The size of the global insulin market is forecasted to be growing at a CAGR of 8.23% from 2024 to 2029 and worth USD 81.91 billion by 2029 from USD 55.15 billion in 2024.
Insulin is an anabolic hormone produced by the pancreatic islets in the human body. The hormone regulates the body's metabolism by clustering the smaller molecules in the body to make bigger molecules of proteins, carbohydrates, and fats. The hormone also manages the amount of blood sugar produced in the body; therefore, the hormone is essential to maintaining proper balance.
The pancreas's beta cells are responsible for producing this hormone. The body experiences diabetes when this balance created by insulin is lost. There are two types of diabetes in people type 1 and type 2 diabetes. In type 1 diabetes, the pancreas stops secreting insulin, so it has to be externally administered, and in type 2 diabetes, where the body's cells are no longer sensitive to the insulin produced. Therefore, the insulin market revolves around the treatment of diabetes and the research and development in the field of insulin.
Additionally, many essential market layers worldwide are investing in creating new technologies such as pen needles and safety needles, which reduce the risk of infection or injury during the diagnosis of diabetes or the administration of medication. On the other hand, the rising awareness about blood-borne diseases and the preference for insulin medication over biosimilars are predicted to boost the insulin market. Similarly, the R&D activities in the field are providing lucrative growth opportunities for the market players.
The cases of diabetes are on the rise worldwide due to sedentary lifestyles, high levels of stress, and unhealthy diet choices among individuals. According to WHO statistics, about 422 million people worldwide have diabetes, with most patients in low-income countries. There are about 1.5 million deaths every year due to diabetes. In 2019, around 9 million people were diagnosed with type 1 diabetes, most of whom were from high-income countries. On the other hand, type 2 diabetes dominates the world, with around 95% of people diagnosed with type 2 diabetes. This excessive rise in diabetes cases worldwide is expected to lead the market towards advancement.
However, the high costs associated with the manufacturing of drugs, the strict rules of approvals for clinical trials and research, and difficulty in approvals by government authorities are expected to restrain the growth of the global insulin market.
The pandemic has affected various businesses around the world in multiple ways. The healthcare sector was one of the most severely affected sectors. The pandemic raised the need for immediate care of the patients diagnosed with the virus and thus pushed back all the other medical procedures. The diabetes sector of the healthcare department was not any different. The lack of proper manufacturing and supply of insulin leads to many patients being unable to acquire their medication dosage. The scarcity of medication for non-communicable diseases like diabetes was a problem even before the pandemic. During the pandemic, strict regulations and home confinement made it even more of a problem.
The patients with diabetes were encouraged to use blood glucose testing devices from home to diagnose and monitor their blood sugar levels and avoid contact with healthcare professionals to enable remote patient service. These were the effects the pandemic had on the insulin market. However, fast-growing normalizing activities are expected to boost the growth rate of the insulin market soon, and the market is predicted to register a healthy growth rate during the forecast period.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
Segments Covered |
By Type, Distribution Channel, Delivery Devices, Diabetes Type & Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market leaders profiled |
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. |
The human insulin segment is anticipated to dominate the global insulin market due to the increased benefits analog insulin offers over traditional human insulin. Analog insulin has seen a rise in demand during the past five years. The new availability of generic insulin is also expected to promote the expansion of the human insulin market.
Due to a lower acceptance rate for the pharmacological class, the traditional human insulin segment is predicted to increase at a slower CAGR than analog insulin. Even though there are now numerous varieties of conventional human insulin, this market trend results from analog insulin's higher efficacy and response rate.
Based on the diabetes type, the Type 1 diabetes segment is predicted to have the fastest CAGR during the forecast period. This dominance is mainly caused by the rise in type 1 diabetes diagnoses. The International Diabetes Federation estimates that each year in Europe, 28,000 children under the age of 19 are given a type 1 diabetes diagnosis. In addition, this market sector is expected to be driven by increased access to insulin for type 1 diabetes in developed nations.
Due to the numerous additional treatment options available for type 2 diabetic patients, the type 2 diabetes category is anticipated to develop at a slower CAGR than type 1 diabetes.
The retail pharmacy is anticipated to register a significant share of the global insulin market during the forecast period. The increased availability of insulin in the retail market is one of the major factors boosting the segment's growth. However, the recent trend of using an online pharmacy for insulin is growing significantly, and the segment is anticipated to showcase a lucrative CAGR during the forecast period. This rise is primarily due to the reductions the online pharmacy provides compared to the pricey insulin on the market.
Due to the product commercialization of novel Insulin pens and significant medical reimbursements granted for insulin pens across markets, the pens segment is expected to grow faster throughout the forecast period.
The North American insulin market accounted for the largest share of the global market in 2021 and is anticipated to dominate the market during the forecast period. Factors such as the substantial presence of the major insulin makers, fierce competition among the businesses, and the rising prevalence of type 1 diabetes are fuelling the regional market growth. Additionally, the recent increase in insulin prices in the United States has allowed the North American industry to capture a sizable piece of the global market. Further, the top competitors in the U.S. have consistently improved their insulin products, allowing the businesses to gain a significant market share in the North American human insulin market.
The APAC insulin market is projected to grow at the fastest CAGR during the forecast period. This is owing to a greater insulin consumption rate brought on by the increased prevalence of diabetes in countries like China, India, South Korea, Japan, and others. Furthermore, in the upcoming years, the market is anticipated to be driven by rising disposable incomes in Asia Pacific's developing nations, including China, India, and others, as well as a more excellent supply of generic insulin in the area.
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 are a few of the dominating companies in the global insulin market profiled in this report.
By Type
By Diabetes Type
By Distribution Channel
By Delivery Device
By Region
Frequently Asked Questions
The global insulin market size was valued at USD 50.96 billion in 2023.
Based on the diabetes type, the type 1 segment led the insulin market worldwide in 2023.
The Asia-Pacific region is expected to showcase the faster CAGR among all regions and showcase a 10.19% CAGR from 2024 to 2029.
Companies playing a key role in the global 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.
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