Insulin Industry Overview

 

The global insulin market size was estimated at USD 20.35 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 1.5% from 2022 to 2030.

 

The insulin market is witnessing growth due to factors such as the increasing incidence of diabetes and formulation advancements. However, the increasing prescription of drugs such as GLP-1 RAs to treat type 2 diabetes can slow down market growth. It is an oligopolistic space dominated by companies like Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. Diabetes is one of the fastest-growing chronic diseases in the world. Its prevalence has increased steadily over the past few decades. The World Health Organization estimates that 537 million adults worldwide affected by diabetes in 2021, and one in ten experienced other diabetes.

 

Gather more insights about the market drivers, restrains and growth of the Insulin Market

 

In addition, geriatric and obese populations are more susceptible to chronic diseases. According to the World Bank Group, in 2020, the global elderly population was around 727 million, which is expected to double over the next three decades, reaching approximately 1.5 billion in 2050.

 

Formulation advancements are another crucial factor driving space growth. For instance, Fiasp (Novo Nordisk) is a formulation of insulin aspart in a combination of niacinamide (Vitamin-B3), which can improve the initial absorption of the drug. Afrezza (Mannkind) is the only inhaled form available in the market, which eliminates the need for needles & syringes.Moreover, Oramed Pharmaceuticals' oral insulin capsule is undergoing phase 3 clinical trials. The company is expected to submit the BLA by Q4 2023. The successful launch of this product can provide an alternative option to patients.

 

The market saw a setback due to the COVID-19 pandemic. Amid the pandemic, slowdown and disruption in the supply of pharmaceuticals were observed due to the strategies designed to control the spread of SARS-CoV-2. In addition, hospitals have reported a decrease in the number of insulin prescriptions. However, in several countries, the effect of COVID-19 declined to post the second quarter of 2021, which helped the market regain traction.

 

The high cost of insulin could impede the market growth. Leading players such as Eli Lilly and Company, Novo Nordisk A/S, and Sanofi have patent protection for products. For instance, Sanofi filed 74 patent applications for Admelog to strengthen its position. These companies hold more than 90% of the global market. As a result, biosimilar players are negligible in this space.

 

Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

 

 

Insulin Market Segmentation

 

Grand View Research has segmented the global Insulin market based on product type, application, type, distribution channel, and regions:

 

Insulin Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Rapid-Acting Insulin
  • Long-Acting Insulin
  • Combination Insulin
  • Biosimilar
  • Others

 

Insulin Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Human Insulin
  • Insulin Analog

 

Insulin Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Type 1 Diabetes Mellitus
  • Type 2 Diabetes Mellitus

 

Insulin Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals
  • Retail Pharmacies
  • Others

 

Insulin Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE

 

Key Companies profiled:

  • Novo Nordisk A/S
  • Eli Lilly and Company
  • Sanofi
  • Biocon Ltd
  • Wockhardt
  • Boehringer Ingelheim International GmbH
  • Julphar
  • United Laboratories International Holdings Limited
  • Tonghua Dongbao Pharmaceutical Co. Ltd.

 

 

Order a free sample PDF of the Insulin Market Intelligence Study, published by Grand View Research.