The global insulin market is subject to witness a substantial growth due to the increasing incidence of diabetes, growing geriatric population and changing lifestyle across the globe. Varying food patterns, easy availability and decline in cost of the products are some of the major factors driving market demand for insulin, in the recent years. In addition, advent of pen devices as well as the safety pen needles for efficient transmission of insulin in the human body are expected fuel market growth over the forecast period.
Development of innovative techniques and novel products by industry players are expected to foster market expansion in the upcoming years. Globally, the insulin market is estimated to develop at a substantial CAGR in the given forecast period, providing numerous opportunities for market players to invest in research and development in the insulin market.
The recent technological advancement in the healthcare sector and development of the novel products to prevent needle stick injuries, needle anxiety, and risk associated with contamination during blood borne pathogen transmission are expected to offer lucrative growth opportunities for industry players in the insulin industry during the forecast period.
In addition, rising need for biosimilar medicine owing to its cost effectiveness is anticipated to drive market growth in the upcoming years. Extensive research & development indicative undertaken by both private bodies and governmental authorities are expected propel market demand for insulin in near future. Introduction of innovative products for treatment of type II diabetes such as ORMD-0801, which is an oral insulin is considered as one of the driving factors for the market growth, in the recent years.
The insulin market is broadly categorized into six major types based on the product type such as rapid acting analog insulin devices, longer acting analog insulin devices, pre-mixed insulin, pre-mixed analog, short acting insulin, and intermediate insulin. Insulin acting analogs is considered as one of the fastest growing segment in the insulin market with substantial revenue generation in the last couple of years.
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Growing popularity of the insulin acting analogs segment is attributed to increasing cost of long acting analogs and superior performance. Shifting preferences by healthcare professionals, doctors and surgeons regarding adoption of insulin analogs due to better efficiency over conventional devices are expected fire up market demand for analog insulin in the upcoming years. The long acting analog insulin segment has also witnessed substantial revenue generation in the last few years as well.
Insulin is a type of hormone that secreted by the pancreas in human body, which helps to utilize sugar (glucose) from carbohydrates in the food, thus providing necessary energy for body function. Additionally, insulin maintains blood sugar level in human body, thus preventing sugar level from getting too high causing hyperglycemia and getting too low causing hypoglycemia. Insulin is released insulin into bloodstream by pancreas after consummation of food. Insulin helps to completely absorb sugar from the bloodstream.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in pharmaceutical & medicine sector, increase in prevalence of diabetes, large geriatric population, and existence of well-established healthcare infrastructure in the region.
Asia-Pacific region is predicted to hold major market share in the insulin market with massive growth in forecast period. Countries such as India, China, Taiwan, Philippines, Vietnam, Indonesia, and Singapore are leading the Asia-Pacific market with rising healthcare expenditure, growing personal disposable income, increasing health consciousness among general population, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the insulin market are Eli Lilly And Company, Novo Nordisk A/S, Biocon Ltd., Sanofi (Aventis Pharma) Ltd., Wockhardt Ltd., Julphar Ltd., GlaxoSmithKline plc, Takeda Pharmaceuticals Company Ltd., Oramed Pharmaceuticals, Inc., Nanjing Xinbai Pharmaceutical Ltd., C.H. Boehringer Sohn AG & Ko., Merck & Co. Inc., Biocon Ltd., and SemBioSys Genetics Inc.
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