Insulin Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, UK, Germany, China, Japan - Size and Forecast 2024-2028

Insulin Market Size 2024-2028

The insulin market size is forecast to increase by USD 1.3 billion at a CAGR of 1.38% between 2023 and 2028.

• The market is witnessing significant growth due to the increasing prevalence of Type 1 and Type 2 diabetes. Advancements in insulin delivery systems, such as insulin pumps, insulin pens, and advanced drug delivery systems, are driving market growth. Digital diabetes management solutions, including infusion pumps, diabetes management devices, and blood glucose monitoring devices, are gaining popularity due to their convenience and accuracy. Strict regulatory requirements for product approval ensure the safety and efficacy of insulin products. Additionally, the introduction of biosimilars is expected to increase competition and affordability In the market. Overall, medical technologies, including insulin syringes and infusion therapy devices, continue to evolve to meet the needs of patients with diabetes.

What will be the Size of the Insulin Market During the Forecast Period?

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• The market encompasses the production and distribution of insulin products used to manage both Type 1 and Type 2 diabetes. Insulin is essential for individuals with Type 1 diabetes, whose immune system attacks and destroys the pancreas' insulin-producing cells. For those with Type 2 diabetes, insulin is often required when oral diabetic medications are insufficient to maintain healthy blood glucose levels. The global diabetic population is projected to reach epidemic proportions, with a significant increase in developing countries and the Caribbean. Complications from diabetes include diabetic ketoacidosis, kidney damage, blindness, nerve damage, limb loss, sexual function issues, heart attack, and stroke.
• Synthetic insulin, available in various forms such as regular, long-acting, and rapid-acting, is a critical component of diabetes care. Insulin delivery methods include insulin pens, pens needles, syringes, and biosimilars. Factors influencing the market growth include the rising diabetic population, the increasing prevalence of Type 2 diabetes, research gaps, and the growing demand for personalized insulin therapies. Cost factors, sedentary lifestyles, and access to insurance coverage in both developed and developing countries also impact market dynamics.

How is this Insulin Industry segmented and which is the largest segment?

The industry 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.

• Type
  • Insulin analog
  • Human insulin
• Distribution Channel
  • Retail pharmacies
  • Hospitals
  • Online pharmacies
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

By Type Insights

• The insulin analog segment is estimated to witness significant growth during the forecast period. Insulin analogs are synthetic insulin forms with modified structures, leading to altered absorption rates. These modifications offer more predictable onset, peak time, and effect profiles, making insulin analogs more popular and prescribed than human insulin. Type 1 diabetes patients particularly benefit from insulin analogs due to their reduced risk of hypoglycemia and nocturnal hypoglycemia. Insulin analogs, including Lantus, Humulin, Novolin, Humalog, and their generic competitors, are available in various forms such as rapid-acting, long-acting, and combination insulins. Insulin therapy, including insulin injections via pens, needles, or syringes, plays a crucial role in managing both type 1 and type 2 diabetes.

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The analog segment was valued at USD 14.38 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• 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 trends and drivers that shape the market during the forecast period.

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The market In the US is driven by the increasing prevalence of both Type 1 and Type 2 diabetes, as well as the rising number of overweight and obese individuals. In 2023, healthcare expenditure on diabetes In the US reached over USD 412.9 billion, with an anticipated increase of 16% by 2040. People with diabetes face significantly higher healthcare costs, which can be 2-3 times greater than those without diabetes. The elevated risk of cardiovascular disease and related complications, such as kidney damage, blindness, nerve damage, limb loss, sexual function issues, heart attack, and stroke, increases insulin usage.

Market Dynamics

Our researchers analyzed the data with 2023 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.

What are the key market drivers leading to the rise In the adoption of the Insulin Industry?

• The growing prevalence of diabetes is the key driver of the market. Diabetes, a chronic condition characterized by insulin deficiency or impaired insulin function, affects millions of adults worldwide. According to International Diabetes Federation (IDF) statistics, approximately 537 million adults aged 20-79 years lived with diabetes in 2023. This number is projected to reach 643 million by 2030 and 783 million by 2045. Among these, around 240 million adults were undiagnosed. Complications of diabetes, including kidney damage, blindness, nerve damage, limb loss, sexual function issues, heart attack, and stroke, can be life-threatening if left untreated. The disease's prevalence is increasing due to factors like sedentary lifestyles, genetic predisposition, and the epidemiologic transition in developing countries.
• The market caters to both Type 1 and Type 2 diabetes mellitus. Insulin injections are a common treatment for managing blood glucose levels. Insulin therapy includes various types, such as rapid-acting, long-acting, and combination insulins. Brands like Regular Insulin, Lantus, Humulin, Novolin, Humalog, Basaglar, Insulin Glargine, Biocon Insulin Tregopil, and others offer different advantages based on their half-life and side effects. Cost factors and adherence to treatment plans are essential considerations in insulin therapy. Oral diabetic medications and insulin therapy are often used in combination. Personalized insulin therapies and biosimilar insulins are emerging trends In the market. The elderly and diabetic populations are significant consumer groups.

