Biosimilar Insulin Market by Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031
Persistence Market Research presents a comprehensive analysis of the global Biosimilar Insulin Market, examining the market dynamics, key drivers, challenges, and emerging trends. This report offers a detailed overview of the projected market trajectory from 2024 through 2031, providing critical insights for stakeholders and decision-makers in the biosimilar insulin industry.
Revenue from the global biosimilar insulin market reached US$ 1.9 Bn at the end of 2024, with the global market estimated to surge ahead at a value CAGR of 14.9% to reach US$ 5 Bn by the end of 2031.
Key Insights:
Estimated Market Value (2024): USD 1.9 Billion
Projected Market Value (2031): USD 5 Billion
Global Market Growth Rate (CAGR 2024 to 2031): 14.9%
Biosimilar Insulin Market - Report Scope:
The growing prevalence of diabetes globally is one of the primary factors driving the demand for biosimilar insulin. An increasing number of patients require insulin therapy, and biosimilars offer a cost-effective alternative to branded insulin products. Governments and healthcare providers are promoting biosimilar adoption to reduce healthcare expenditure, especially in regions with limited access to insulin. This trend is further supported by regulatory policies favoring the approval and marketing of biosimilar products.
Market Growth Drivers:
The key drivers of growth in the biosimilar insulin market include the increasing prevalence of diabetes, especially type 2 diabetes, and the growing demand for more affordable insulin options. The rising cost of branded insulin has created a need for cheaper alternatives, making biosimilar insulin an attractive choice for patients and healthcare systems. Additionally, regulatory frameworks are evolving to facilitate the approval and market entry of biosimilars, further boosting market growth.
Market Restraints:
Despite its potential, the biosimilar insulin market faces several challenges. One of the primary concerns is the reluctance among healthcare professionals to switch from established branded insulin products to biosimilars. This hesitancy is often due to uncertainty about the efficacy and safety of biosimilars compared to their branded counterparts. Furthermore, the regulatory approval process for biosimilar insulin can be complex and costly, creating barriers for market entry. Intellectual property issues and patent litigation also pose risks to market expansion.
Market Opportunities:
The biosimilar insulin market offers significant opportunities for growth and expansion. As more insulin patents expire, new biosimilar products can enter the market, increasing competition and driving down prices. Additionally, partnerships between pharmaceutical companies and healthcare providers can facilitate wider adoption of biosimilars. The growing focus on personalized medicine and patient-centric care provides an opportunity to promote biosimilar insulin as a flexible and affordable treatment option. Furthermore, increased awareness and education about the benefits of biosimilars can help overcome resistance among healthcare professionals and patients.
Key Questions Addressed in the Report:
What is the Expected Value CAGR of the Biosimilar Insulin Market from 2024 to 2031?
What are the Primary Drivers for the Growth of the Biosimilar Insulin Market?
Which Regions Offer the Most Significant Growth Opportunities for the Biosimilar Insulin Market?
Who are the Key Players in the Global Biosimilar Insulin Market?
What are the Major Challenges Faced by the Biosimilar Insulin Market?
Competitive Landscape and Business Strategies:
Leading players in the biosimilar insulin market include Mylan N.V., Biocon Limited, Sanofi, and Eli Lilly and Company. These companies focus on product innovation, strategic partnerships, and market expansion to maintain a competitive edge. Strategies include expanding manufacturing capabilities, investing in R&D for new biosimilar products, and entering strategic alliances with other pharmaceutical companies to broaden market reach. Additionally, collaborations with healthcare providers and insurance companies help drive biosimilar adoption and increase market penetration.
Key Companies Profiled:
Biocon
Eli Lilly and Company
Sanofi
BGP Pharma
Aspen
Mylan (Viatris)
Biosimilar Insulin Market Segmentation:
Biosimilar Insulin Market by Product:
Insulin Glargine
Insulin Analog
Others
Biosimilar Insulin Market by Distribution Channel:
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Biosimilar Insulin Market by Region:
North America Biosimilar Insulin Market
Latin America Biosimilar Insulin Market
Europe Biosimilar Insulin Market
APAC Biosimilar Insulin Market
Middle East & Africa Biosimilar Insulin Market
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Table of Contents
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusion And Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Key Products USP/Feature Analysis
4.2. Regulatory Scenario
4.3. Key Promotional Strategies By Manufacturers
4.4. Recent Product Launches
4.5. Value Chain Analysis
4.6. Product Adoption Analysis by Region
5. Market Background
5.1. Macro-Economic Factors
5.1.1. Global GDP Growth Outlook
5.1.2. Global Healthcare Industry Outlook
5.1.3. Parent Market Analysis (Insulin Market)
5.2. Forecast Factors - Relevance & Impact
5.2.1. Growing Prevalence Of Diabetes
5.2.2. Increasing Research and Development Activities
5.2.3. New Product Launches
5.2.4. Increasing Number Of Clinical Trials
5.2.5. Patent Expiry for Insulin
5.2.6. Growing Geriatric Population
5.2.7. Increasing Insulin Manufacturers
5.2.8. Requirement of Cost-Efficient Products
5.3. Market Dynamics
5.3.1. Drivers
5.3.2. Restraints
5.3.3. Opportunity Analysis
6. COVID-19 Crisis Analysis
6.1. 2023 Market Scenario
6.2. COVID-19 and Impact Analysis
6.2.1. By Product
6.2.2. By Distribution Channel
6.2.3. By Region
7. Global Biosimilar Insulin Market Demand (in Value or Size in US$ Mn) Analysis 2019-2023 and Forecast, 2024-2031
7.1. Historical Market Value (US$ Mn) Analysis, 2019-2023
7.2. Current and Future Market Value (US$ Mn) Projections, 2024-2031
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Global Biosimilar Insulin Market - Pricing Analysis
8.1. Regional Pricing Analysis By Product
8.2. Global Average Pricing Analysis Benchmark
8.3. Pricing Break-up
8.3.1. Manufacturer Level Pricing
8.3.2. Distributor Level Pricing
8.4. Pricing Assumptions
9. Global Biosimilar Insulin Market Analysis 2019-2023 and Forecast 2024-2031, By Product
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Mn) Analysis By Product, 2019-2023
9.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Product, 2024-2031
9.3.1. Insulin Glargine
9.3.2. Insulin Analog
9.3.3. Others
9.4. Market Attractiveness Analysis By Product
10. Global Biosimilar Insulin Market Analysis 2019-2023 and Forecast 2024-2031, By Distribution Channel
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Mn) Analysis By Distribution Channel, 2019-2023
10.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Distribution Channel, 2024-2031
10.3.1. Hospital Pharmacies
10.3.2. Retail Pharmacies
10.3.3. Online Pharmacies
10.4. Market Attractiveness Analysis By Distribution Channel
11. Global Biosimilar Insulin Market Analysis 2019-2023 and Forecast 2024-2031, By Region
11.1. Introduction
11.2. Historical Market Size (US$ Mn) Analysis By Region, 2019-2023
11.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Region, 2024-2031
11.3.1. North America
11.3.2. Latin America
11.3.3. Europe
11.3.4. Asia Pacific (APAC)
11.3.5. Middle East and Africa (MEA)
11.4. Market Attractiveness Analysis By Region
12. North America Biosimilar Insulin Market Analysis 2019-2023 and Forecast 2024-2031