Global demand for insulin market was valued at approximately USD 30.3 billion in 2018 and is expected to generate revenue of around USD 59.3 billion by end of 2025, growing at a CAGR of around 9.5% between 2019 and 2025.
The report covers forecast and analysis for the insulin market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the insulin market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the insulin market on a global level.
As per the report, the global demand for insulin market was valued at approximately USD 30.3 billion in 2018 and is expected to generate revenue of around USD 59.3 billion by end of 2025, growing at a CAGR of around 9.5% between 2019 and 2025.
Insulin is a type of hormone which is generally made by human body. When human body is incapable to produce this hormone, a person then suffers from diabetes. So insulin is a drug which is administrated to the patient suffering from diabetes. Global demand for insulin market is anticipated to be driven by increase in awareness about the benefits of insulin for diabetes patients in developing and underdeveloped countries. The growing incidences of diabetes in population, rapid development in insulin delivery systems, drug and analog development by major companies, and rise in geriatric as well as obese population are some of the factors which are fueling the growth of the insulin market.
Based on product type market is segmented into intermediate acting insulin, short acting insulin, rapid acting insulin, and long acting insulin. Short acting drugs generally include Novolin R and Humulin R. Insulin Lispro, Insulin Aspart, and Insulin Glulisine are some of the examples of rapid acting insulin. Long acting insulin includes insulin detemir, insulin degludec, and insulin glargine. NPH (Humulin N, Humulin N) are included in intermediate acting insulin.
On the basis of source, the market is segmented into human recombinant insulin and insulin analogs. Human recombinant insulin is anticipated to show higher growth in the forecast period owing to its benefits and rapid actions as compared to insulin analogs. Also the growing awareness about the human recombinant insulin in developing countries is driving the growth of the segment.
Based on administration, market is segmented into pumps and injections. Insulin is a drug which cannot be taken through oral route as the enzymes present in stomach will break down the insulin which prevents the action of insulin. Therefore pumps and injections are preferred to administer insulin in patient.
On the basis of application, insulin market is fragmented into insulin for type II diabetes and insulin for type I diabetes. Insulin for type I diabetes dominated the application segment of insulin market owing to the high prevalence rate of type I diabetes. Also, a type I diabetes patient has to take insulin therapy for his whole lifetime; this also fuels the growth of the segment.
North America dominated global insulin market and accounted for the highest market share in 2018. North America region is projected to lead the market over the forecast period owing to the presence of major consumer base in the U.S., growing cases of diabetes, rapid development in the ways to administer insulin, and presence of major players. Asia Pacific is expected to show a higher growth rate as compared to other regions. The rapid prevalence of diabetes in the population, presence of large geriatric population, growing awareness about the benefits of insulin, and technological advancement are some of the factors which are driving the market for insulin in Asia Pacific.
Some of the key players in insulin market include Sanofi, Takeda Pharmaceuticals, Novo Nordisk, Bristol-Myers Squibb, Novartis, Eli Lilly, Oramed Pharmaceuticals, Dongbao Enterprise Group Co., Ltd., and Biocon.
Global Insulin Market: Product Type Segment Analysis
Global Insulin Market: Source Segment Analysis
Global Insulin Market: Administration Segment Analysis
Global Insulin Market: Application Segment Analysis
Global Insulin Market: Regional Segment Analysis