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“Rising focus on cost-effective manufacturing of effective biologics and increasing demand for insulin will drive market growth over the coming years,” says an analyst of Persistence Market Research.
Market Competition
Leading players are collaborating to drive down the cost of insulin. This is having a positive impact on the biosimilar insulin market. Manufacturing an efficient product that can be as similar to the original is a challenge, but companies that have years of experience in biologics and insulin are trying their best to keep on going through trials and launch innovative products in the market after FDA approvals.
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- On 3 March 2022, the Juvenile Diabetes Research Foundation (JDRF) collaborated with Civica to help combat the nationwide insulin affordability crisis. Civica manufactures one long-acting insulin biosimilar - Sanofi’s Lantus (insulin glargine), and two rapid-acting insulins.
- A collaboration between Mylan N.V. and Momenta Pharmaceuticals, Inc. has provided a competitive advantage to Mylan by increasing the number of insulin biosimilars under development.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the biosimilar insulin market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.
The research study is based on product (insulin glargine, insulin analog, and others) and distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies), across five key regions of the world.
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