The insulin biosimilars market in Europe is expected to be valued at USD 0.79 billion by 2028 from USD 0.42 billion in 2023, growing at a CAGR of 13.56% from 2023 to 2028.
The growing prevalence of diabetes cases in Europe is one of the major factors driving the growth of the insulin biosimilar market in the European region. Factors such as increased consumption of sugary foods, high alcohol consumption, genetic issues, and hormonal changes contribute to the rising incidence of diabetes among the population. Sedentary lifestyles resulting from demanding work schedules also contribute to the onset of diabetes in certain individuals. Considering the potential complications associated with uncontrolled diabetes, such as cardiovascular diseases and delayed wound healing, insulin therapy becomes essential, driving the demand for the market. Biosimilar insulins, being safe and effective treatments for type 1 diabetes, offer a viable alternative as they are designed to closely resemble the original insulin product.
Factors such as the increasing geriatric population and growing awareness about biosimilar drugs further contribute to the growth of the European insulin biosimilars market. According to recent surveys, a substantial number of adults, approximately 61 million individuals aged 20 to 79, are living with diabetes in the region. Moreover, rising literacy levels among the population, coupled with increased smartphone usage, facilitate access to information about insulin biosimilars used for diabetes treatment. Additionally, the availability of remote patient monitoring devices allows individuals to conveniently monitor their glucose levels at home, further driving market demand. The data collected from these devices can be shared with healthcare providers for appropriate treatment interventions.
The growing awareness and acceptance of biosimilar drugs among healthcare professionals and patients, favorable regulatory environment and guidelines for the development and approval of biosimilar insulin and cost-effectiveness of insulin biosimilars compared to reference products propel the European market growth. The growing demand for affordable and accessible diabetes treatment options, increasing number of advancements in biosimilar manufacturing technologies and processes and growing investments in research and development of insulin biosimilars in Europe further boost the growth rate of the European insulin biosimilars market. Supportive government initiatives and policies promoting the use of biosimilar drugs, increasing number of collaborations and partnerships between pharmaceutical companies and healthcare organizations for insulin biosimilar development and distribution and rising patient preference for biosimilar insulin due to similar efficacy and safety profiles to reference products contribute to the European market growth.
Stringent regulatory requirements and challenges in gaining approval for biosimilar products, patent protections and legal barriers imposed by originator insulin manufacturers and limited physician and patient confidence in switching from reference insulin to biosimilar products hamper the growth of the European insulin biosimilars market. Resistance from healthcare providers and patients to adopt new treatment options due to concerns about safety and efficacy, lack of awareness and understanding among healthcare professionals and patients about the benefits and availability of biosimilar insulin and reimbursement challenges and pricing pressures for biosimilar insulin products further inhibit the growth rate of the European market.
This research report on the Europe insulin biosimilars market has been segmented and sub-segmented into the following categories.
By Type:
By Indication:
By Country:
The Europe region holds a prominent share of the global market during the forecast period owing to the increasing number of drug approvals and rising healthcare expenditure. Healthcare organizations conduct awareness programs and advertisements to promote insulin biosimilars. The government has implemented initiatives to reduce side effects and ensure drug safety. The United Kingdom dominates the market with its numerous clinical trial centers. Germany benefits from its expanding manufacturing facilities, supportive government policies, and wide availability of biosimilar drugs in pharmacies.
KEY MARKET PLAYERS:
Eli Lilly and Company, Sanofi, Novo Nordisk A/S, Biocon Ltd. and Mylan N.V. are some of the major companies in the European insulin biosimilars market.
Frequently Asked Questions
The Europe insulin biosimilars market is expected to continue its growth trajectory. As more insulin products lose their patent exclusivity, biosimilars are likely to play an increasingly important role in providing affordable and accessible insulin therapy.
The Europe insulin biosimilars market is growing steadily. It has witnessed increasing adoption due to factors like cost-effectiveness, a favorable regulatory environment, and the need for affordable insulin therapies.
The growth of the Europe insulin biosimilars market is primarily driven by factors such as increasing prevalence of diabetes, cost-containment measures in healthcare, favorable regulatory environment, and the need for affordable insulin therapies.
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