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The global insulin market size is estimated to grow by USD 1,662.41 million between 2022 and 2027 accelerating at a CAGR of 1.77%.
The growth of the market share depends on several factors, including the growing prevalence of diabetes, the increasing exposure to risk factors that lead to diabetes, the favorable government initiatives.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, market trends and analysis, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
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. 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.
The global market is experiencing significant technological advancements in high-tech insulin delivery devices. 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. 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 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. 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, robust 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.
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, and pediatric products. The key offerings of the company include insulin.
The report also includes detailed analyses of the competitive landscape of the market and information about prominent and key market players, including:
Technavio’s report consists of a holistic analysis of the key development analysis, development stage, key market players, their marketing strategies, and powerful innovations to help any client gain a competitive edge.
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. 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 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 insulin segment.
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Retail pharmacists (often known as community pharmacists) sell medicines and medical-related products, as well as other goods, such as toiletries, cosmetics, and veterinary products, to the general public and medical practitioners. Retail pharmacies are independent pharmacies, or chain pharmacies, which are licensed as a pharmacy by the State and dispense medications to the general public at retail prices. These pharmacies are typically located across residential areas to ensure easy access to medicines. In comparison with hospitals and online pharmacies, retail pharmacies have a higher market share due to their reliability and convenience. The aforementioned factors are driving the market growth.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that 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 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 the sale 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.
Additionally, favorable reimbursement policies have led to the high adoption of insulin in North American countries. For instance, Medicare and Medicaid in the US provide reimbursement fees on patient hospital visits for the treatment of many ailments. The monetary support from the government for public healthcare is estimated to ensure better access to insulin. This will contribute to the regional market growth during the forecast period.
The market is a critical segment of healthcare, particularly for the diabetic population, with a focus on improving blood sugar control. Various types of insulin, including long-acting insulin like Lantus, Humulin, and Humalog, are available, offering options for drug delivery and dosing regimens. The market also sees the entry of generic competitors, providing more affordable alternatives. Novel formulations like Insulin Tregopil aim to improve compliance and efficacy. The market's growth is fueled by factors such as the increasing prevalence of diabetes, especially in developing countries, and the rising adoption of insulin therapy. Manufacturing and supply chain efficiency are crucial to meet the demand. Regulatory bodies like the Drugs Controller General of India ensure the quality and safety of insulin products. Health insurance coverage plays a significant role in patients' access to these medications. Overall, the insulin market is driven by innovation, accessibility, and adherence to treatment protocols, contributing to better health outcomes for diabetic individuals.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.77% |
Market growth 2023-2027 |
USD 1,662.41 million |
Market structure |
Fragmented |
YoY growth (%) |
1.34 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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., Hindustan Syringes and Medical Devices Ltd., Hi Tech Medics Pvt Ltd., Mayo Foundation for Medical Education and Research, Novo Nordisk AS, Pfizer Inc., Sanofi SA, UltiMed Inc., Wockhardt Ltd., and Nipro Corp. |
Market dynamics |
Parent market analysis, Market forecasting, market growth and forecasting inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market growth analysis for forecast period |
Customization purview |
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