Global Statistics Representing Insulin Market Scenario
Increasing prevalence of type-2 diabetes is driving the growth of the market. According to American Diabetes Association, in 2014, the economic cost of diabetes globally was estimated to be USD 612 billion. In 2012, in the United States, the cost of diabetes was USD 245 billion.
According to the International Diabetes Federation (IDF), in 2015, approximately 415 million people were suffering from diabetes globally, with 90% of the cases of type 2 diabetes, which represents 8.3% of the adult population. According to WHO, rising incidences of diabetes is one of the important drivers for insulin market. In addition, research & development initiatives, technological advancements, and improved healthcare facilities are the key factors fueling the growth of the market.
Changing lifestyle and the adoption of fast food has resulted in the high prevalence of obesity is expected to fuel the industry demand on account of increasing prevalence of diabetic incidence.
Global insulin market was valued around 23,400 million in 2017 and is expected to grow with the CAGR of 5.9% in the forecast period.
The global insulin market is segmented by product type, delivery devices and application.
On the basis of product type, the market is segmented into short acting human insulin, intermediate acting human insulin, long acting human insulin, fast acting human insulin and premixed human insulin. The short acting human insulin is expected to leading segment during forecast period owing to its slow acting and adjustability with the human body
On the basis of drug delivery devices, the market is segmented into Syringes, Pens, Pens needles and Pumps. Syringe segment is expected to dominate during forecast period.
On the basis of application, the market is segmented into type II diabetes, type I diabetes, gestational diabetes and pre-diabetes. Type II diabetes is expected to hold the largest market share in the insulin market owing to increase in the prevalence of type II diabetes, across the globe.
Depending upon the geographical analysis, the global insulin market include major four regions such as North America, Europe, Asia Pacific (APAC), and Latin America, Middle East & Africa (LAMEA).
North America is expected to hold major market share due to high prevalence of genetic and chronic diseases such as diabetics. Furthermore, increasing obese population is leading cause of diabetes in the U.S. For instance, according to the Center for Diseases Control and Prevention (CDC), approximately 100 million U.S population has been suffering from Diabetes.
Europe is witnessing significant growth for global insulin market owing to increasing prevalence of diabetes diseases due to increasing environmental pollution and genetic disorders. For instance, according to the British Diabetic Association, in 2017, approximately, 3.1 million population had been suffering from diabetes. Apart from this, increasing government support to the diabetes patient is supporting the growth of the insulin market.
Asia Pacific is expected to be the fastest growing market due to government support to the diabetes care patient. Constructive government schemes such as Ayushman Bharat-National Health Protection Mission, Indradhanus will also contribute to the demand.
On the other hand, the Middle East & Africa holds the least share in the market due to the poor healthcare infrastructure, limited availability of funds, low spending power in Africa region. However, the region is expecting a sound growth due to many untapped opportunities in this region.
In 2018, Sanofi launched Admelog, it is first short-acting follow-on insulin products.
In 2018, Sanofi launched Toujeo, it is long-acting basal analog insulin that improves glycemic control in adults with type 1 and type 2 diabetes.
The some of the prominent players in the global insulin market include Eli Lilly, Novo Nordisk, Biocon, Sanofi Aventis, Wockhardt, Julphar, GSK and SemBioSys.
Global insulin market Segmentation
By product type
By Delivery system
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