Insulin Biosimilars Market Unveiling Growth Prospects and Revenue Forecast 2023-2030

1. Insulin Biosimilars Market: Unveiling Insulin Biosimilars Market: Unveiling Growth Prospects and Revenue Forecast Growth Prospects and Revenue Forecast 2023 2023- -2030 2030 The global market for insulin biosimilars is poised for substantial growth, driven by the rising prevalence of Type I diabetes and the escalating costs of current insulin medications. According to recent estimates, the market size reached USD 2.6 billion in 2021, with a projected compound annual growth rate (CAGR) of 5.2% in the coming years. Read More: https://www.fairfieldmarketresearch.com/report/insulin-biosimilars- market Diabetes, one of the fastest-growing chronic illnesses worldwide, has witnessed a steady increase in prevalence over the past few decades. The World Health Organization predicts that by 2021, there will be 537 million adults globally affected by diabetes, with one in ten developing further forms of the disease. To alleviate the significant financial burden associated with diabetes management, government authorities are increasingly focusing on approving insulin biosimilars. Furthermore, the aging and increasingly obese populations are more susceptible to chronic illnesses, with the global senior population projected to reach nearly 1.5 billion by 2050. Major pharmaceutical and healthcare companies have ramped up their research and development efforts to create biosimilar versions of biologics, resulting in a surge of M&A activities, partnerships, and collaborations. For instance, Biogen and Samsung Biologics formed Samsung Bioepis in January 2021, introducing multiple biosimilar versions of drugs in Europe. This strategic alliance and similar initiatives by other companies aim to establish leadership in customer retention and expand their product lines. The insulin biosimilars market is expected to witness new growth opportunities worldwide as affordable biosimilar insulin treatments combine efficacy and competitive pricing. Many companies are also investing in the development of medical devices that enable less painful self-administration of biosimilar insulin. In July 2021, Semglee, a groundbreaking insulin medication developed by Biocon in India, received clearance from the United States, further fueling the demand for insulin biosimilars worldwide. The COVID-19 pandemic initially caused disruptions in the insulin biosimilars market due to supply chain interruptions and reduced prescriptions for insulin. People with diabetes, particularly those with Type 1, are more vulnerable to severe COVID-19 outcomes. However, as the impact of the pandemic waned in several countries after the second quarter of 2021, the market regained momentum. Key drivers of the insulin biosimilars market include the increasing prevalence of diabetes worldwide, particularly in emerging economies. Additionally, the expiration of patents for biologic medicines is attracting new manufacturers to develop biosimilar treatments for various indications. With the

2. expiration of nearly 20 insulin biologics' patents by 2023, the market is poised to witness a surge in biosimilar options for cancer treatment and other chronic diseases. However, the production of biosimilars presents challenges due to its complex and costly nature, requiring substantial investments in clinical trials, quality control, and adherence to regulatory standards. Ensuring consistency and similarity to the reference biologic is crucial, which may necessitate additional preclinical and clinical evidence to meet regulatory requirements. The market is segmented based on the type of insulin biosimilars, with long-acting biosimilars dominating the market due to their prolonged release formulations and improved glucose control. The increasing diagnosis of Type 1 diabetes is expected to propel the growth of this market segment. North America currently holds the largest market share, driven by a high disease prevalence and the approval of new insulin biosimilar products. However, the Asia Pacific region is anticipated to experience significant growth, fueled by the aging population, collaborations for biosimilar development, government support, and expanding market presence of key players. Prominent companies operating in the insulin biosimilars market include Eli Lilly and Company, H. Boehringer Sohn AG & Ko. KG, Novo Nordisk A/S, Wockhardt Ltd., Momenta Pharmaceuticals, Inc., and Ypsomed AG. Recent initiatives such as the Insulin Initiative by Civica, a nonprofit pharmaceutical company, aim to enhance affordability and accessibility of insulin biosimilars for all Americans, regardless of insurance status. As the demand for biosimilar insulin continues to rise, the insulin biosimilars market is poised for significant growth in the coming years. With a focus on research and development, strategic partnerships, and expanding market presence, key players are well-positioned to drive innovation and meet the growing needs of patients worldwide. For further details, please visit www.fairfieldmarketresearch.com Contact Fairfield Market Research London, UK UK +44 (0)20 30025888 USA (Toll-free) +1 (844) 3829746 Email: sales@fairfieldmarketresearch.com