Europe Biosimilar Insulin Glargine & Lispro Market to Grow with a CAGR of 4.36% through 2028
Rising number of diabetes patients and growing demand
for affordable & readily accessible insulin treatments is expected to drive
the Europe Biosimilar Insulin Glargine & Lispro Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Europe Biosimilar
Insulin Glargine & Lispro Market – Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Europe Biosimilar
Insulin Glargine & Lispro Market stood at USD 1838.98 million in 2022 and is
anticipated to grow with a CAGR of 4.36% in the forecast period, 2024-2028. A
significant factor is the growing prevalence of diabetes in the region, which
continues to increase the demand for effective and affordable treatment
options.
Additionally, the patent expiry of original insulin
brands has opened the door for biosimilars, offering a cheaper alternative for
diabetes patients. Moreover, the push from European health authorities for the
adoption of biosimilars to reduce healthcare costs also contributes to the
market growth. Advancements in biotechnology and pharmaceutical sectors have
enabled the development of biosimilars with comparable efficacy and safety to
original insulin brands.
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The Europe Biosimilar Insulin Glargine and Lispro
Market has witnessed robust growth in recent years, primarily driven by the
increasing prevalence of diabetes and other metabolic disorders in the region.
With the rising number of individuals affected by these conditions, there has
been a growing need for effective and affordable treatment options. Biosimilar
insulin products, such as Glargine and Lispro, have emerged as critical
solutions due to their therapeutic efficacy and cost-effectiveness.
In countries like Germany, the United Kingdom, and
France, the demand for biosimilar insulins has experienced a significant surge,
largely attributed to their affordability compared to branded counterparts.
This affordability factor has made these biosimilar insulins highly accessible
to a broader population, contributing to their widespread adoption. Moreover,
the growing awareness about the effectiveness and safety of biosimilars among
healthcare professionals and patients has played a pivotal role in driving
market growth.
Notably, the United Kingdom ranks among the top 5
countries with the highest rate of Type 1 diabetes in children. As the number
of diabetes patients and insulin users continues to rise, there is a pressing
need to address this healthcare challenge. Consequently, an increasing number
of manufacturers are focusing on marketing biosimilar insulin products, which
is expected to drive the growth of the biosimilar insulin glargine and lispro
market in the forthcoming years.
One of the key advantages of biosimilar insulin
analogues is their ability to retain glucose-lowering properties for 24 hours
with just one injection. This makes them highly suitable for maintaining the
basal insulin level throughout the day, providing convenience and improved
glycemic control for patients. Given these benefits, the market for biosimilar
insulin glargine and lispro is anticipated to witness significant growth.
The growing concern regarding the cost of insulin
treatment has further fueled the demand for biosimilar insulin glargine and
lispro, as these products have the potential to reduce diabetes treatment
costs. This cost-saving aspect is projected to boost the growth of the market
in the next 5 years. Additionally, factors such as the aging population and
changing eating habits have also contributed to the healthy push in the
European Biosimilar Insulin Glargine and Lispro Market. The market landscape is
characterized by key players such as Biocon, Sanofi, and Eli Lilly, who have
established themselves with their extensive product portfolios and strategic
partnerships. These companies have demonstrated their commitment to innovation
through relentless research and development efforts, leading to the
introduction of innovative biosimilar insulins that have been well-received by
end users.
However, the market is not without its challenges.
Regulatory hurdles, patent litigations, and the complexity of producing
biosimilars are potential obstacles that could hinder growth. Nonetheless, the
relationship between price, quality, and accessibility in the biosimilar
insulin market in Europe is expected to remain favorable.
The Europe Biosimilar Insulin Glargine and Lispro
Market is projected to maintain a steady trajectory of growth. This optimistic
outlook is underpinned by various factors, including an aging population,
increasing incidences of lifestyle-related diseases, and the continued need for
effective and affordable insulin treatments. Additionally, the support of
government bodies in promoting biosimilar use, coupled with the commitment of
market players to enhance their product offerings, provides a promising
foundation for continued market expansion.
