Insulin Market Size to Worth Around USD 23.57 Billion by 2030

The global insulin market size is expected to be worth around USD 23.57 billion by 2030 from valued at USD 20.55 billion in 2021 and anticipated to grow at a CAGR of 1.54% during the forecast period 2022 to 2030.

Report Highlights

  • The long-acting insulin segment contributed a substantial revenue share of 56.6% in 2021. 
  • The Biosimilar insulin segment is expected to expand at a lucrative CAGR of 18.44% during the forecast period. 
  • The analog insulin segment dominated the market with a share of 86.6% in 2021. 
  • The retail pharmacy segment dominated the overall market in 2021.
  • North America dominated the space in terms of revenue in 2021.
  • Asia Pacific is expected to witness significant growth during the forecast period.
  • By product type, the U.S. insulin market was valued at USD 516.5 million in 2021 and expected to witness growth at a CAGR of 5.2% from 2022 to 2030.

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 It is an oligopolistic space dominated by companies such as Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. The increasing incidence of diabetes and formulation advancements in insulin delivery are the primary factors driving growth. However, the presence of biosimilars and drugs such as GLP-1 RAs for the treatment of type 2 diabetes can slow down market growth to a certain extent.

Insulin Market Size 2021 to 2030

Diabetes is one of the fastest-growing chronic diseases in the world. Its prevalence has increased steadily over the past few decades. The prevalence of the disease is growing rapidly in low- and middle-income countries; three in four adults live with diabetes in these countries. According to the International Diabetes Federation (IDF) data from 2021, approximately 643 million individuals will have diabetes by 2030 and 783 million by 2045. In addition, the increase in geriatric and obese populations is another factor driving growth. The overweight population is at risk of developing type 2 diabetes mellitus. According to WHO, in 2020, 1.9 billion adults were found to be overweight, accounting for 39% of the population within that age group.

Formulation advancements in insulin delivery systems are being developed, the release of which is likely to propel the market over the forecast period. In December 2019, Tandem Diabetes Care’s Control-IQ, an interoperable device, received FDA authorization for marketing in the U.S. It is an automated insulin dosing algorithm that can be used with other interoperable devices.

The top three manufacturing companies, Eli Lilly and Company, Novo Nordisk A/S, and Sanofi, hold a monopoly. These companies hold more than 90% of the market share. Owing to the oligopolistic nature of the market and patent protection, the cost of insulin is high. Hence, the high cost of products could impede industry growth.

The COVID-19 pandemic caused a detrimental impact on the industry. Individuals with chronic illnesses, such as diabetes, have experienced substantial disruptions in emergency and routine medical care. According to an NCBI article, out of ~30 million diabetic patients in America, about 7.5 million are dependent on insulin. Insulin rationing or hoarding has already been a rampant issue, which increased further amid the pandemic due to supply concerns. However, in several countries, the effect of COVID-19 declined to post the third quarter of 2020, which helped the market regain traction.

Scope of The Report

Report Coverage

Details

Market Size in 2021

USD 20.55 billion

Revenue Forecast by 2030

USD 23.57 billion

Growth rate from 2022 to 2030

CAGR of 1.54%

Base Year

2021

Forecast Period

2022 to 2030

Segmentation

Product type, application, type, distribution channel, region
 

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

 

Product Type Insights

The long-acting insulin segment contributed a substantial revenue share of 56.6% in 2021. Factors such as patent protection and high demand due to long-term effects are expected to drive the segment. Toujeo, Levemir, Xultophy, Insulatard, and Lantus are among the major products in this segment. In comparison, rapid-acting insulin results in faster absorption. Key products in this segment include aspart, lispro, and glulisine. Among them, Lispro dominated, with the highest sales in 2021.

The Biosimilar insulin segment is expected to expand at a lucrative CAGR of 18.44% during the forecast period. The patent expiry for major products and subsequent availability and uptake of biosimilar insulin products will drive segment growth. For instance, in July 2021, Semglee, a glargine biosimilar, was approved by the FDA. It was the first insulin biosimilar in the U.S. and was also approved as an interchangeable biosimilar of Lantus.

