The global Insulin Market is expected to reach USD 23.20 billion by 2030, expanding at a CAGR of 1.5% during the forecast period, according to a new report by Grand View Research, Inc. 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.
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.
Related Press
Release@ Insulin
Market Report
Insulin Market Report Highlights
- The
long-acting insulin segment contributed a significant revenue share of
56.53% in 2021. Factors such as patent protection and high demand due to
long-term effects are expected to drive the segment
- Type 1
diabetes mellitus is the largest segment by application in 2021 due to the
high insulin dependency of these patients
- Insulin
analog segment dominated in 2021. It is due to the higher efficacy of
insulin and minimal adverse effects, such as hypoglycemic attacks and
lower weight gain, as compared to conventional therapy
- The retail
pharmacy segment dominated the distribution channel in 2021 due to the
presence of retail pharmacy chains and tie-ups of these chains with
hospitals
- North
America dominated the market in terms of revenue in 2021, mainly due to
the dominance of branded products and the increasing prevalence of
diabetes in the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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