(MENAFN- GlobeNewsWire - Nasdaq) Long-Acting Insulin Analogs Dominate the Global Biosimilar Market, While Rapid-Acting Insulins Lead in Growth PotentialDublin, Dec. 05, 2024 (GLOBE NEWSWIRE) -- The "Insulin Biosimilar market by Type of Insulin, by Mode of Administration, by Therapeutic Application, by Distribution Channel, and by Region" report has been added to ResearchAndMarkets.com's offering. This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
The global insulin biosimilar market accounted for USD 500 million in 2023 and is expected to reach USD 2.25 billion by 2034 with a CAGR of 14.67% during the forecast period 2024-2034. The market will grow due to factors such as the rising prevalence of diabetes, government policies that encourage the adoption of biosimilars, technological advancements, market expansion in emerging economies, and an increasing emphasis on patient self-management.
The creation and manufacture of biosimilars have been enhanced by technological developments in biotechnology and manufacturing techniques. These developments allow producers to produce superior insulin biosimilars that are on par with original medicines. For instance, the European Medicines Agency (EMA) approved Biocon's insulin glargine biosimilar, Semglee, in September 2023 for the treatment of diabetes.
By type of insulin, the long-acting insulin analogs segment accounted for the highest revenue-grossing segment in the global insulin biosimilar market in 2023 owing to the increasing prevalence of diabetes and the growing demand for convenient, once-daily dosing options. For instance, Sanofi stated in January 2024 that a phase 3 clinical trial for individuals with type 2 diabetes will be starting in January 2024 for their investigational insulin biosimilar, SAR342434. Additionally, the rapid-acting insulin analogs segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for effective postprandial glucose control and the rising adoption of insulin pumps.
By mode of administration, the injectable pens segment accounted for the highest revenue-grossing segment in the global insulin biosimilar market in 2023 owing to their ease of use, convenience, and improved patient adherence. For instance, Novo Nordisk's insulin aspart biosimilar, Fiasp, was approved by the U.S. Food and Drug Administration (FDA) in November 2023 for the treatment of diabetes. Additionally, the insulin pump segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of advanced diabetes management technologies and the rising demand for precise insulin delivery systems.
By therapeutic application, the type 2 diabetes segment accounted for the highest revenue-grossing segment in the global insulin biosimilar market in 2023 owing to the high prevalence of the disease and the large patient population requiring insulin therapy. For instance, Pfizer reported encouraging findings in October 2023 from a phase 3 study assessing PF-06881894, its insulin lispro biosimilar candidate, in type 1 diabetic patients. Additionally, the type 1 diabetes segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of autoimmune diabetes and the rising demand for insulin therapy among patients with this condition.
By distribution channel, the hospital pharmacies segment accounted for the highest revenue-grossing segment in the global insulin biosimilar market in 2023 owing to the high volume of insulin prescriptions and the centralized distribution of medications within hospital settings. For instance, in September 2023, Mylan stated that, with Health Canada's clearance, it would be launching its insulin glargine biosimilar, Semglee, in Canada. Additionally, the online pharmacies segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing trend of e-commerce in healthcare, the convenience of doorstep delivery, and expanding internet penetration worldwide.
North America is anticipated to have the highest revenue share during the forecast period owing to its well-established healthcare infrastructure, high adoption rate of advanced medical technologies, and increasing prevalence of diabetes in the population. Additionally, Asia Pacific is estimated to grow at the fastest CAGR during the forecast period owing to the rising awareness about diabetes management, improving healthcare infrastructure, and increasing disposable income levels in emerging economies. For instance, Teva reported encouraging findings in May 2023 from a phase 3 study assessing TV-505, its insulin detemir biosimilar candidate, in individuals with type 2 diabetes.
Report Scope
Base Year: 2023 Forecast Period: 2024-2034
Study Coverage
Market Forecast by Type of Insulin, Mode of Administration, Therapeutic Application, and Distribution Channel Market Forecast for 5 Regions and 17+ Countries Exhaustive Company Profiles of the Top 10+ Market Players Biocon Ltd. Sanofi Eli Lilly and Company Novo Nordisk A/S Merck & Co. Inc. Pfizer Inc. Mylan N.V. Boehringer Ingelheim International GmbH Adocia Gan & Lee Pharmaceuticals Wockhardt Ltd. Ypsomed Holding AG Lupin Limited Teva Pharmaceutical Industries Ltd. Sanofi-Aventis Deutschland GmbH
20% Free Customization Available to Meet Your Exact Requirements
Insulin Biosimilar Market Analysis & Forecast by Type of Insulin 2023-2034 (Revenue USD Bn)
Rapid-Acting Insulin Analogs Short-Acting Insulin Intermediate-Acting Insulin Long-Acting Insulin Analogs
Insulin Biosimilar Market Analysis & Forecast by Mode of Administration 2023-2034 (Revenue USD Bn)
Injectable Pens Insulin Syringes Insulin Pumps
Insulin Biosimilar Market Analysis & Forecast by Therapeutic Application 2023-2034 (Revenue USD Bn)
Type 1 Diabetes Type 2 Diabetes Gestational Diabetes Insulin Resistance Syndrome
Insulin Biosimilar Market Analysis & Forecast by Distribution Channel 2023-2034 (Revenue USD Bn)
Hospital Pharmacies Retail Pharmacies Online Pharmacies
Insulin Biosimilar Market Analysis & Forecast by Region 2023-2034 (Revenue USD Bn)
North America Europe Germany France UK Spain Italy Rest of Europe
Asia Pacific China Japan India Australia South Korea Rest of APAC
Latin America Brazil Mexico Argentina Rest of LATAM
Middle East & Africa South Africa GCC Rest of MEA
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $0.5 Billion |
| Forecasted Market Value (USD) by 2034 | $2.25 Billion |
| Compound Annual Growth Rate | 14.6% |
| Regions Covered | Global |
For more information about this report visit
About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
Global Insulin Biosimilar Market
CONTACT:
CONTACT:
Laura Wood,Senior Press Manager
...
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
MENAFN05122024004107003653ID1108960879
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.