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The insulin market size is estimated to grow by USD 1.29 billion at a CAGR of 1.38% between 2023 and 2028. The market is experiencing significant growth, driven by the rising prevalence of diabetes and advancements in insulin delivery systems. According to the International Diabetes Foundation, approximately 463 million adults were living with diabetes in 2019, and this number is projected to increase to 700 million by 2045. The growing burden of diabetes, including type 2 diabetes, is creating a strong demand for insulin and related products. Additionally, advancements in insulin delivery systems, such as insulin pumps, continuous glucose monitoring systems, insulin syringes, and pen injectors, are enhancing the convenience and effectiveness of insulin therapy. However, the market faces challenges, including stringent regulatory requirements for product approval and increasing competition from generic insulin manufacturers.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CODAN Medizinische Gerate GmbH and Co KG - The company offers medical equipment such as infusion sets, transfusion sets, infusion therapy devices, and pediatric products. The key offerings of the company include insulin.
The insulin market forecast report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
AdvaCare Pharma, ASP Healthcare Pty Ltd., B.Braun SE, Becton Dickinson and Co., Biocon Ltd., Cardinal Health Inc., CODAN Medizinische Gerate GmbH and Co KG, Eli Lilly and Co., Gerresheimer AG, Gulf Pharmaceutical Industries, Healthwarehouse.com Inc., Hi Tech Medics Pvt Ltd., Hindustan Syringes and Medical Devices Ltd., Mayo Foundation for Medical Education and Research, Nipro Corp., Novo Nordisk AS, Pfizer Inc., Sanofi SA, UltiMed Inc., and Wockhardt Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the insulin analogs segment will be significant during the forecast period. These analogs are synthetically produced, modified forms of insulin. Altering insulin analogs alters the rate at which the body absorbs insulin.
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The Insulin Analog segment in the global market has steadily grown from USD 14.38 billion in 2018. Several studies have found a reduced risk of hypoglycemia and a slight reduction in nocturnal hypoglycemia that is associated with basal insulin. Another study found fewer nocturnal and severe hypoglycemic events and better glycemic control associated with fast-acting insulin when compared with regular human insulin. These benefits of analog insulin and infusion pumps are more pronounced in patients with type 1 diabetes, especially those at high risk of hypoglycemia. These benefits are anticipated to boost the growth of this segment.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional market growth and trends that will shape the market during the forecast period.
The increasing prevalence of diabetes and the rising number of overweight and obese people are some of the major factors driving the market growth of the regional market. The risk of dying from cardiovascular disease (CVD) and other related comorbidities is 2-3 times higher among people with diabetes. This leads to the increased usage of diabetes care products and diabetes management devices such as insulin. Increased awareness among the population about diabetes and its wide-ranging consequences on health has resulted in most people in the US opting to undergo regular tests and check-ups, which has increased sales in the country. Also, the country is the base for several leading vendors in the market. Other factors, such as new technology that provides continuous monitoring of glucose levels and increasing US FDA approvals for new products, are driving the market growth in the region.
The market is significantly driven by the increasing prevalence of Type 1 and Type 2 diabetes worldwide. Type 1 diabetes is an autoimmune condition where the immune system attacks the pancreas, resulting in insufficient insulin production. Type 2 diabetes, on the other hand, is characterized by insulin resistance and high blood glucose levels. Complications of both types include kidney damage, blindness, nerve damage, limb loss, sexual function issues, heart attack, and stroke. Insulin is primarily administered through injections, and access to this essential medication varies greatly between insured and uninsured populations and developing countries. According to the epidemiologic transition, the prevalence of diabetes is increasing in developing countries, particularly in the Caribbean, which poses a significant challenge to the market. Two main types of insulin are available: Regular insulin, which has a short half-life, and long-acting insulin, which provides extended coverage. Synthetic insulin, which is produced through recombinant DNA technology, has replaced animal insulin in most markets. Oral diabetic medications and sedentary lifestyles are cost factors that may limit insulin use. Diabetic ketoacidosis, a life-threatening complication of diabetes, requires immediate insulin treatment. The market is expected to grow due to the increasing diabetic population and the development of new insulin formulations as well as blood glucose monitoring devices. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growing prevalence of diabetes is shaping the market. Diabetes is a chronic disease caused by the body's inability to use insulin effectively or when the pancreas does not produce enough insulin, leading to hyperglycemia. The prevalence of diabetes is rising, and the number of diabetic patients worldwide is projected to double in the next 25 years. In 2021, around 537 million adults in the age group of 20-79 years were living with diabetes, and this number is estimated to reach 643 million by 2030 and 783 million by 2045. Diabetes resulted in 6.7 million deaths globally.
