Insulin Market Size and Growth Rate:
“The Global Insulin Market is expected to reach US$ 39.52 Bn by 2025 owing to prevalence of diabetes, increasing R&D, product approvals, and launches”.
Insulin Market Growth Drivers and Restraints:
The global insulin market is expected to reach US$ 39.52 Bn by 2025. The global insulin market is driven by increasing prevalence of diabetes worldwide. For instance, according to WHO of 2016, 425 million people suffered from diabetes in 2017 and 1.6 million deaths were directly caused by diabetes. Diabetes is a disease in which blood glucose, or blood sugar, levels are too high. If the disease is left untreated it can cause serious complications on later stages such as cardiovascular diseases, chronic kidney diseases, stroke, eye damage, and foot ulcers. On a global scale, diabetes particularly hits the middle-aged people between 40 to 59 years of age which causes serious economic and social implications. Furthermore, diabetes affects especially low and middle income countries, as 77% of all people with diabetes worldwide live in those countries. Moreover, increasing government’s initiatives and growing research and development to come up with newer products are streaming the growth of global insulin market. On the flip side high cost of the products and stringent regulatory approvals blocks the growth of global insulin market.
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Type 2 Diabetes Dominate the Global Insulin Market
Based on the diabetes type, global insulin market is segmented into type 1 and type 2 diabetes. Type 2 diabetes dominates the global insulin market owing to its increasing prevalence over type-1 diabetes. For instance, in 2017, 90% of the diabetes cases were of type 2 diabetes. Type 2 diabetes occurs with insulin resistance, in which cells fail to respond to insulin properly. It is also known as “adult-onset diabetes”. The most common cause of type 2 diabetes is excessive body weight and insufficient exercise.
North America Leads the Global Insulin Market
PBI’s global insulin market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis, North America dominated the global insulin market through 2014-2018 and expected to dominate over 2019-2025 owing to high prevalence rate of diabetes in the North American population. According to Centers for Disease Control and Prevention (CDC) 30 million people or 9.4 % of the USA population is suffering from diabetes, among that 23.1 million people are diagnosed and 7.2 million are undiagnosed. Additionally, 33.9 % of adult USA populations have prediabetes. Moreover, presence of major market players and high disposable incomes are surging the growth of insulin market in North America region. Europe insulin market accounted for a significant share in global insulin market due to its increase in its prevalence among the European population. According to the IDF statistics, every seven seconds someone is estimated to die from diabetes or its complications, with 50% of those deaths (4 million in total per year) occurring under the age of 60 years. Moreover, development in healthcare infrastructure, and increase in disposable income in countries such as UK, Germany etc. are also streaming the market growth in Europe region. Asia Pacific insulin market expected to grow significantly rate due to their emerging economies, development of healthcare infrastructure, and technological advancements. Moreover increasing prevalence of diabetes in APAC region is the key driving factor for the growth of insulin market. For instance, in 2017, approximately 80 million people suffered from diabetes. According to WHO almost 10% all the adult population in China suffers from diabetes and 72.946.400 cases of diabetes were reported in India in 2017.
Launch of newer products, and strategic alliances are the key strategies adopted by market players
Global insulin market further reveals that the key player’s increasingly adopting strategies such as FDA approvals, launch of newer products, collaborations, and acquisitions to improve market revenue share and gaining significant geographic presence across the region.
For instance, in July 2017, Merck & Co, Inc. got US FDA’s approval for its product “Lusduna Nexvue” which is biological basal insulin to treat diabetes.
Furthermore, in January 2017, Sanofi launched a product named “Soliqua 100/33” in USA which is an insulin glargine for the treatment of type-2 diabetes in Adult population.
Key player’s profiles in the report are Eli Lilly and Co. (USA), Merck & Co, Inc. (USA), Novo Nordisk A/S (Denmark), Sanofi (France), GlaxoSmithKline Plc. (UK). Biocon Ltd. (India), and Wockhardt Ltd. (India).
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Detailed Segmentation of Insulin Market:
By Product Type
• Ultra-short acting insulin
• Short-acting insulin
• Intermediate-acting insulin
• Long-acting insulin
• Premixed insulin
By Diabetes Type
• Type 1 diabetes
• Type 2 diabetes
By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
o North America
o Latin America
o Middle East and Africa (MEA)
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