November 20, 2022 05:07 ET | Source: The Brainy Insights The Brainy Insights
Newark, Nov. 20, 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 21.11 billion in 2022 Insulin market will reach USD 25 billion by 2030. The global diabetic population is around 500 million as of 2021. The World Health Organization reported the figures. Around 10% of the global diabetic population suffers from type 1 diabetes. The other 90% have type 2 diabetes. The world has witnessed a dramatic increase in type 2 diabetic cases. The increasing geriatric population will contribute to a further increase in the global diabetic population. Similarly, the increasing overweight population is increasing the risk of diabetes in these individuals. For instance, around 15% of adults are obese, and 40% are overweight. Furthermore, around one in every five children is overweight, exposing them to pre-diabetes. The high prices and inaccessibility of insulin in low- and middle-income countries risk the lives of hundreds of patients. Around 1.5 million die every year as a result of diabetes. Therefore, there is ample room for innovating affordable products and making them accessible to everyone in need. The unmet demands will also render revenue to the pharma giants, eventually contributing to the development of the global insulin market.
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Key Insight of the Insulin Market
The Asia Pacific is expected to grow the fastest during the forecast period.
The Asia Pacific market is anticipated to develop the fastest during the projected period. The market will rise due to the rising government spending on healthcare to build modern infrastructure. The development of the market will also be fueled by the growing knowledge of diabetes and its associated treatments in light of the combined efforts of the government and civic society to stop the rise in diabetic patients. Global players may expand their consumer bases in the region due to its large population and rising number of diabetic patients. The highly developed and well-established pharmaceutical industry, with its strong distribution network and supply chain resilience, will support the market’s growth.
The long-acting insulin segment will augment the Insulin market during the forecast period.
The product type segment is divided into rapid-acting insulin, combination insulin, long-acting insulin, biosimilar, and others. The long-acting insulin segment dominated the market with a revenue share of around 42% in 2022. It is expected to continue rising in the forecast period owing to its prolonged effectiveness throughout the day in regulating blood sugar levels.
The type 1 diabetes segment is expected to augment the Insulin market during the forecast period.
The application segment is divided into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment dominated the market with a market share of around 76% in 2022. Type 1 diabetes is insulin-dependent compared to type 2 diabetes.
The insulin analogue segment market size of USD 14.35 billion in 2022
The type segment is divided into human insulin and insulin analogue. The insulin analogue segment dominated the market with a market share of around 68% in 2022. The insulin analogue segment will gather a market revenue of 14.35 billion in 2022.
The retail pharmacies segment market size of USD 10.13 billion in 2022
The distribution channel is divided into hospitals, retail pharmacies, online pharmacies, and others. The retail pharmacies segment dominated the market with a market share of around 48% in 2022.
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Advancement in market
Biocon purchased the biosimilar portfolio of Viatris for USD 3.335 billion in February 2022. This acquisition enhanced Biocon’s revenue generation while strengthening its portfolio of biosimilar products.
Driver: The increasing diabetic population
Throughout the years, multiple clinical trials have identified several variables that may greatly increase a person’s risk of developing diabetes. Various lifestyle factors, including obesity, ageing, diet, environmental influences, genetic conditions, socioeconomic position, and others. One of the main causes of the body developing insulin resistance and diabetes is obesity or being overweight. Nearly 40% of the world’s population is now obese due to the rising popularity of unhealthy diets that include highly processed foods. As a result, the population of diabetics will probably grow as the number of obese or overweight people increases. The market will expand due to the rising number of diabetics.
Restraint: Unaffordable and inaccessible nature of the insulin
The insulin industry is oligopolistic. Pharmaceutical firms have the power to charge high retail prices. Another reason for high prices is that these drugs have undergone extensive study, development, and innovation, and the corporations involved must break even before their patents expire. Most consumers cannot acquire insulin due to high out-of-pocket expenses, endangering their health. As a result, the market’s expansion will be hampered by insulin’s high price.
Opportunities: Increasing research and development expenditure
Government healthcare spending has expanded to provide every citizen in need with inexpensive and accessible healthcare services. Research funding for better devices, medications, and formulations that improve the body’s absorption of insulin or just make it simpler for patients to inject insulin and monitor their blood glucose levels constantly is receiving more attention. Major industry participants have been prompted to spend money on research and development of better goods and formulations due to the rising prevalence of diabetes.
Challenge: lax government regulations
Drug firms can charge excessive rates without being held accountable or subject to oversight due to the loose regulatory framework and other political factors. Lack of healthcare infrastructure exposes diabetes patients to pharma corporations’ exploitation with their high retail prices in developing and underdeveloped economies. The poor state of the public healthcare system, shoddy infrastructure, limited regulation, and supply limits will all hinder market expansion.
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Some of the major players operating in the insulin market are:
• Biocon Ltd
• Boehringer Ingelheim International GmbH
• Boston Scientific Corporation
• Eli Lily and Company
• Nova Nordisk
• Tonghua Dongbao Pharmaceuticals Co. Ltd.
• United Laboratories International Holdings Limited
Key Segments cover in the market:
By Product Type
• Rapid-Acting Insulin
• Combination Insulin
• Long-Acting Insulin
• Type 1 Diabetes
• Type 2 Diabetes
• Human Insulin
• Insulin Analogue
By Distribution Channel
• Retail Pharmacies
• Online Pharmacies
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.