Furthermore, the growing prevalence of diabetes will significantly increase healthcare costs for patients and governments. Obesity, smoking, a sedentary lifestyle, growing urbanization, and an aging population are factors contributing to the increase in the population with diabetes. The increasing incidence of diabetes is likely to drive the growth of the market during the forecast period.
Significant technological advancements in high-tech drug delivery devices is a new trend influencing the growth. The traditional invasive methods are being replaced by non-invasive ones, which reduce pain and improve patient experience. Insulin inhalers, insulin infusion pumps, mouth sprays, and insulin patches are some examples of these innovative devices.
Furthermore, these devices offer flexibility, accuracy, and convenience in delivery, thereby enhancing the quality of life for diabetic patients. The market demand for these devices is growing, which is driving vendors to design more innovative, discreet, and efficient devices. This trend is expected to contribute significantly to the growth of the market.
Improving medical device regulations is a key challange hindering the growth. It is crucial to ensure the delivery of safe and efficient technologies to end-users. However, the increasing number and advancements in medical devices have created new regulatory challenges. The regulatory networks in Europe and the US are particularly stringent, and companies face multiple hurdles to ensure patient safety and efficient devices' market launch. Insulin and its delivery devices are categorized as Class II Medical Devices by the US FDA and must comply with their regulations before release.
Furthermore, failure to do so or complications arising from their use could result in a product recall, which would negatively impact the company's brand reputation. Europe's regulatory process is faster than the US FDA, focusing on strengthening post-market regulations, surveillance systems, and improving product monitoring. The strict regulatory scenario may hinder the growth of the global market, and companies focusing on innovative technologies and novel products must undergo stringent post-market approvals before launch.
The insulin market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the insulin market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market forecasting and growth strategies.
Customer Landscape
The insulin market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is a significant sector in the healthcare industry, catering to the needs of the diabetic population, which includes individuals with Type-1 diabetes mellitus and Type-2 diabetes mellitus. Infusion pumps play a crucial role in managing blood glucose levels for both types of diabetes. Type-1 diabetes is an autoimmune condition where the immune system attacks the pancreas, leading to a deficiency in insulin production. Insulin injections are the primary treatment for Type-1 diabetes, with regular insulin and long-acting insulin being commonly used. Complications from Type-1 diabetes include kidney damage, blindness, nerve damage, limb loss, and sexual function issues. Type-2 diabetes, on the other hand, is characterized by insulin resistance and an inability to produce enough insulin. The market is evolving with a range of options designed to manage insulin deficiency and high blood sugar effectively.
Furthermore, while oral diabetic medications are often the first line of treatment, insulin therapy may be necessary for those with poorly controlled blood glucose levels. Synthetic insulin and human insulin are available in the market, with differences in their half-life and side effects. The prevalence of diabetes, fueled by the epidemiologic transition and sedentary lifestyles, has led to a growing demand for insulin. However, cost factors and adherence to insulin therapy remain challenges. Oral drug delivery and insulin therapy continue to evolve, with generic competitors entering the market to provide more affordable options. Despite advancements, complications such as diabetic ketoacidosis, heart attack, and stroke remain concerns for the diabetic population, emphasizing the importance of proper insulin management and regular monitoring. New innovations include insulin Tregopil and oral prandial insulin tablets, enhancing personalized insulin therapies. Pens and pen needles are crucial for convenient administration, with biosimilar insulins and biosimilar options expanding choices. The market also focuses on the elderly population, addressing unique needs influenced by genetic factors and improving the overall management of diabetes.
Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.38% |
Market growth 2024-2028 |
USD 1.29 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
1.35 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AdvaCare Pharma, ASP Healthcare Pty Ltd., B.Braun SE, Becton Dickinson and Co., Biocon Ltd., Cardinal Health Inc., CODAN Medizinische Gerate GmbH and Co KG, Eli Lilly and Co., Gerresheimer AG, Gulf Pharmaceutical Industries, Healthwarehouse.com Inc., Hi Tech Medics Pvt Ltd., Hindustan Syringes and Medical Devices Ltd., Mayo Foundation for Medical Education and Research, Nipro Corp., Novo Nordisk AS, Pfizer Inc., Sanofi SA, UltiMed Inc., and Wockhardt Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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