Global Insulin Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Type, Distribution Channel, Delivery Devices, Diabetes Type & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2024 to 2029)

Updated On: January, 2024
ID: 12523
Pages: 190

Global Insulin Market Size (2023 to 2028)

The size of the global insulin market is forecasted to be growing at a CAGR of 8.23% from 2023 to 2028 and worth USD 86.90 billion by 2028 from USD 50.56 billion in 2023.

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. 

Impact of COVID-19 on 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.

MARKET DRIVERS:

Y-O-Y rise in the geriatric population and the need for insulin medication-related diseases, along with aggravated government investments and approvals in the field, are leading the global insulin market to grow.

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.

Y-O-Y growth in the incidence of diabetes to promote insulin market growth.

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. 

MARKET RESTRAINTS:

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.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

Segments Covered

By Type, Distribution Channel, Delivery Devices, Diabetes Type & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report on the global insulin market has been segmented and sub-segmented based on type, distribution channel, delivery devices, diabetes type & region.

Insulin Market – By Type:

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

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.

Insulin Market – By Diabetes Type:

  • Type 1 Diabetes
  • Type 2 Diabetes

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.

Insulin Market – By Distribution Channel:

  • Retail Pharmacies
  • Hospital Pharmacies
  • Online Pharmacies

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.

Insulin Market – By Delivery Device:

  • Syringes
  • Pens
  • Pen Needles

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.

Insulin Market – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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. 

TOP COMPANIES IN THIS MARKET:

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.

RECENT MARKET DEVELOPMENTS:

  • Sanofi and Abbott collaborated in September 2019 to integrate glucose sensing and insulin delivery technology, making it easier for patients with diabetes to control their disease.
  • In February 2021, Biocon Biologics became the first biosimilar insulin manufacturer to join the International Diabetes Federation (IDF) to promote and support the IDF's key mission project.
  • In April 2019, Eli Lilly and Company released a generic version of Humalog in the United States that is 50% less expensive than the brand-name version.

Please wait. . . . Your request is being processed

Frequently Asked Questions

What was the global insulin market value in 2022?

The global insulin market size was valued at USD 44.16 billion in 2022.

Which segment by diabetes type accounted for the major share of the insulin market in 2022?

Based on the diabetes type, the type 1 segment led the insulin market worldwide in 2022.

What is the expected value of European insulin market by 2028?

The insulin market in the European region is forecasted to grow to USD 86.90 billion by 2028. 

At what CAGR, the APAC insulin market is growing?

The Asia-Pacific region is expected to showcase the faster CAGR among all regions and showcase a 10.19% CAGR from 2023 to 2028.

Which are the significant players in the global insulin market?

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.

Related Reports

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: [email protected]

Click for Request Sample