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Global Insulin Market is valued approximately USD 20.35 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 1.5% over the forecast period 2022-2028.
Market Overview
Insulin is a hormone produced by the pancreas that regulates the amount of glucose in the bloodstream at any given time. The insulin market is expanding as a result of factors such as rising diabetes prevalence and formulation developments. However, rising prescriptions for medications like GLP-1 RAs to treat type 2 diabetes may halt market growth. It’s an oligopolistic market dominated by Novo Nordisk A/S, Sanofi, and Eli Lilly and Company.
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Diabetes is one of the world’s fastest-growing chronic diseases. Its prevalence has progressively increased during the last few decades. According to the World Health Organization, diabetes will afflict 537 million adults globally in 2021, with one in ten experiencing other diabetes. Furthermore, geriatric and obese populations are predisposed to chronic diseases. According to the World Bank Group, the world old population was 727 million in 2020, and it is predicted to treble over the next three decades, reaching 1.5 billion in 2050. Another important component driving space increase is formulation advancements. Fiasp (Novo Nordisk) is a formulation of insulin aspart in a combination with niacinamide (Vitamin-B3), which helps boost the drug’s early absorption. Afrezza (Mannkind) is the market’s sole inhaled version, which eliminates the need for needles and syringes. In addition, Oramed Pharmaceuticals’ oral insulin capsule is in phase 3 clinical studies. The BLA is planned to be submitted by the end of Q4 2023. The successful launch of this product may provide patients with an alternative option. However, the high cost of insulin stifles market growth throughout the forecast period of 2022-2028.
The key regions considered for the Global Insulin Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the space in terms of revenue in 2021, owing to the dominance of branded products and the region’s increasing disease prevalence. According to the CDC, there will be roughly 37.3 million diabetics in the United States in 2020, including 28.7 million diagnosed and 8.5 million undiagnosed cases. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising geriatric and target populations, an increase in the number of collaborations for biosimilar development, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.
Major market players included in this report are:
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Product:
Rapid-Acting Insulin
Long-Acting Insulin
Combination Insulin
Biosimilar
Others
By Type:
Type 1 Diabetes Mellitus
Type 2 Diabetes Mellitus
By Application:
Human Insulin
Insulin Analog
By Distribution Channel:
Hospitals
Retail Pharmacies
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
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Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Content
Key Benefits of This Market Research:
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Updated : 2022-10-24 11:56 GMT+08:00
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