Europe Insulin Market

Europe Insulin Market Size (2022 to 2027)

The insulin market size in Europe is expected to rise at a CAGR of 7.4% from 2022 to 2027. As a result, the market size is anticipated to grow from USD 13.42 billion in 2022 to USD 19.18 billion by 2027.

The growing patient count who has diabetes across the European region is one of the major factors propelling the European insulin market growth. According to the data published by IDF Diabetes Atlas in 2021, an estimated 61 million adults are living with diabetes in the European region. In addition, most children and adolescents have type-1 diabetes in this region. Changes in lifestyle, such as increasing consumption of sugar-based foods, growing consumption of alcohol, genetic disorders, and reduced exercise, are the factors that majorly cause diabetes in many people. As a result, people with high glucose levels in the blood are using insulin to reduce or normalize the glucose levels in the blood, which is expected to drive the insulin market forward in the European region.

The growing investments to conduct R&D around people with diabetes is another major factor boosting the regional market growth. Clinical trials help improve the chance of reducing the risk of glucose levels in the patient by developing new combinations of insulin drugs. Several key players are showing interest in investing due to the increasing number of different types of diabetic diseases in all age groups. In addition, the growing number of new product launches is anticipated to support the insulin market growth in the European region. Key players focus on developing new products to deliver insulin into the body, reducing human errors and needle stick injuries.

However, the high costs associated with insulin are one of the major factors hampering European market growth. In addition, the unavailability and low insulin production are expected to limit Europe's insulin market’s growth rate. Furthermore, the lack of reimbursement policies, strict regulatory requirements, and low diagnosis rates inhibit the European insulin market growth.

This research report on the Europe insulin market has been segmented and sub-segmented into the following categories.

By Type:

• Analogue Insulin
  • Long-acting
  • Fast acting
  • Premix
• Traditional Human Insulin
  • Long-acting
  • Short-acting
  • Fast acting

By Diabetes Type:

• Type 1 Diabetes
• Type 2 Diabetes

By Distribution Channel:

• Retail Pharmacies
• Hospital Pharmacies
• Online Pharmacies

By Delivery Device:

• Syringes
• Pens
• Pen Needles

By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Europe held the second-largest worldwide market share in 2021 and is estimated to grow at a promising growth rate during the forecast period. The growth of the European insulin market is majorly attributed to the growing number of product approvals and rising insulin adoption by many diabetic patients. For instance, in 2022, Biocon Biologics Ltd. received a positive response from the European Medicines Agency's Committee for a biosimilar version of Actrapid (human insulin), which is used as ready-to-use insulin through intravenous infusion for diabetic people. Type-1 diabetic patients use insulin to level the glucose levels in the body to prevent a risky situation leading to demand for the market. In addition, increasing healthcare expenditure by the population in the European region also propels the market growth.

The German insulin market accounted for a considerable share of the European market in 2021. In Germany, an estimated 10% of the population suffer from chronic diabetic condition. According to a recent survey, one in three diabetic type-2 patients is receiving insulin in Germany. Therefore, the government has conducted several awareness programs on some occasional days like world diabetic day to explain the cause and treatment of diabetes and also explain the benefits of insulin intake for diabetic people to support market growth in this region.

The UK insulin is anticipated to grow at a healthy CAGR in the coming years owing to the increasing availability of insulin in offline and online stores. In the United Kingdom, insulin was supplied mainly by three pharmaceutical companies: Eli Lilly, Novo Nordisk, and Sanofi-Aventis. These companies provide insulin through injections, tablets, and gel. Among these, injections are the most preferred by diabetic patients. Therefore, all the hospitals and clinics have proper knowledge and information about insulin production, leading to a regular supply of insulin which helps diabetic people to avoid risky situations in the United Kingdom.

KEY MARKET PLAYERS:

Companies playing a leading role in the European insulin market are Novo Nordisk A/S, Eli Lilly and Company, Sanofi, Biocon, Tonghua Dongbao Pharmaceutical Co., Ltd., Adocia, Merck & Co., Inc., Pfizer, Inc., Wockhardt, Julphar., Bristol-Myers Squibb Company, and GlaxoSmithKline Plc.