Pune, India, April 26, 2021 (GLOBE NEWSWIRE) -- The global human insulin market size is anticipated to reach USD 27.71 billion by 2026. International Diabetes Federation (IDF) reported that around 425 million people across the world suffer from diabetes. This shows that the rising prevalence of diabetes is propelling growth in the market. Fortune Business Insights in a new report, predicts the market to exhibit a CAGR of 3.4% during the forecast period. In 2018, the market value stood at USD 21.26 billion in 2018. The adoption of delivery devices primarily for insulin administration is increasing, thus driving the market.
Some of the other key players operating in the market are:
- Novo Nordisk A/S
- Eli Lilly and Company
- Boston Scientific Corporation
- Sanofi
- Boehringer Ingelheim International GmbH
- Biocon
- Tonghua Dongbao Pharmaceutical
- Julphar
- Wockhard
- Other prominent players
Presence of Giant Insulin Manufacturers to Give Impetus to the Growth in North America
From a geographical standpoint, North America continues to maintain its dominance in the global human insulin market through the forecast years. The report indicates that the market in this region was worth USD 10.42 billion in the year 2018. The growth in the market is driven by the existence of key insulin manufacturers and robust competition among each other. In addition to this, the increasing prevalence of type 1 diabetes in North America is enabling growth in the market.
The higher prices of insulin in the U.S. is likely to garner growth in the market, which in turn, will foster the human insulin market size in North America. Other factors driving the insulin drugs market in this region are increasing healthcare spending and rising research and development (R&D) activities for the successful development of biosimilars.
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Apart from North America, Europe is the second-most leading region in the market. Following Europe, the market in Asia Pacific is expected to rise at the highest CAGR over the projected horizon. This is ascribable to the rising prevalence of diabetes, coupled with rising per capita income of the population in this region. Another factor driving the market is the higher availability of generic insulin. Other regions such as Latin America and the Middle East and Africa are expected to grow at a slow rate in the forthcoming years.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
Novo Nordisk to Expand its Insulin Manufacturing Plant in India
The prevalence of diabetes is increasing across the world, one of the primary human insulin market trends. In a 2017 report published by the Centers for Diseases Control and Prevention (CDC), it was found that around 30.3 million people in the U.S. suffered from diabetes. Furthermore, it was stated that among the above numbers, around 23.1 million were diagnosed, while the rest were not diagnosed. The increasing adoption of a sedentary lifestyle is the primary reason behind the prevalence of diabetes.
This, as a result, will fuel demand for insulin pens and insulin injections among masses. Consequently, Biocon plans to develop an oral insulin tablet called Tregopil for people suffering from Type 1 and Type 2 diabetes. This tablet aims to improve the post-prandial blood sugar control and has minimum side-effects. As per the report, companies such as Eli Lilly and Company, Sanofi, and Novo Nordisk A/S hold the maximum share in the global market.
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Eli Lilly & Company to Launch Analogue Humalog Insulin in the U.S.
Among products, analogue insulin covered the maximum part in the human insulin market share in 2018. Analogue insulin helps to control blood sugar levels in people suffering from type 1 and type 2 diabetes. Driven by this, the adoption of analogue insulin is increasing, which increases the human insulin market size. This, coupled with the recent launch of generic insulin, is expected to contribute to the growth of the market.
For instance, Eli Lilly and Company announced the launch of a generic version of analogue Humalog insulin called Insulin Lispro in April 2019. Owing to the cheaper rates of Humalog, this insulin is more accessible to diabetic patients in the country. This segment is expected to drive the human insulin market in the foreseeable future.
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The recent coronavirus outbreak has brought major businesses to a standstill. Due to travel bans, companies in this sector are likely to take a huge hit in the coming years. Ultimately, the rapid spread of the disease has urged governments to take strict measures. The report includes the impact on Covid-19 pandemic on the global Pharmaceuticals market and discusses how major companies are coping with this.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Diabetes - Key Countries
- Pipeline Analysis
- Brand Analysis
- Key Market Strategies of Leading Players
- Overview of Regulatory Scenario - Key Countries
- Global Insulin Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Analogue Insulin
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- Long-acting
- Fast-acting
- Premix
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- Traditional Human Insulin
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- Long-acting
- Short-acting
- Fast-acting
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- North America Insulin Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Type
- Analogue Insulin
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- Market Analysis, Insights and Forecast – By Diabetes Type
- Diabetes Type 1
- Diabetes Type 2
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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- Premix
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- Market Analysis, Insights and Forecast – By Diabetes Type
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- Long-acting
- Fast-acting
- Premix
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- Traditional Human Insulin
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- Long-acting
- Short-acting
- Fast-acting
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- Europe Insulin Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Type
- Analogue Insulin
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- Market Analysis – By Diabetes Type
- Diabetes Type 1
- Diabetes Type 2
- Market Analysis – By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Market Analysis – By Country
- U.S.
- Canada
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- Premix
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- Market Analysis – By Diabetes Type
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- Long-acting
- Fast-acting
- Premix
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- Traditional Human Insulin
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- Long-acting
- Short-acting
- Fast-acting
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- Market Analysis – By Diabetes Type
- Diabetes Type 1
- Diabetes Type 2
- Market Analysis – By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Market Analysis – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
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- Premix
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- Market Analysis – By Diabetes Type
Continued...
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