Insulin Market Size, Share, Growth Analysis, By Type (Long-Acting Insulin, Biosimilar), By Application (Type 1 Diabetes Mellitus, Type 2 Diabetes Mellitus), By Distribution Channel (Hospitals, Retail Pharmacies), By Region -Industry Forecast 2024-2031


Report ID: SQMIG35A2909 | Region: Global | Published Date: September, 2024
Pages: 192 |Tables: 0 |Figures: 0

Insulin Market Insights

Global Insulin Market size was valued at USD 20.66 billion in 2022 and is poised to grow from USD 20.97 billion in 2023 to USD 23.62 billion by 2031, growing at a CAGR of 1.5% in the forecast period (2024-2031).

The insulin market is growing due to factors such as rising prevalence of diabetes and advances in drug development. However, the rise in GLP-1 RA and other prescription drugs used to treat type 2 diabetes is likely to dampen the market growth. It is an oligopolistic space dominated by companies like Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. Diabetes is one of the fastest growing chronic diseases in the world. The prevalence has increased steadily over the last decades. The World Health Organization estimates that 537 million adults worldwide affected by diabetes in 2021, and one in ten experienced other diabetes.

Advances in chemical manufacturing are another important factor driving the growth of the market. For example, Fiasp (Novo Nordisk) manufactures insulin aspart combined with niacinamide (Vitamin B3), which can improve initial absorption Afrezza (Mannkind) is the only inhaler on the market, which it eliminates the need for needles and syringes. Oramed Pharmaceuticals has ongoing Phase 3 clinical trials of oral insulin capsules. The company expects to offer BLA in the fourth quarter of 2023.

Market Snapshot - (2024-2031)

Global Market Size

USD 20.66 billion

Largest Segment

Human Insulin

Fastest Growth

Biosimilar

Growth Rate

1.5% CAGR

Global Insulin Market ($ Bn)
Country Share for North America Region (%)

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Insulin Market Segmental Analysis

Based on Product Type the market is segmented as, Rapid-Acting Insulin, Long-Acting Insulin, Combination Insulin, Biosimilar, Others. Based on Type the market is segmented as, Human Insulin, Insulin Analog. Based on Application the market is segmented as, Type 1 Diabetes Mellitus, Type 2 Diabetes Mellitus. Based on Distribution Channel the market is segmented as, Hospitals, Retail Pharmacies, Others. Based on Region the market is segmented as, North America, Asia Pacific, Europe, Latin America, Middle East and Africa.

Analysis by Product Type

The long-acting insulin segment contributed the highest revenue share of 56.53% in 2021. The segment is expected to be driven by factors such as patent protection and high demand due to extended-acting effects. In comparison, long-acting insulin results in faster absorption. The main ingredients in this category are Aspart, Lispro and Glulisin. They were dominated by Lispro, with sales peaking in 2021. The long-acting part of insulin plays an important role in the insulin market by improving glucose control in patients, especially those with type 1 and type 2 diabetes twist them down and increase patient compliance and convenience. Long-acting stable insulin helps maintain stable blood glucose levels and reduces the risk of nocturnal hypoglycemia, a major concern for patients. When recommended by healthcare professionals according to personalized diabetes management protocols, there has been an increase in the demand for long-acting insulin, especially in patients who require simple dosing regimens.

The biosimilar insulin segment is expected to expand at a profitable CAGR of 18.3% during the forecast period. Major product patent expiration followed by availability and application of biosimilar insulin products will drive segment growth. For example, in July 2021, Semgli, a glargine biosimilar, received FDA approval. It is the first insulin biosimilar in the US. and was also approved as a biosimilar alternative to Lantus. The biosimilar insulin market is emerging as a key player in the insulin scenario, mainly due to the need for affordable alternatives to labelled insulin products. This market will grow exponentially because biosimilar insulin is similar first insulin products losing patent protection.

