Global Insulin Market Report
Insulin Market: Insulin is an anabolic hormone secreted by β-cells of pancreatic islets. Insulin helps in the metabolism of carbohydrates, proteins, and fats by absorbing the glucose and converts to glycogen by glycogenesis and stores in the skeletal muscles. Deficiency of insulin leads to the hyperglycemia or diabetes mellitus. Insulin is commonly used in type-1 diabetes, however, rarely used in the type 2 diabetes. The β-cells of the pancreas are destroyed due to the autoimmune reaction and causes insulin deficiency which leads to type-1 diabetes. In type 2 diabetes, the body becomes more resistant to insulin and requires more insulin for the carbohydrate metabolism.
Increase in the prevalence of diabetes, technological advancements in the insulin administration devices such as pen devices, change in the lifestyle leads to early onset of diabetes, the rise in the incidence of obesity, and favourable reimbursement policies expected to boost the insulin market over the forecast period. Moreover, product approval for insulin biosimilars in January 2016 by FDA for the Basaglar biosimilar in U.S, increase the awareness about the insulin usage, ease of administration, availability of the wider products, an upsurge in the demand for insulin analogues are anticipated propel the market over the forecast period. However, stringent regulatory policies for product approval, a high cost of the insulin, and manufacturing complexities might hamper the growth of insulin market over the forecast timeframe.
Global insulin market is segmented on the product type, diabetes type, and end user
Based on the product type, insulin market is segmented into the following:
- Ultra-short acting insulin
- Short-acting insulin
- Intermediate-acting insulin
- Long-acting insulin
- Premixed insulin
Based on the diabetes type, insulin market is segmented into the following:
- Type 1 diabetes
- Type 2 diabetes
Based on the end user, insulin market is segmented into the following:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global insulin market is in the developed stage with several players operating in the market. Increase in the prevalence of diabetes and obesity, increase in the R&D activities for the development of insulin such as oral insulin and insulin patches is anticipated to propel the insulin market in the forthcoming years. Acquisitions & mergers, collaborations, product approval and launchings, and patent filings for the devices are some key strategies followed by the companies. For instance, in February 2016, Eli Lilly and Co. acquired Glycostasis, Inc. for the development of insulin. In addition, in August 2016, Emperra has launched Bluetooth enabled the insulin-delivering device in Germany.
Geographically, the insulin market is segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America anticipated to healthy growth rate owing to increase in the prevalence of diabetes in the U.S. (According to American Diabetes Association, the prevalence of diabetes in 2015 is 30.3 Mn or 9.4% in U.S.), a rise in the healthcare expenditure, and technological advancements in insulin administration. Europe holds a key share in the market, which is attributed to increasing in the prevalence of diabetes majorly in Germany, Russia, and U.K (according to Diabetes UK 2016, about 3.6 Mn people are suffering from diabetes in the U.K. region), rise in the obese population due to change in lifestyle, increased R&D activities, and surge in demand for minimally invasive administration might propel the revenue growth of insulin market over the forecast years. Asia Pacific exhibiting significant growth owing to increase in diabetes population majorly in India and China (according to the International Diabetes Federation, in 2015, China around 96.2 million diabetic patients and India 66.8 million patients are suffering from diabetes.), rise in healthcare expenditure, and adoption of insulin in Asia Pacific region expected to bolster the insulin market.
Some of the players in Insulin market are Eli Lilly and Co. (U.S.), Merck & Co, Inc. (U.S.), Novo Nordisk A/S (Denmark), Sanofi (France), GlaxoSmithKline Plc. (U.K.). Biocon Ltd. (India), and Wockhardt Ltd. (India) to name a few.
- In July 2017, Merck & Co. Inc. has received tentative approval from FDA for Lusduna Nexvue (insulin glargine) a biologic basal insulin to treat diabetes
- In May 2017, Novo Nordisk A/S launched Xultophy 100/3.6 (insulin degludec/liraglutide) for type 2 diabetes patient
- In January 2017, Sanofi launched Soliqua 100/33 (insulin glargine/lixisenatide) in the U.S. for the treatment of type 2 diabetes in adults
- The report provides granular level information about the market size, regional market share, and forecast from 2017-2023
- The report covers in-detail insights about the competitor’s overview, key findings, and their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
- The report tracks recent innovations, key developments, and startup’s details that are working in the industry
- The report provides plethora of information about market entry strategies, regulatory framework, and reimbursement scenario