New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insulin biosimilars Global Market Report 2023" - https://www.reportlinker.com/p06486528/?utm_source=GNW
A, Ypsomed AG, Fresenius Kabi AG, Sandoz International GmbH, Novartis International AG, Aurobindo Pharma Ltd., and Intas Pharmaceuticals Ltd.
The global insulin biosimilars market is expected to grow from $1.88 billion in 2022 to $2.09 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insulin biosimilars market is expected to reach $3.10 billion in 2027 at a CAGR of 10.4%.
The insulin biosimilar market consists of sales of a variety of insulin types such as intermediate insulin, insulin glargine, and insulin analog.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Insulin biosimilars refer to biological products that are similar in terms of quality, safety, and efficacy to an existing reference insulin product that has already been approved and marketed. It is commonly used to manage blood glucose levels and it is essential for people with diabetes to maintain healthy glucose levels.
North America was the largest region in the insulin biosimilars market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main biosimilar types of insulin biosimilars are rapid-acting biosimilars, long-acting biosimilars, and premixed-acting biosimilars.Rapid-acting biosimilars refers to a class of biosimilar insulin products that are designed to have a fast onset of action and a relatively short duration of activity.
The various disease indication types including type I diabetes, and type ii diabetes are distributed through various distribution channels such as hospital pharmacies, retail pharmacies, and online pharmacies. These are used by various end-users such as hospitals, ambulatory surgical centers, and other end-users.
The increasing prevalence of diabetes is expected to propel the growth of the insulin biosimilars market going forward.Diabetes refers to a group of chronic metabolic disorders characterized by high blood sugar levels over a prolonged period.
Biosimilars play a crucial role in the treatment of diabetes by providing an alternative option for insulin therapy, as a result, the increasing prevalence of diabetes increases the demand for insulin biosimilars market.For instance, in December 2021, according to the International Diabetes Federation (IDFT), a Belgium-based federal agency, the number of people with diabetes would increase to 643 million by 2030 and 783 million by 2045.
Additionally, over 1.2 million children and adolescents (aged 0-19 years) are currently living with type 1 diabetes. Therefore, increasing the prevalence of diabetes drives the insulin biosimilar market.
Product innovation has emerged as a key trend gaining popularity in the insulin biosimilar market.Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market.
For instance, in July 2021, Biocon Biologics, an India-based company manufacturing insulin biosimilars in collaboration with Viatris Inc., a US-based pharmaceutical company, received approval for the first Interchangeable Biosimilar Semglee® (insulin glargine-yfgn injection) for the treatment of diabetes from The U.S. Food and Drug Administration (FDA), a US-based government agency. This product is a significant breakthrough in the treatment of diabetes, as it is indicated for adults and pediatric patients aged 6 years and older with both type 1 and type 2 diabetes and is a crucial milestone that holds the potential for cost savings and improved access to affordable treatment options for individuals suffering from diabetes.
In November 2022, Biocon Biologics, an India-based biopharmaceutical company acquired Viatris’ global biosimilars business for an undisclosed amount.The acquisition involved Biocon Biologics taking over Viatris’ portfolio of approved and pipeline biosimilar products, as well as their dedicated R&D and manufacturing facilities.
This strategic acquisition marked a significant milestone for Biocon Biologics, further strengthening its position in the biosimilars market. Viatris is a US-based pharmaceutical company that manufactures insulin biosimilars.
The countries covered in the Insulin biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The insulin biosimilars market research report is one of a series of new reports that provides insulin biosimilars market statistics, including insulin biosimilars industry global market size, regional shares, competitors with an insulin biosimilars market share, detailed insulin biosimilars market segments, market trends and opportunities, and any further data you may need to thrive in the insulin biosimilars industry. This insulin biosimilar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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