Global Biosimilars Insulin Market Forecast To 2032

Posted by sandeep gade on November 21st, 2022

 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.

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.

“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.

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