What are the market trends shaping the Insulin Industry?

• Advances in insulin delivery systems is the upcoming market trend. The market is experiencing significant advancements in insulin delivery technology, with a shift towards non-invasive approaches. Traditional methods involved more invasive insulin injections or transdermal applications. However, non-invasive insulin delivery methods, such as insulin inhalers, are gaining popularity due to their convenience and reduced pain. For instance, Exubera is a rapid-acting human insulin inhaler that enables patients to inhale insulin through the mouth. This approach is particularly beneficial for individuals with Type 1 and Type 2 diabetes, as well as those experiencing complications like diabetic ketoacidosis. The prevalence of diabetes, driven by epidemiologic transition and sedentary lifestyles, is increasing in both developed and developing countries, including the Caribbean.
• This rising diabetic population necessitates continuous research to address the gap in knowledge of the disease and its complications, such as kidney damage, blindness, nerve damage, limb loss, sexual function issues, heart attacks, and strokes. Synthetic insulins like Regular insulin, Lantus, Humulin, Novolin, Humalog, and their generic competitors are commonly used. Insulin therapy involves the use of insulin pens, pen needles, and syringes while rapid-acting insulin and long-acting insulin are administered through different methods. Personalized insulin therapies and biosimilar insulins are also gaining importance, especially In the elderly population. Despite the benefits, cost factors and side effects, including adherence and oral drug delivery challenges, remain significant considerations.

What challenges does the Insulin Industry face during its growth?

• Stringent regulatory requirements for product approval is a key challenge affecting the industry growth. The market dynamics are shaped by the increasing prevalence of Type 1 and Type 2 diabetes globally. According to epidemiologic transition, the diabetic population in developing countries, including the Caribbean, is on the rise. Type 1 diabetes mellitus is an autoimmune disease where the immune system attacks insulin-producing beta cells, leading to insulin deficiency and high blood sugar levels. Type 2 diabetes mellitus, on the other hand, is characterized by insulin resistance and insulin deficiency. Complications of both types include kidney damage, blindness, nerve damage, limb loss, sexual function issues, heart attack, and stroke. Insulin therapy, which involves insulin injections, is a crucial treatment for managing blood glucose levels.
• Market companies offer various types of insulin, including synthetic insulin and human insulin, with differences in half-life, onset of action, and peak effect. Regular insulin, long-acting insulin, and combination insulin are popular types. Insulin therapy adherence is crucial to prevent complications, but side effects and cost factors can impact patient compliance. Oral diabetic medications and a sedentary lifestyle are alternatives to insulin therapy, but they may not be suitable for all patients. Market companies offer insulin pens, pen needles, insulin syringes, rapid-acting insulin, and long-acting insulin to cater to diverse patient needs. Biosimilar insulins, which are cost-effective alternatives to branded insulins, have gained popularity in recent years.

Exclusive Customer Landscape

The 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 market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report 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.
• 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 industry 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.

Research Analyst Overview

Insulin, a vital hormone for regulating blood glucose levels In the human body, plays a significant role in managing both Type 1 and Type 2 diabetes mellitus. The immune system, when dysfunctional, can lead to complications in diabetes, including Type 1 diabetes, which is characterized by an absolute insulin deficiency. The global diabetic population continues to grow, driven by various factors such as the epidemiologic transition, sedentary lifestyles, and the increasing prevalence of obesity. The International Diabetes Federation reports that the number of people living with diabetes reached 463 million in 2019, with developing countries accounting for an increasing proportion of this population.

However, despite the availability of various insulin types and delivery systems, adherence to insulIn therapy remains a challenge. Factors influencing adherence include cost, convenience, and side effects. For instance, insulin injections, whether short-acting or long-acting, can cause discomfort and anxiety, leading to non-adherence. Insulin therapy is a crucial component of diabetes management, with various types catering to different patient needs. Fast-acting insulins, such as regular insulin, are administered before meals to cover postprandial glucose spikes. Long-acting insulins, such as Lantus, Humulin, and Novolin, provide basal insulin coverage throughout the day and night. Combination insulins offer both short- and long-acting insulin in a single injection.

In addition, the market is diverse, with various players offering a range of insulin types and delivery systems. Synthetic insulins, such as insulin glargine and insulin detemir, have longer half-lives, reducing the frequency of injections. Biosimilar insulins, which are highly similar to original insulins, offer cost advantages and increased accessibility, particularly in developing countries. Insulin therapy is not without complications. Hypoglycemia, a common side effect, can lead to various complications, including seizures, unconsciousness, and even death. Hyperglycemia, on the other hand, can result in complications such as kidney damage, blindness, nerve damage, limb loss, sexual dysfunction, heart attack, and stroke. In countries with universal healthcare systems, insulin is often covered by public insurance.

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What are the Key Data Covered in this Insulin Market Research and Growth Report?

• CAGR of the Insulin industry during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the insulin market growth of industry companies

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