USD 20.66 billion
Report ID:
SQMIG35A2909 |
Region:
Global |
Published Date: September, 2024
Pages:
192
|Tables:
0
|Figures:
0
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.
Global Market Size
USD 20.66 billion
Largest Segment
Human Insulin
Fastest Growth
Biosimilar
Growth Rate
1.5% CAGR
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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.
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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.
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Drivers
Increasing Prevalence of Diabetes
Rising Advances in Insulin Delivery Systems
Restraints
High Cost of Insulin Therapy
Legal Restrictions
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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
Recent Developments
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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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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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Report ID: SQMIG35A2909