insulin biosimilars market was valued USD 1.28 Billion and is projected to grow at a CAGR of 14.60% by 2030
Insulin Biosimilars Market was valued at USD 2311 Million in 2019 and is expected to register a CAGR of14.80% during the forecast period of 2022 to 2030.
Biosimilar insulin is likely to enter the insulin landscape as patents for major branded insulin products start to expire in the next few years. Biosimilar insulin has the potential to reduce diabetes treatment costs, increase the accessibility of insulin treatment, and expand the number of insulin brands available for those with diabetes. However, they will have to overcome numerous regulatory hurdles, meet a variety of commercial demands, and effectively confront competition from both established and next-generation branded insulin products before they can succeed on the insulin biosimilars market.
According to the International Diabetes Foundation, Diabetes caused 4.2 million deaths and at least 760 billion dollars in health expenditure in 2019 which turns out to be 10% of total spending on adults. This creates a huge demand for insulin biosimilars to treat large diabetic population.
Growing diabetic population and increasing preference of biosimilars for reduced treatment costs are expected to propel the insulin biosimilars market.
Insulin Biosimilars Market Drivers
Insulin Biosimilars Market Segmentation
Insulin Biosimilars Market Key Players
|Market Size||2030 : USD 1.28 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Indication|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sanofi S.A., Boehringer Ingelheim, Eli Lilly & Co., NOVO Nordisk A/S, Biocon, Merck & Co., Mylan N.V., Pfizer Inc., Sandoz, Fresenius Kabi, and others.|
|Key Market Opportunities||Growing Diabetic Population and Increasing Preference of Biosimilars for Reduced Treatment Costs are expected to propel the Insulin Biosimilars Market.|
|Key Market Drivers||Manufacturers focusing on clinical trials to introduce Insulin Biosimilar products in the market are expected to fuel the market growth through an increased number of product approvals and launches. The high prevalence of conditions such as Type 1, Type 2, and Gestational Diabetes is expected to increase the number of market entrants contributing to the growth of the Insulin Biosimilars Market. A huge expenditure spent on diabetes is expected to fuel the growth of the Insulin Biosimilars Market. Strategic collaborations among leading players to launch innovative products are one of the trends observed in the Insulin Biosimilars Market.|
Insulin Biosimilars Market can thrive at %14.60 CAGR by 2030.
By 2030, the Insulin Biosimilars Market value can surpass USD 1.28 Billion.
Merck & Co., Sandoz, and Mylan N.V. are some reputed Insulin Biosimilars Market players.
Surge in type 1 cases of diabetes can drive the Insulin Biosimilars Market.
Issues regarding market authorization can restrain the Insulin Biosimilars Market rise.