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Application Insights

In 2021, the largest segment by application is type 1 diabetes mellitus, due to the high insulin dependency of these patients. It is a more severe condition than type 2 diabetes. According to the International Diabetes Federation, around 10% of all individuals with diabetes have type-1 diabetes.

Type 2 diabetes mellitus is expected to be the fastest-growing segment. It is the most common type across the globe. Its high prevalence is the primary reason for the segment's growth. According to the IDF 2021 report, the prevalence of type 2 diabetes was around 405.6 million, which is projected to increase to approximately 510.8 million by 2030. Several companies are engaged in the R&D of oral insulin. So far, the FDA has approved only two systems for oral delivery of insulin: Oramed’s ORMD-0801 and Diasome’s HDV-I. ORMD-0801 is under phase 3 clinical trial. The approval of this product will provide patients with an add-on option to insulin injections.

Type Insights

The analog insulin segment dominated the market with a share of 86.6% in 2021. Its dominance can be attributed to the higher efficacy of insulin and minimal adverse effects, such as hypoglycemic attacks and lower weight gain, as compared to conventional therapy. Long-acting insulin products dominate the market. Long-acting insulin analogs like glargine, detemir, and degludec are developed by companies Eli Lilly, Novo Nordisk A/S, and Sanofi, respectively. These products have a high market share, and their demand is expected to drive the market.

In contrast, human insulin is a traditional form of insulin. The big three manufacturers have products like Humulin, Insuman, and Novolog in the market. However, owing to the presence of more effective insulin analogs, the sales and prescription rate of these products are expected to decline over the forthcoming years.

Distribution Channel Insights

The retail pharmacy segment dominated the overall market in 2021, owing to the rising burden of disease, the feasibility of home care patients, and various discounts offered by retail pharmacies. The market has witnessed consolidation in retail pharmacy chains in the United States. Furthermore, the hospital pharmacy segment is expected to grow moderately. This segment is driven by factors such as the rising hospitalization of diabetic patients.

The others segment includes online pharmacies that are anticipated to witness the fastest growth during the forecast period. The comfort, flexibility, and convenience provided by online purchase of medications are major factors driving the segment. In addition, the discounts offered by online pharmacies attract patients to purchase medications online, which is also expected to fuel market growth.

Regional Insights

North America dominated the space in terms of revenue in 2021, mainly due to the dominance of branded products and the increasing prevalence of disease in the region. According to the CDC, approximately 37.3 million people in the United States had diabetes in 2020, with 28.7 million diagnosed and 8.5 million undiagnosed cases. Furthermore, about 96 million people aged 18 years and older have prediabetes. Some of the major players currently operating in this region include Novo Nordisk A/S, Eli Lilly and Company, and Sanofi. However, the U.S. FDA has approved two new insulin biosimilars, Semglee and Rezvoglar, from Mylan/Biocon and Eli Lilly and Company, respectively. The entry of these biosimilars is expected to drive down the price of insulin in the U.S. market and intensify the competition.

Asia Pacific is expected to witness significant growth during the forecast period, owing to factors such as rising geriatric & target populations, increasing number of collaborations for the development of biosimilars, geographic expansion of key players, and active participation of government & nonprofit organizations in the market space. Furthermore, health awareness campaigns and scientific conferences for the management of this disease may fuel market growth in the region.

Key Players

  • Novo Nordisk A/S
  • Eli Lilly and Company
  • Sanofi
  • Biocon Ltd
  • Wockhardt
  • Boehringer Ingelheim International GmbH
  • Julphar
  • United Laboratories International Holdings Limited
  • Tonghua Dongbao Pharmaceutical Co. Ltd.

Market Segmentation

  • By Product Type Outlook
    • Rapid-Acting Insulin
    • Long-Acting Insulin
    • Combination Insulin
    • Biosimilar
    • Others
  • By Type Outlook
    • Human Insulin
    • Insulin Analog
  • By Application Outlook
    • Type 1 Diabetes Mellitus
    • Type 2 Diabetes Mellitus
  • By Distribution Channel Outlook
    • Hospitals
    • Retail Pharmacies
    • Others
  • By Regional Outlook
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa (MEA)

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