Fact.MR – A Market Research and Competitive Intelligence Provider: As per the newly released data by Fact.MR, the long-acting insulin market is projected to expand at 9.4% CAGR between 2021 and 2031.
Innovations in Insulin Delivery Methods Revolutionizing Long-Acting Insulin Market
The latest research report by Fact.MR on long-acting insulin market provides a meticulous analysis of popular business strategies. It also studies various growth drivers, restraints, opportunities affecting growth across leading segments in terms of product type, indication, delivery method, distribution channel, and region.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per the newly released data by Fact.MR, the long-acting insulin market is projected to expand at 9.4% CAGR between 2021 and 2031. With increasing geriatric population and growing cases of diabetes, overall sales of long-acting insulin products are anticipated to increase at a substantial rate during the assessment period.
According to the World Health Organization (WHO), the number of people suffering from diabetes rose from 108 million in 1980 to 422 million in 2014. Moreover, it is estimated that 1.5 million deaths were directly caused by diabetes in 2019. Hence, increasing diabetic cases will boost the sales of insulin products.
As per Fact.MR, both short-acting and long-acting insulin products are being consumed on a large scale to overcome the deficiency of insulin in the body. However, diabetic patients are showing more preference towards long-acting insulin due to its advantages over its counterpart.
Long-acting insulin (basal insulin) does not increase the sugar levels at peak like short-acting ones. They can control blood sugar for an entire day (24 hours). Also, long-acting insulin has the ability to work just like the natural insulin released by pancreas.
Hence, basal insulin have become an integral part of insulin replacement therapy and is essential to appropriately suppress hepatic glucose production. Further, biotechnology is being employed to change the structure and properties of the insulin.
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For instance, in insulin glargine, asparagine is replaced by glycine at position 21 of the α chain of the insulin molecule and the carboxyl terminal of the β chain is changed with the addition of arginine. The acidic pH causes the slow release of insulin when injected subcutaneously.
Additionally, technological advancements in the drug delivery system have thrown a new life into the long-acting insulin market. From needle and syringes to pen and injection port, delivering insulin has become easier and more effective.
The newer insulin delivery products such as insulin pens are reusable, more accurate, less painful, and equipped with safety features such as audible clicks. Their mechanism allows people to safely inject long-acting insulin shots at their homes with ease.
Regionally, Europe leads the long-acting insulin market with a massive share, as a result of strong presence of leading manufacturers, rising geriatric population, growing health consciousness, and increasing prevalence of diabetes.
“Access to affordable long-acting insulin is critical in minimizing the global burden of diabetes. To achieve this goal, key companies operating in the market are focusing on developing low-cost products. This will also help them to increase their sales and penetrate developing markets such as South Korea, India, and China,” says the Fact.MR analyst
Key Takeaways from Long-Acting Insulin Market Survey
- Owing to the presence of leading market players, high geriatric population and increasing consumption of long-acting insulin products, Europe will continue to dominate the long-acting insulin market.
- North America is emerging as the second most lucrative market for long-acting insulin products on the back of increasing diabetic cases and well-established healthcare infrastructure.
- Countries such as the U.S. and Canada are expected to dominate the North America long-acting insulin market.
- Based on indication, type 1 diabetes segment is likely to retain its dominance in the global long-acting insulin market.
- In terms of product, insulin glargine (Lantus) is expected to be the top selling product for tackling the diabetes disease.
Key Drivers
- Growing popularity of long-acting insulin due to its long-acting effect is positively impacting the market growth.
- Introduction of user-friendly drug delivery methods such as pen and injection port is anticipated to accelerate the growth in the market.
- Continuous approvals of basal insulin products by healthcare organizations such as the U.S. Food and Drug Administration (FDA) will help the manufacturers to strengthen their position in the global market.
Key Restraints
- High cost and low availability in emerging economies associated with long-acting insulin products is restraining the growth of the market.
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Competitive Landscape
Key companies operating in the long-acting insulin market are focusing on launching new insulin products with user friendly features. They are adopting various strategies such as mergers, partnerships and collaborations to gain competitive edge in the market.
For instance,
- In October 2021, Viatris Inc. announced that it will launch its first-ever interchangeable biosimilar insulin glargine injection options, co-developed with Biocon Biologics. The two new products will help to increase access to critical treatment for millions of Americans living with diabetes.
- In July 2021, the U.S. Food and Drug Administration (FDA), approved the first interchangeable biosimilar insulin product “Semglee (insulin glargine-yfgn), indicated to improve glycemic control in adults and pediatric patients with type 1 diabetes mellitus and in adults with type 2 diabetes mellitus
- In Febrauary 2018, Sanofi India launched Toujeo insulin in the country. Toujeo, a next generation basal insulin, is a once daily long-acting basal analog insulin that improves glycemic control in adults with type 1 and type 2 diabetes.
Some of the prominent players operating in the long-acting insulin market profiled by Fact.MR are:
- Ganli Pharmaceutical Co., Ltd
- Sanofi-Aventis U.S. LLC
- Lilly USA, LLC
- Novo Nordisk A/S
- Biocon
- Wockhardt
- Mylan
- Julphar
- Others
More Insights on the Global Long-Acting Insulin Sales Outlook
Fact.MR provides an unbiased analysis of long-acting insulin market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for Long-acting insulin with a detailed segmentation on the basis of:
Product Type
- Detemir
- Glargine
- Degludec
Indication
- Type 1 diabetes
- Type 2 diabetes
Delivery Method
- Pump
- Needle and syringe
- Pen
- Injection port
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Key Questions Covered in the Long-Acting Insulin Market Outlook Report
- The report offers insight into long-acting insulin demand outlook for 2021-2031
- The market study also highlights projected sales growth for long-acting insulin market between 2021 and 2031
- Long-acting insulin market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Long-acting insulin market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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