Insulin Market to Hit 10.8% CAGR with $111.21 Billion, Globally, by 2028 Driven by Increase of Diabetes | Report by The Insight Partners

Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on "Insulin Market Size Report, Share, Revenue & Trends Forecast to 2028 - Global Analysis by Type, and Geography," the insulin market is expected to grow to $111.21 billion by 2028 from $60.18 billion in 2022; it is estimated to grow with a CAGR of 10.8% from 2022-2028. Asia Pacific (APAC) is the fastest-growing regional market for insulins. APAC is segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC.

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Global Insulin Market – Report Scope:

Global Insulin Market Analysis: Competitive Landscape and Key Developments
Eli Lily and Company; Novo NordiskA/S; Biocon; Wockhardt; Adocia; GlaxoSmithKline plc; Sanofi; Pfizer; Merck &Co., Inc.; Tonghua Dongbao Pharmaceutical Co., Ltd.; and Bigfoot Biomedical, Inc. are a few of the key companies operating in the insulin market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

In January 2022, Novo Nordisk launched today peptide in a pill, oral semaglutide for diabetes management. A GLP-1 receptor analogue (GLP-1 RA), one of the drug classes to treat diabetes, till now was available only in the form of injections. The product is a co-formulation of GLP-1RA semaglutide with an absorption enhancer SNAC which protects semaglutide from undergoing degradation in the stomach like other peptides and enhances its absorption.

In June 2022, Novo Nordisk today announced that the Japanese Ministry of Health, Labour and Welfare has approved Rybelsus, the first and the only glucagon-like peptide-1 receptor agonist (GLP-1 RA) in a tablet, for the treatment of adults with type 2 diabetes. The approval of Rybelsus in Japan is based on results from the PIONEER clinical trial programme, which involved more than 9,500 adults with type 2 diabetes, including approximately 1,300 adults from Japan.

Browse key market insights spread across 186 pages with 165 list of tables & 91 list of figures from the report, "Insulin Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Long Acting Insulin, Rapid Acting Insulins, Short acting Insulins and Traditional Human Insulins, Concentrated Insulins and Combination Insulins, Biosimilar Insulins, Glucagon-like peptide-1 (GLP-1), Pens and Needles, and Others), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/insulin-market

Regeneration of Diabetic Pancreas with Advanced transplant as a Future Trend for the Global Insulin Market:
Artificial pancreas can control blood sugar levels for people with type 1 diabetes better than the standard treatment. For people with type 1 diabetes (T1D), continuous glucose monitoring (CGM) devices provide around-the-clock information on blood glucose levels, which is then used to determine how much insulin is needed. Insulin pumps allow the insulin doses to be administered subcutaneously throughout the day.

In Jul 2020, Betalin Therapeutics claims its “bio-artificial” pancreas aims to free patients of the need for insulin injections and blood sugar monitoring. It is designed for people with type 1 diabetes, and those with type 2 diabetes who require insulin.

In September 2020, a team led by researchers at the Perelman School of Medicine at the University of Pennsylvania make major advancement in islet cell transplantation for treating type-1 diabetes. A new method is focused on keeping the transplanted insulin-producing cells alive and functional in recipients for long periods even when transplanted underneath the skin.

Cells naturally produce small molecules, hormones, and proteins to keep the body functioning properly. These cells are used to rather rely on injections or pills to replace biomolecules produced by diseased cells, using an encapsulated cell.

Despite frequent monitoring of blood sugar levels and dose adjustments, insulin injections do not ideally recreate the natural waves of insulin released from the pancreas. This leaves patients continually working to avoid chronically high or low blood sugar, which can cause blindness, diabetic coma, or life-threatening insulin shock. Various research groups have been working on regeneration technology with diverse results. This promising technology will help in the removal of diabetes-related problems and is expected to be a prevalent future trend in the insulin market.

Insufficient Competition from Biosimilar Provides Lucrative Opportunities for Insulin Market:
The dominance of the major players in developed countries such as the US has led to an increase in the global insulin market value. Novo Nordisk A/S, Elli Lily and Company, and Sanofi have a cumulative market revenue of over 90%. This is majorly credited to the evergreening of patents currently held by these dominating players. Additionally, the rising price of insulin in the US is estimated to further boost the growth of the insulin market. According to the Centers for Disease Control and Prevention, US$ 1 out of every US$ 4 in US health care costs is expended on diabetic patients. Moreover, patients' lack of trust in biosimilar drugs is a significant factor augmenting the insulin market growth. The dearth of biosimilar competition in the market-dominating region of North America is also expected to fuel the market growth. According to a study conducted by Health Action International (2019), states that Eli Lilly and Company, Novo Nordisk, and Sanofi are the only three manufacturers of insulin in the US, and they generate around 90% of revenue in the global market. In contrast, there are more than eight insulin manufacturers in Asia Pacific, according to the above study.

In North America, the U.S. is the largest market for Insulin. The growth of the region is attributed to factors such as rising prevalence of diabetes across the countries, high prevalence of obesity, and increasing awareness regarding diabetes care in the region. Moreover, presence of well-developed healthcare infrastructure and government support are some of the prominent factors propelling the market growth in North America. Diabetes is increasing at an alarming rate in the US. According to the National Diabetes Statistics Report 2020, approximately 30.3 million people in the US have diabetes representing 94% of the total population. Among the diabetic population nearly 5% of the population is diagnosed with type 1 diabetes whereas, 90-95% have type 2 diabetes. Of the more than 30 million Americans with diabetes, approximately 7.4 million rely on insulin to manage their condition. In addition, the data also revealed approximately 86 million adults aged 18 years or above were pre-diabetes and nearly 23.1 million elders above 65 years were pre-diabetes. Across the US, diabetes is the leading cause of blindness and end stage of renal diseases or renal failure among adults.

According to the American Diabetes Association, the estimated total cost of the diagnosed diabetes in 2020 was approximately US$ 322 billion which included US$ 245 billion for the direct medical costs and nearly US$ 69 billion for the reduced productivity. Therefore, increasing acceptability, high health care spending, and awareness regarding insulin indicate the potential growth for growing adoption of the insulin products in the U.S.

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Global Insulin Market: Segmental Overview
Based on type, the insulin market is segmented into long-acting insulin, rapid acting insulins, short acting insulins and traditional human insulins, concentrated insulins and combination insulins, biosimilar insulins, Glucagon-like peptide-1 (GLP-1), pens and needles, and others. The long-acting insulin segment is anticipated to hold the largest market share in 2022 and however, biosimilar insulins segment is expected to register the highest CAGR of 16.0 % during the forecast period. The major driving factors for the growth of the biosimilar insulins segment are increasing applications of inbred mice in cardiovascular & immunology studies and the production of monoclonal antibodies, among others. Basaglar is a long-acting insulin that is only available by prescription. Basaglar treats type 1 and type 2 diabetes mellitus in adults and children. The medicine is contained in the Basaglar KwikPen, which holds 3 milliliters (mL) of solution. And it's also included in the Basaglar Tempo Pen, a pen that connects to a smartphone app to record your insulin doses.

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