Analysis by Application

The largest segment of application in 2021 is type 1 diabetes, due to the high insulin reliance of these patients. This is a more serious condition than type 2 diabetes. According to the International Diabetes Association, about 10% of all people with diabetes have type 1 diabetes. Type 1 diabetes plays an important role in the dynamics of the insulin market, as individuals with the condition are completely dependent on insulin therapy for survival. In type 1 diabetes, the pancreas produces little or no insulin, so exogenous insulin is the only way to manage blood glucose levels. This increases the continued and growing demand for insulin products, including short-acting and long-acting and rapid-acting insulin.

The increasing prevalence of type 1 diabetes, especially among younger people, is contributing to the expansion of the insulin market. In addition, advances in insulin delivery, such as insulin pumps and continuous glucose monitors (CGMs), have significantly impacted the severity of type 1 diabetes. This technology provides precise insulin delivery, which it is necessary to manage the condition effectively. The use of pharmaceutical products and advanced therapeutic approaches is increasing.

Type 2 diabetes is expected to be the fastest growing category. It is the most common in the world. The high prevalence is the key to the growth of this segment. According to the IDF 2021 report, the prevalence of type 2 diabetes is 405.6 million, and it is expected to increase to about 510.8 million in 2030. Many companies are involved in R&D of oral insulin so far has been approved by the FDA for only two oral insulin delivery systems: ORMD-080 1 and Diasome HDV-I. ORMD-0801 is under Phase III clinical trials. The approval of this product provides patients with another option for injectable insulin.

Global Insulin Market By Product Type (%)

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Insulin Market Regional Insights

North America dominated the market in terms of revenue in 2021, largely due to the dominance of branded products and the growing prevalence of the disease in the region. According to the CDC, and about 37.3 million people in the US. and have diabetes, with 28.7 million diagnosed, 8.5 million undiagnosed and approximately 96 million people aged 18 and over have prediabetes. Key players currently working in this sector include Novo Nordisk A/S, Eli Lilly & Company and Sanofi. However, the FDA has approved two new insulin biosimilars, Semglee and Rezvoglar, from Mylan/Biocon and Eli Lilly and Company, respectively. The introduction of these biosimilars is expected to drive down insulin prices in the market and intensify competition.

Asia Pacific is expected to witness the highest growth during the forecast period, driven by factors such as aging & increasing target population, increasing number of cooperatives to develop biosimilars, geographical expansion. Furthermore, health campaigns and scientific conferences to address this disease can stimulate market growth in this area. The Asia-Pacific region plays an important and rapidly growing role in the global insulin market. The main reason for this growth is the increasing prevalence of diabetes, especially type 2 diabetes, in countries like China, India and Southeast Asian Cities, changing lifestyles and rising obesity rates have contributed to diabetes have increased dramatically, increasing the demand for insulin therapy.

Global Insulin Market By Geography
  • Largest
  • Fastest

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Insulin Market Dynamics

Drivers

Increasing Prevalence of Diabetes

  • One of the major drivers of the insulin market is the increasing prevalence of diabetes across the globe. A sedentary lifestyle, an unhealthy diet and rising rates of obesity have contributed to the rise in type 1 and type 2 diabetes. The increasing number of patients requiring insulin to manage blood glucose is driving the demand for traditional and novel insulin therapies. This increase is particularly evident in regions such as Asia and Africa with large urban areas changing seating and diet trends are driving the market again.

Rising Advances in Insulin Delivery Systems

  • Another essential issue is the technological advances in insulin delivery. Innovations consisting of the insulin pens, pumps and clever insulin shipping gadgets have made it more compliant and convenient for the sufferers. These devices offer the convenience of use, accurate dosing and efficient control of blood sugar levels, making them appealing alternatives for patients and the healthcare professionals. As a result, these developments encourage insulin therapy in more patients, driving market growth.

Restraints

High Cost of Insulin Therapy

  • One of the most important mandates in the insulin market is the high cost of insulin therapy, especially in areas with limited access to health care. The cost of latest, longer-appearing insulin analogs can be prohibitively costly, proscribing their access to low-earnings sufferers. These covered charges are particularly hard in developing countries where fitness care reimbursement systems are inadequate or nonexistent, resulting in gaps in getting entry to crucial diabetes care.

