Biosimilar Insulin Market Size, Share, Growth, and Industry Analysis by Type (Biosimilar Insulin Glargine, Biosimilar Insulin Lispro, and other) By Application (Hospital, Retail Pharmacy, and Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2022 To 2030

Updated On: 11 September 2023

Biosimilar Insulin Market Report Overview

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The global biosimilar insulin market size is expected to be worth USD 2.502 billion in 2022 and is projected to touch USD 6.548 billion by 2028, at a CAGR of 14.7% during the forecast period.

This insulin is a biological replica of the original insulin that is gaining popularity for development and use. Biosimilar insulins are produced in living organisms (e.g., yeast and bacteria) in order to produce large quantities of the desired large-protein product, limiting the ability to produce exact replicas of original biological medications. Because these insulins are less expensive than original products, they provide opportunities for the NHS in terms of availability and cost of care. However, there is a lack of awareness about their use among healthcare professionals and people with diabetes. These types of insulins are also known as follow-on insulins and are intended to be very similar to the reference biologic drug product described in a patent.

However, some of these advantages of this insulin will be lost if reference biologic insulins are no longer available or accessible alongside biosimilar insulins - that is if people who use insulin are forced to switch from their current insulin to a biosimilar due to changes in availability or coverage.

COVID-19 Impact: Increased Risk of Diabetes To Meet Rising Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the global biosimilar insulin market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic increased the risk of diabetes diagnosis following virus infection, prompting pharmaceutical companies to invest in biosimilar insulin facilities to meet rising demand. Diabetes patients have a higher risk of serious COVID-19 risks because their immune systems are compromised, compared to patients who do not have any comorbidities. The weakened immune system makes it more difficult to fight the virus, resulting in a longer recovery period. Thus, the insulin market especially biosimilar insulin market has witnessed relatively higher growth in the healthcare industry.

Latest Trends

"Biosimilar Insulin To Be Administered Due To Less Side Effects"

The medical industry's ability to correctly administer biosimilars without causing any side effects will allow for new revenue to flow into the global biosimilar insulin market. Their ability to cause fewer side effects and the low cost compared to proper insulin is another major factor why the medical industry prefers biosimilars over normal ones.

Biosimilar Insulin Market Segmentation

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• By Type

The market is classified into below biosimilar insulin glargine, biosimilar insulin lispro, and other based on type. The below biosimilar insulin glargine segment will capture the maximum share through 2028.

• By Application

The market is classified into hospital, retail pharmacy, and others on the basis of application. The hospital segment will dominate the market share through 2028.

Driving Factors

"Ongoing R&D Methods For Biosimilar Insulins To Drive The Market Growth"

Diabetes patients, particularly those with low incomes, are finding it increasingly difficult to obtain affordable insulin. Insulin prices have recently been reduced or capped in several jurisdictions and through some commercial insurance companies.

New York Senator and Senate Majority Leader Chuck Schumer introduced legislation in February 2021 to limit the cost of insulin for most diabetic patients to US$ 35.

JDRF and Civica will collaborate in March 2022 to produce low-cost biosimilar insulin. This collaboration is the latest in a series of public efforts to reduce the cost of insulin.

Such collaborations are expected to result in high adoption rates, driving the market growth during the forecast period.

Manufacturers are also allocating funds to research and development in order to bring more cost-effective and affordable technologies to market. As a result of increased research and development efforts by major organisations, new technologies will be introduced soon. These factors are expected to increase this insulin acceptance and use, resulting in market expansion in the coming years.

"The Rise of Diabetes Among People To Drive The Market Growth"

The rising diabetes occurrence is another major driver of demand in the biosimilar insulin market. The rising prevalence of Type I diabetes, as well as the rising cost of existing insulin drugs, is expected to drive the biosimilar insulin market growth. Because of the significant financial burden in terms of reimbursements, government officials are also focusing on the approval of this insulin.

Restraining Factors

"High Sensitivity Of Biosimilar Insulins To Restrain Market Growth"

The sensitivity of this insulin is high, which means that temperature plays a significant role in its maintenance. As a result, they must be distributed via a cold chain network, which might face difficulties sometimes, thereby restraining the usage of these which hampers the market growth.

Biosimilar Insulin Market Regional Insights

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"North America To Dominate The Market Owing To High Demand"

Because of the high demand for insulin, North America will continue to lead the global market. North America dominates the global market, owing to the region's growing geriatric population and high prevalence of diabetes-related disorders. Furthermore, government support for diabetes-free states is propelling the market in North America forward. For example, the Centers for Disease Control and Prevention (CDC) runs a National Diabetes Prevention Program in several states across the United States, thereby holding the majority of the global biosimilar insulin market share.

The European market is the second-largest in the world, owing to an increasing number of primary approvals for this insulin. On March 27, 2018, the European Commission (EC) approved Mylan and Biocon's biosimilar insulin—Glargine—for the treatment of diabetes. Due to increased government support, improved healthcare conditions, and rising diabetes incidence in the region, the Asia Pacific market is expected to gain significant traction over the forecast period. According to a 2011 World Health Organization report, diabetes deaths will more than double between 2011 and 2030.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the global biosimilar insulin market.

List of Market Players Profiled

• Eli Lilly (U.S.)
• Sanofi (France)
• Gan&Lee (China)
• Tonghua Dongbao (China)
• United Laboratory (U.S.)
• Geropharm (Russia)
• Biocon (India)
• Wockhardt (India)

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.