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The Insulin Market size is estimated to grow at a CAGR of 1.77% between 2022 and 2027. The size of the market is forecast to increase by USD 1,662.41 million. The growth of the human insulin market depends on several factors, including the growing prevalence of diabetes, the increasing exposure to risk factors that lead to diabetes, the favorable government initiatives.
This insulin market research report extensively covers market segmentation by type (insulin analog and human insulin), distribution channel (retail pharmacies, hospitals, and online pharmacies), and geography (North America, Europe, Asia, and Rest of World). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing prevalence of diabetes is notably driving the human insulin market growth. Diabetes is a chronic disease that occurs when the body cannot use insulin effectively or when the pancreas does not produce enough insulin. Hyperglycemia, or high blood sugar, can cause serious damage or complications that can be life-threatening if left untreated. The frequency of the disease is increasing rapidly.
The number of diabetics worldwide is expected to double in the next 25 years. The prevalence of type 1 and type 2 diabetes significantly increases healthcare costs for patients and governments. Factors influencing the increase in the number of diabetics are obesity, smoking, a sedentary lifestyle, and increasing urbanization. In addition, the incidence of diabetes is higher in older age. Thus, the incidence of diabetes is likely to drive the growth of the market during the forecast period.
Advances in insulin delivery systems are an emerging trend in the human insulin market. The global insulin market is witnessing technological advancements in performance, quality, and technology of advanced insulin delivery devices. Earlier the methods used by insulin delivery devices were more invasive approaches or transdermal injections.
Recently, the non-invasive approach is gaining market traction and visibility. Several providers are designing and developing non-invasive approaches to insulin delivery to reduce pain caused by the injection/insulin pen and improve the lives of diabetics. A few such approaches include insulin inhalers, insulin infusion pumps, insulin patches, and others. Such advancements will boost market growth during the forecast period.
Stringent regulatory requirements for product approval are major challenges impeding market growth. Medical device regulations must be improved so that users can achieve high-quality, effective, and safe technology. The growing number and modernization of medical devices have led to new regulatory challenges. Market providers face several challenges to ensure patient safety and bring effective devices to market. Vendors offering insulin and insulin delivery devices must follow a strict regulatory framework before they can be placed on the market.
The US FDA has classified insulin and insulin delivery devices as Class II medical devices. Failure to comply with US FDA regulations or complications related to the use of insulin products would result in their removal. Product recalls have a major impact on a company's brand. Thus, suppliers who focus on implementing innovative technologies and designing new products must go through rigorous post-marketing approvals before launching them on the market. Therefore, strict regulation can hinder the growth of the global human insulin market during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Insulin Market Customer Landscape
Vendors 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 operates under one segment. The company under this segment 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 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The human insulin market share growth by the insulin analogs segment will be significant during the forecast period. Insulin 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 analogs segment was valued at USD 14,257.39 million in 2017 and continued to grow until 2021. Insulin analogs are much more commonly used and prescribed than human insulin. They also have a more predictable onset and peak time and effect profile, making it easier for people with diabetes, especially type 1 diabetes, to use and plan their meals. 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 of insulin analogs are anticipated to boost the growth of this insulin segment. Furthermore, key vendors are expanding their geographical presence by collaborating with local suppliers and distributors. Such partnerships are anticipated to augment the growth of the segment in the global market. Therefore these factors will drive the segment growth during the forecast period.
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North America is estimated to contribute 38% to the growth of the global human insulin 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 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 growth of the market 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 outbreak of the COVID-19 pandemic in 2020 severely impacted the insulin market in North America. However, the restrictions in North American countries were somewhat relaxed in 2021, which included the resumption of business activities. The lifting of lockdowns, followed by a rise in the number of rescheduled physician visits, is expected to boost the growth of the regional market. The relaxation of lockdown restrictions has also allowed people to go for their routine health check-ups and treatments, which is expected to drive the growth of the insulin market in North America during the forecast period.
The insulin market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Insulin Market Scope |
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Report Coverage |
Details |
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Page number |
154 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 1.77% |
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Market growth 2023-2027 |
USD 1,662.41 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
1.34 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 38% |
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Key countries |
US, UK, Germany, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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