The Europe Biosimilar Insulin Glargine & Lispro
Market is segmented end user, country distribution, and company.
Based on end user, The market for biosimilar insulin
glargine and lispro is divided into two segments: Type 1 Diabetes and Type 2
Diabetes. Type 1 Diabetes has been the dominant market player, holding the
largest market share until 2018, and is projected to maintain its position
throughout the forecast period. This is primarily due to the fact that Type 1
diabetes is classified as an autoimmune disease, resulting in the body's
inability to produce insulin. As a result, the only treatment option for this
condition is insulin injection to regulate blood glucose levels. Consequently,
the demand for insulin glargine and lispro is highest for the treatment of Type
1 diabetes in the region.
On the other hand, with the increasing prevalence of
sedentary lifestyles, particularly in emerging economies, individuals are
encountering challenges in managing Type 2 diabetes. Consequently, it is
anticipated that the utilization of biosimilar insulin glargine and lispro for
treating Type 2 diabetes will witness some growth during the forecast period.
This growth can be attributed to the need for effective management of Type 2
diabetes in populations that are experiencing difficulties in controlling their
blood glucose levels. Overall, the biosimilar insulin glargine and lispro
market is driven by the demand for insulin-based treatments in both Type 1 and
Type 2 diabetes. The forecasted growth in this market underscores the
importance of these medications in addressing the needs of individuals with diabetes,
offering them improved control over their condition and enhancing their quality
of life.
Based on country, Germany is projected to demonstrate
a robust growth rate in the Europe Biosimilar Insulin Glargine & Lispro
Market. It is anticipated that Germany will achieve a compound annual growth
rate (CAGR) of over 2% during the forecast period. Diabetes poses a significant
health challenge and remains a pressing issue for healthcare systems throughout
Germany. The prevalence of both known type-1 and type-2 diabetes among the
German adult population is alarmingly high, with a substantial number of
undiagnosed patients. The prevalence of type-2 diabetes is expected to steadily
rise due to factors such as an aging population and unhealthy lifestyles. To prevent
complications in German patients with type-2 diabetes, comprehensive care that
encompasses proper monitoring, risk factor control, and active self-management
is crucial.
The increasing incidence, prevalence, and progressive
nature of diabetes have stimulated the development of new drugs, providing
additional treatment options for diabetic patients. The German Diabetes Center
(DDZ) reports that at least 7.2% of the German population currently lives with
diabetes, a figure that is projected to significantly rise in the next two
decades. Germany boasts highly developed healthcare facilities and strictly
regulated reimbursement and pricing policies, which drive the market.
Noteworthy market opportunities for players in the German insulin drug market
include the introduction of new products, growing international research
collaborations in technological advancements, and increased public awareness
about diabetes.
Major companies operating in Europe Biosimilar Insulin
Glargine & Lispro Market are:
- Sanofi S.A.
- Biocon Ltd
- Eli Lilly-Boehringer
Ingelheim
- Wockhardt Ltd
- Geropharm LLC
- Novo Nordisk A/S
- Merck & Co.
- Sandoz-Gan Lee
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“The future outlook for biosimilar Insulin Glargine
& Lispro in Europe is highly promising, with substantial growth expected in
the upcoming years. This positive projection can be attributed to various key
factors, including an aging population, the increasing prevalence of diabetes,
and the demand for cost-effective treatment options. Furthermore, the
expiration of patents on numerous biologic medicines is anticipated to result
in a surge of biosimilars entering the market, providing comparable efficacy at
a more affordable price point.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Europe Biosimilar Insulin Glargine & Lispro
Market By End User (Type 1 Diabetes and Type 2 Diabetes), By Country,
Competition, Forecast & Opportunities, 2018-2018F”, has evaluated
the future growth potential of Europe Biosimilar Insulin Glargine & Lispro
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Europe Biosimilar Insulin
Glargine & Lispro Market.
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