Insulin Market Estimated At USD 23.20 Billion By 2030

 San Francisco, 21 Sep 2022: The Report Insulin Market Size, Share & Trends Analysis By Product Type (Rapid-Acting Insulin, Long-Acting Insulin, Combination Insulin, Biosimilar), By Application, By Type (Type 1, Type 2), By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030

The global insulin market is expected to reach USD 23.20 billion by 2030, expanding at a CAGR of 1.5% during the forecast period, according to a new report by Grand View Research, Inc. It is an oligopolistic space dominated by companies such as Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. The increasing incidence of diabetes and formulation advancements in insulin delivery are the primary factors driving growth. However, the presence of biosimilars and drugs such as GLP-1 RAs for the treatment of type 2 diabetes can slow down market growth to a certain extent.

Diabetes is one of the fastest-growing chronic diseases in the world. Its prevalence has increased steadily over the past few decades. The prevalence of the disease is growing rapidly in low- and middle-income countries; three in four adults live with diabetes in these countries. According to the International Diabetes Federation (IDF) data from 2021, approximately 643 million individuals will have diabetes by 2030 and 783 million by 2045. In addition, the increase in geriatric and obese populations is another factor driving growth. The overweight population is at risk of developing type 2 diabetes mellitus. According to WHO, in 2020, 1.9 billion adults were found to be overweight, accounting for 39% of the population within that age group.

Formulation advancements in insulin delivery systems are being developed, the release of which is likely to propel the market over the forecast period. In December 2019, Tandem Diabetes Care’s Control-IQ, an interoperable device, received FDA authorization for marketing in the U.S. It is an automated insulin dosing algorithm that can be used with other interoperable devices.

The top three manufacturing companies, Eli Lilly and Company, Novo Nordisk A/S, and Sanofi, hold a monopoly. These companies hold more than 90% of the market share. Owing to the oligopolistic nature of the market and patent protection, the cost of insulin is high. Hence, the high cost of products could impede industry growth.

The COVID-19 pandemic caused a detrimental impact on the industry. Individuals with chronic illnesses, such as diabetes, have experienced substantial disruptions in emergency and routine medical care. According to an NCBI article, out of ~30 million diabetic patients in America, about 7.5 million are dependent on insulin. Insulin rationing or hoarding has already been a rampant issue, which increased further amid the pandemic due to supply concerns. However, in several countries, the effect of COVID-19 declined to post the third quarter of 2020, which helped the market regain traction.

Access Research Report of Insulin Market @ https://www.grandviewresearch.com/industry-analysis/insulin-market-report

Insulin Market Report Highlights

• The long-acting insulin segment contributed a significant revenue share of 56.53% in 2021. Factors such as patent protection and high demand due to long-term effects are expected to drive the segment
• Type 1 diabetes mellitus is the largest segment by application in 2021 due to the high insulin dependency of these patients
• Insulin analog segment dominated in 2021. It is due to the higher efficacy of insulin and minimal adverse effects, such as hypoglycemic attacks and lower weight gain, as compared to conventional therapy
• The retail pharmacy segment dominated the distribution channel in 2021 due to the presence of retail pharmacy chains and tie-ups of these chains with hospitals
• North America dominated the market in terms of revenue in 2021, mainly due to the dominance of branded products and the increasing prevalence of diabetes in the region

List of Key Players of Insulin Market

• Novo Nordisk A/S
• Eli Lilly and Company
• Sanofi
• Biocon Ltd
• Wockhardt
• Boehringer Ingelheim International GmbH
• Julphar
• United Laboratories International Holdings Limited
• Tonghua Dongbao Pharmaceutical Co. Ltd.

Access Press Release of Insulin Market @ https://www.grandviewresearch.com/press-release/global-insulin-market-analysis