The global insulin biosimilars market, valued at USD 2.6 billion in 2021, is on a trajectory of significant expansion with a projected CAGR of 5.2%. The markets growth is fueled by the increasing prevalence of Type 1 diabetes and the escalating cost of existing insulin medications. As one of the fastest-growing chronic diseases worldwide, diabetes is imposing a substantial burden, necessitating innovative solutions like insulin biosimilars.
Rising Diabetes Prevalence and Financial Considerations
With diabetes emerging as a rapidly growing global health concern, governments are turning their focus to approving insulin biosimilars to alleviate the financial strain on healthcare systems. The World Health Organization (WHO) predicts that 537 million adults will be affected by diabetes in 2021, with an estimated one in ten individuals developing more advanced forms of the disease. The financial implications of managing diabetes, coupled with its increasing prevalence, have spurred interest in more cost-effective insulin biosimilars.
Demographic Shifts and Chronic Disease Burden
The global rise in obesity and aging populations is contributing to a surge in chronic illnesses, including diabetes. The World Bank Group estimates that the global senior population exceeded 727 million in 2020 and is projected to reach nearly 1.5 billion by 2050. These shifts in demographics are placing greater demand on healthcare systems and driving the need for more accessible and affordable insulin options.
Research and Innovation Driving Growth
Prominent pharmaceutical and healthcare companies are ramping up research and development efforts to produce biosimilar versions of biologics. Robust R&D activities serve as a strategic approach to long-term growth. Collaborations, mergers, and acquisitions are also driving the expansion of product portfolios and enhancing customer retention. Notably, the collaboration between Biogen and Samsung Biologics, leading to the creation of Samsung Bioepis, is a prime example of this trend.
Addressing Medical Need and Innovation
The markets growth potential is further propelled by the combination of biosimilar insulins therapeutic efficacy and cost-effectiveness. Manufacturers are also focusing on creating user-friendly medical devices for more comfortable self-administration of biosimilar insulin. Semglee, an insulin biosimilar developed by Biocon in India, received FDA clearance in July 2021. Semglee, interchangeably used with Lantus, a long-acting insulin, addresses the need for effective diabetes management and is expected to drive market demand.
Impact of COVID-19 and Resilience
The COVID-19 pandemic had a temporary impact on the market as supply chain disruptions and healthcare strategies aimed at containing the virus caused interruptions in medication availability. Particularly vulnerable are individuals with Type 1 diabetes, whose weakened immune systems make them more susceptible to severe COVID-19 outcomes. However, as the pandemics impact waned, the market regained momentum in the second quarter of 2021.
Drivers for Market Growth
The markets growth is driven by the escalating prevalence of diabetes, particularly Type 1 diabetes, and the impending expiry of patents for many insulin biologics. These factors are creating a fertile ground for insulin biosimilar manufacturers to provide accessible alternatives for diabetes management.
Challenges and Manufacturing Complexity
The production of biosimilars presents challenges due to the complexity of the process, high costs, and regulatory requirements. The stringent quality control and safety standards make it essential for manufacturers to invest significantly in clinical trials and post-approval monitoring to ensure biosimilar equivalence.
Market Segmentation and Prospects
Long-acting insulin biosimilars, known for their prolonged release formulations, are expected to dominate the market. The focus on long-acting insulin is driven by its efficacy in achieving glucose control over extended periods, leading to better patient outcomes and quality of life.
Regional Insights
North America commands a significant market share due to the prevalence of diabetes, the presence of leading pharmaceutical companies, and regulatory approvals for insulin biosimilars. In the United States, biosimilar approvals like Semglee and Rezvoglar are reshaping the landscape of insulin biosimilars. The Asia Pacific region is projected to experience remarkable growth due to aging populations, increasing collaborations for biosimilar development, and government initiatives to manage diabetes.
Innovative Partnerships and Progress
Partnerships like the collaboration between JDRF and Civica demonstrate a commitment to address the challenges of insulin affordability. The launch of the Insulin Initiative by Civica, aimed at manufacturing insulin biosimilars, exemplifies the industrys focus on accessibility and cost-effectiveness.
Conclusion
The global insulin biosimilars market is poised for robust growth as it addresses the pressing need for cost-effective diabetes management solutions. The convergence of rising diabetes prevalence, innovative research, and collaborations is shaping the future of diabetes care with biosimilar insulin options.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/insulin-biosimilars-market
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COMTEX_438818293/2840/2023-08-21T12:09:54
