Insulin Market: Increase in Incidence of Diabetes Globally to Drive Market Demand
Wilmington, Delaware, United States, Transparency Market Research Inc.: Insulin is a hormone produced by human pancreas that controls the amount of glucose (sugar) levels in the bloodstream, and regulates human body’s metabolism of fats, proteins, and carbohydrates. Insulin is available in various strengths; the most common is U-100, which is used as an adjunct to diet and exercise in order to improve glycemic control in children and adults.
Global Insulin Market Outlook 2031
- The global insulin market was valued at US$ 18.5 Bn in 2021
- The market is estimated to grow at a CAGR of 4.3% from 2022 to 2031
- The global insulin market is expected to cross value of US$ 30 Bn by the end of 2031
The growth of the global insulin market can be attributed to key factors such as rise in demand for human insulin analogs and favorable reimbursements. Technological innovations in the field of human insulin delivery devices also augments the global insulin market. For instance, in August 2020, the U.S. FDA granted approval for the MiniMed 770G System, an innovative diabetes management device. This device automatically monitors glucose and delivers correct basal insulin doses with little input from the customers (caregivers) for pediatric patients with type 1 diabetes.
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Increase in Incidence of Diabetes Globally to Drive Demand for Insulin
Insulin is a pharmaceutical preparation of the protein hormone insulin that is utilized as a medication to treat multiple conditions such as type 2 diabetes, gestational diabetes, type 1 diabetes, and complications of diabetes. The demand for insulin is anticipated to increase due to the surge in incidence of diabetes across the globe. According to a research conducted by the World Health Organization (WHO), diabetes was the ninth leading cause of death, with an estimated 1.5 million deaths due to diabetes reported in 2019.
Moreover, as per the International Diabetes Federation (IDF), the number of patients suffering from diabetes is expected to rise to 643 million by 2030 and 783 million by the end of 2045. Furthermore, around 10% of all adults in China - approximately 110 million people - currently live with diabetes, and the number is likely to reach 150 million by the end of 2040. Statistics mentioned above indicate that the demand for insulin is expected to increase during the forecast period.
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No Strict Regulations on Price Cap to Drive Global Market
The increase in the number of year-on-year patent expiry of blockbuster drugs is paving the way for entry of generic drugs in the market, which would lead to decrease in drug spending. Hence, in order to take the pressure off health insurers, prices of drugs that are in demand (insulin and others) would continue to rise. Several big pharmaceutical manufacturers are increasing the prices of their blockbuster drugs still under patent protection. This rise in pricing would offset the sales of drugs for which generics are available.
According to various analysts, major companies in the insulin market such as Novartis, Eli Lilly, and Sanofi have increased the prices of their insulin products. Several other drug makers are also adopting strategies to boost prices depending on competition, approval of pipeline candidates, and expected entry of generics. Moreover, insulin prices are determined by multinational players even in the regional markets. Domestic players in the market play at very thin profit margins, whereas dominating players hold large share of the market due to high prices of their premium products. Therefore, this freedom of raising prices helps companies increase revenue, which consequently fuels the growth of the insulin market.
Premixed Insulin to Witness Extensive Demand
In terms of mode of action, the global insulin market has been classified into rapid-acting, short-acting, intermediate-acting, premixed, long-acting. The premixed segment is projected to witness strong growth during the forecast period, primarily due to increase in focus on advanced headways of premixed insulin conveyance gadgets. Increase in the number of diabetes patients, especially in countries in Asia, excellent clinical repayments, and growing business sector interest for premixed insulin analogs drive the premixed segment.
Low maintenance and ease of installation & handling of monoplace HBOT devices is projected to boost the growth of the segment during the forecast period. In addition, rise in penetration of these devices to provide user-friendly operability and portability is anticipated to propel the segment in the next few years.
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Stringent Regulatory Requirements and High Product Manufacturing Costs to Restrain Market
Stringent regulatory policies of government authorities for product approval hamper the growth of the global insulin market. Moreover, high cost of product manufacturing is likely to restrain the global insulin market during the forecast period. General lack of transparency on insulin industry data and less health-focused market research, particularly in the developing countries, are expected to negatively impact the growth of the global insulin market further.
Regional Outlook of Global Insulin Market
In terms of region, the global insulin market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is expected to be the largest market for insulin during the forecast period. The presence of key manufacturers including Eli Lilly and Company and Becton, Dickinson and Company is a significant factor driving the market in the region.
Furthermore, the high prevalence of diabetes across the U.S. and Canada due to sedentary lifestyles and official launch of novel drugs are likely to drive the market in North America. Moreover, rise in prevalence of obesity and increase in awareness about diabetes care in the region propel the insulin market in the region.
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Analysis of Key Players in Global Insulin Market
This report profiles key players in the global insulin market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The global insulin market is quite competitive, with the top 10 players accounting for key share of the market, and companies focusing on research & development to produce better pharmaceutical and vaccine products for the existing diseases.
Leading players operating in the global and China insulin market are Shanghai Fosun Pharmaceutical Co., Ltd., Tonghua Dongbao, Eli Lilly and Company, Sanofi, Novo Nordisk A/S, Julphar, Biocon Ltd., Becton, Dickinson and Company, Ypsomed AG, Biodel, Inc., and B. Braun Melsungen AG.
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