Legal Restrictions

  • The insulin market is also hindered by severe regulatory barriers, particularly in the approval and marketing of biosimilar insulin. The development of new forms of insulin requires intensive and expensive clinical trials to demonstrate safety and efficacy, which may delay the introduction of expensive biosimilars. Furthermore, regulatory requirement diversification across the industries makes it more difficult for firms trying to enter markets, slowing down the market expansion.

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Insulin Market Competitive Landscape

One notable example of strategic cooperation in the insulin market is the partnership between Eli Lilly and Swiss medical technology company Ypsomed. In 2020, Eli Lilly and Ypsomed teamed up to develop and commercialize an insulin pen platform for diabetes management. Discussions focused on enhancing Ypsomed's insulin delivery technology, specifically the "YpsoPen," a next-generation, reusable insulin pen designed to deliver the Eli Lilly insulin products. The goal of this partnership is to provide innovative and user-friendly insulin administration protocols, diabetes worldwide. Improve patient experiences by increasing compliance and availability for patients. Such partnerships allow insulin manufacturers to implement cutting-edge technologies and improve their distribution channels, giving them a competitive edge in the insulin market.

Top Player’s Company Profiles

  • Eli Lilly and Company
  • Sanofi
  • Novo Nordisk A/S
  • Biocon
  • Boehringer Ingelheim
  • Tonghua Dongbao Pharmaceutical Co. Ltd
  • Wockhardt
  • Julphar
  • United Laboratories International Holdings Limited
  • Astra Zenca PLC.
  • GlaxoSmithKline plc
  • Oramed
  • SemBioSys Genetics Inc.

Recent Developments

  • October 2023: Denmark-based pharmaceutical company Novo Nordisk is set to conduct Phase III trials of its latest insulin injectable Icosema in India. The Chemistry Directorate of India (DCGI) has given the company permission to evaluate how a new drug this is efficient and safe.
  • March 2023: Eli Lilly announced a significant reduction in insulin. Eli Lilly & Co. revealed plans to introduce a biosimilar of insulin glargine, called Rezvoglar, with a 78% discount compared to the original product called Lantus.
  • April 2022: Biocon receives 3-year contract support from the Ministry of Health to deliver recombinant human insulin called Insugen, worth US$90 million, to strengthen its footprint in emerging markets such as Malaysia.

Insulin Key Market Trends

  • Shift Towards Biosimilar Insulin: A key factor shaping the insulin market is the increasing shift towards biosimilar insulin. As mainstream insulin patents expire, biosimilar insulins that look essentially like biologics but are less expensive gain traction from Regulatory bodies such as the European Medicines Agency (EMA) and the U.S. The FDA is streamlining the approval process for biosimilars, which is expected to increase market competition and lower medical costs. This trend could improve access, especially in high-cost markets.
  • Integrating Digital Health Solutions: Another emerging trend is the integration of digital health solutions with insulin therapy. Companies are focusing on connected devices such as smart insulin pens that are compatible with smartphone applications, continuous glucose monitors (CGMs). These digital tools provide real-time information about blood glucose levels and insulin levels to help patients and healthcare professionals make more informed insulin therapy decisions. This connected digital health is improving patient outcomes worldwide and optimizing diabetes management options.

Insulin Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to SkyQuest analysis, the global insulin market is a dynamic and rapidly growing industry, with rising prevalence of diabetes mellitus, especially type-1 diabetes, type-2. The demand for advanced diabetes management that includes innovations in insulin delivery systems such as insulin pumps, pens and technologies an intelligently is creating the competitive environment. Furthermore, the rise of biosimilar insulin, especially in high-cost markets such as Asia-Pacific, promotes competition and reduces costs, increases access to essential diabetes care. Key trends shaping include strategic collaborations such as the partnership between Eli Lilly and Ypsomed are how the companies model is collaborating to deliver better and more effective treatments. Rising global diabetes trends will continue to drive the growth of the insulin market, focusing on affordability, availability and patient-centric innovations in insulin therapy and delivery technology.

