Insulin market forecast in the US and Europe
According to this insulin market analysis, insulin market in the US and Europe will grow at a CAGR of more than 6% by 2020. The insulin market is witnessing several developments pertaining to product portfolio and delivery technologies, which has increased the life expectancy of individuals with diabetes. The demand for automated injection devices such as insulin pumps and pens are increasing at a high rate as they offer safe and easy drug delivery options. Vendors are also coming up with implantable insulin pumps that will release the exact amount of insulin in the body by detecting the blood glucose level. Such advancements in insulin delivery methodologies will boost the growth of the European and US insulin market size during the next few years.
Besides developing new insulin-based products, several pharmaceutical companies are coming up with drugs based on different therapeutic approaches to treat diabetes. For instance, Diabecel is a cell therapy-based product that secretes insulin on detecting the elevated glucose levels. Similarly, DV-100 is a diabetes vaccine that restricts the body's autoimmunity action against pancreatic islet cells and modulates the immune system. The recent increase in research activities for novel products will aid in the growth of the insulin market size in the US and Europe during the forecast period.
Segmentation by application and analysis of the insulin market in the US and Europe
- Type 1 diabetes
- Type 2 diabetes
Based on the insulin market analysis, Type 2 diabetes is the largest segment of the global insulin market in terms of application and occupied around 90% of the total insulin market share during 2015. Type 2 diabetes is a chronic metabolic condition caused by lifestyle and genetic factors. In such a condition, the absorption of glucose into cells is very low, which increases the blood glucose levels and progressively damages nerves and blood vessels, resulting in the starvation of the cells. Growing incidences of Type 2 diabetic condition will propel the demand for insulin over the next few years.
Geographical segmentation and analysis of the insulin market in the US and Europe
US insulin market share is about 77% of the insulin market and is expected to grow significantly until 2020 owing to the growing number of individuals with diabetes. Better accessibility to treatment therapies and the presence of favorable reimbursement programs will result in the high turnout of patients opting for diabetes treatment. This will, in turn, fuel the growth of the US insulin market size during the next few years.
Competitive landscape and key vendors
This insulin market is primarily dominated by the large multinational players who account for a major part of the total market share. According to this insulin market analysis, the vendors are undergoing strategic alliances to promote and manufacture their drug offerings and the insulin industry will witness the entry of new players during the forecast period owing to the patent expiries for existing drugs.
Key vendors in the market are
- Sanofi
- Novo Nordisk
- Eli Lilly
Other prominent vendors in the Europe and US insulin industry include Adocia, Biocon, Biodel, Biogenomics, Boehringer Ingelheim, Dance Biopharm, Diasome Pharmaceuticals, Exsulin, Generex, Lexicon Pharmaceuticals, Ligand Pharmaceuticals, MannKind, Macrogenics, Merck, Melior Pharmaceuticals, Metabolic Solutions Development Company, NGM Biopharmaceuticals, NuSirt Biopharma, Oramed Pharmaceuticals, PhaseBio Pharmaceuticals, Pfizer, Thermalin Diabetes, Tolerion, VeroScience, vTv Therapeutics, Wockhardt, and XOMA.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the insulin market in the US and Europe?
- What are the key market trends impacting the growth of the insulin market in the US and Europe?
- What are the challenges to market growth?
- Who are the key vendors in the insulin market in the US and Europe?
- What are the market opportunities and threats faced by the vendors in the insulin market in the US and Europe?
- Trending factors influencing the market shares of the US and Europe.
- What are the key outcomes of the five forces analysis of the insulin market in the US and Europe?
Technavio also offers customization on reports based on specific client requirement.
Related reports