Report Metric Details
Market size value in 2022 USD 20.66 billion
Market size value in 2031 USD 23.62 billion
Growth Rate 1.5%
Base year 2023
Forecast period (2024-2031)
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Rapid-Acting Insulin, Long-Acting Insulin, Combination Insulin, Biosimilar, and Others
  • Application
    • Human Insulin, and Insulin Analog
  • Distribution Channel
    • Type 1 Diabetes Mellitus, and Type 2 Diabetes Mellitus
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Eli Lilly and Company
  • Sanofi
  • Novo Nordisk A/S
  • Biocon
  • Boehringer Ingelheim
  • Tonghua Dongbao Pharmaceutical Co. Ltd
  • Wockhardt
  • Julphar
  • United Laboratories International Holdings Limited
  • Astra Zenca PLC.
  • GlaxoSmithKline plc
  • Oramed
  • SemBioSys Genetics Inc.
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Insulin Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Insulin Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Insulin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Insulin Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Insulin Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Insulin Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Insulin Market size was valued at USD 20.66 billion in 2022 and is poised to grow from USD 20.97 billion in 2023 to USD 23.62 billion by 2031, growing at a CAGR of 1.5% in the forecast period (2024-2031).

One notable example of strategic cooperation in the insulin market is the partnership between Eli Lilly and Swiss medical technology company Ypsomed. In 2020, Eli Lilly and Ypsomed teamed up to develop and commercialize an insulin pen platform for diabetes management. Discussions focused on enhancing Ypsomed's insulin delivery technology, specifically the "YpsoPen," a next-generation, reusable insulin pen designed to deliver the Eli Lilly insulin products. The goal of this partnership is to provide innovative and user-friendly insulin administration protocols, diabetes worldwide. Improve patient experiences by increasing compliance and availability for patients. Such partnerships allow insulin manufacturers to implement cutting-edge technologies and improve their distribution channels, giving them a competitive edge in the insulin market. 'Eli Lilly and Company', 'Sanofi', 'Novo Nordisk A/S', 'Biocon', 'Boehringer Ingelheim', 'Tonghua Dongbao Pharmaceutical Co. Ltd', 'Wockhardt', 'Julphar', 'United Laboratories International Holdings Limited', 'Astra Zenca PLC.', 'GlaxoSmithKline plc', 'Oramed', 'SemBioSys Genetics Inc.'

One of the major drivers of the insulin market is the increasing prevalence of diabetes across the globe. A sedentary lifestyle, an unhealthy diet and rising rates of obesity have contributed to the rise in type 1 and type 2 diabetes. The increasing number of patients requiring insulin to manage blood glucose is driving the demand for traditional and novel insulin therapies. This increase is particularly evident in regions such as Asia and Africa with large urban areas changing seating and diet trends are driving the market again.

Shift Towards Biosimilar Insulin: A key factor shaping the insulin market is the increasing shift towards biosimilar insulin. As mainstream insulin patents expire, biosimilar insulins that look essentially like biologics but are less expensive gain traction from Regulatory bodies such as the European Medicines Agency (EMA) and the U.S. The FDA is streamlining the approval process for biosimilars, which is expected to increase market competition and lower medical costs. This trend could improve access, especially in high-cost markets.

North America dominated the market in terms of revenue in 2021, largely due to the dominance of branded products and the growing prevalence of the disease in the region. According to the CDC, and about 37.3 million people in the US. and have diabetes, with 28.7 million diagnosed, 8.5 million undiagnosed and approximately 96 million people aged 18 and over have prediabetes. Key players currently working in this sector include Novo Nordisk A/S, Eli Lilly & Company and Sanofi. However, the FDA has approved two new insulin biosimilars, Semglee and Rezvoglar, from Mylan/Biocon and Eli Lilly and Company, respectively. The introduction of these biosimilars is expected to drive down insulin prices in the market and intensify competition.

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