Insulin Market

Market Overview

The Total Addressable Market (TAM) for Insulin was valued at USD 19.94 billion in 2022. It is projected to reach USD 22.20 billion by 2031, growing at a CAGR of 1.2% during the forecast period (2023–2031).

Insulin regulates how much glucose is present in a person’s bloodstream at any particular time. Additionally, it aids in storing glucose in the muscles, fat, and liver. Finally, it controls how proteins, lipids, and carbs are metabolized by the body. If the body is unable to generate any insulin or not enough insulin, type 1 diabetes will eventually be identified. On the other side, a person has type 2 diabetes if their body doesn't utilize insulin correctly. Insulin therapy is essential to make up for the lack of insulin the body produces. Diabetes is one of the chronic diseases with the fastest global growth rates. In recent decades, its prevalence has steadily risen. As per the International Diabetes Federation (IDF), around 537 million adults (20-79 years) have diabetes. The number is projected to rise to 783 million by 2045.

The number of diabetic patients worldwide is rising due to changes in lifestyle, increased rates of obesity and geriatric populations, and a lack of adequate healthcare services. Favorable governmental regulations and technological breakthroughs like the development of insulin pens have also contributed to the expansion of this market. Additionally, rising R&D spending on drug development and manufacturing, as well as rising diabetes awareness, are fueling the market's expansion.

Market Dynamics

Global Insulin Market Drivers

The Rising Prevalence of Diabetes

The increasing worldwide prevalence of diabetes is the key factor driving insulin demand. A rise in the obese and geriatric population has increased the cases of diabetes worldwide. Changing lifestyles, increased alcohol consumption, rising stress levels, and consumption of unhealthy food all contribute to the rising diabetes cases. Compared to high-income countries, prevalence has been increasing more quickly in low- and middle-income nations. Diabetes is a significant contributor to kidney disease, heart attacks, strokes, blindness, and lower limb amputation.

Technological Advancements

The production of insulin delivery devices has seen investments from a variety of industrial players as a result of technological advancements in the field. Research and development spending in the insulin market is increasing year over year as scientists work to develop the best drug molecule for patient use, reduce side effects to the absolute minimum, and boost efficiency. As a result, the global demand for insulin is projected to rise significantly, which might propel the market for insulin treatments.

Global Insulin Market Restraint

High Costs

The cost of insulin has increased inexplicably at a rate far higher than the rate of inflation. Because of the global rise in the prevalence of diabetes, it is projected that there will be an increase in the need for insulin. Over the past 20 years, major manufacturers have raised prices by more than 600%. The most popular types of analog insulin are ten times more expensive in the U.S. than in any other developed nation. There have been numerous recent stories of type 1 diabetes patients dying due to a lack of accessible insulin. This is a critical issue that should be resolved immediately because of the enormous prevalence of diabetes, the chronic, lifelong nature of the condition, and the reality that people with type 1 diabetes would die if they do not have access to insulin.

Segmental Analysis

The global insulin market is segmented by product type, delivery devices, and application.

By Product Type Analysis

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.

Short-acting human insulin is the leading segment owing to its slow-acting and adjustability with the human body. Short-acting insulin typically enters the bloodstream within 30 minutes of injection, peaks in two to three hours, and remains active for three to six hours.

By Drug Delivery Devices Analysis

On the basis of drug delivery devices, the market is segmented into Syringes, Pens, Pens, needles, and Pumps.

The syringe segment is expected to dominate during the forecast period. The syringe is the most commonly used and most affordable insulin delivery device.

By Application Analysis

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 an increase in the prevalence of type II diabetes across the globe. Type II diabetes reduces the body's ability to control and utilize sugar as fuel. This chronic disorder causes the bloodstream to circulate with an excessive amount of sugar. Over time, cardiovascular, neurological, and immune system disorders might result from excessive blood sugar levels.

Regional Analysis

Depending upon the geographical analysis, the global insulin market includes four major regions, namely, North America, Europe, Asia Pacific (APAC), and Latin America, Middle East & Africa (LAMEA).

North America dominates the market because of the high prevalence of diabetes in the region brought on by a sedentary lifestyle and the introduction of new medications. Due to variables like the high prevalence of obesity and growing public awareness of the need for diabetes care in the area, the United States is predicted to experience a remarkable growth during the projection period. For instance, according to the Center for Disease Control and Prevention (CDC), approximately 100 million U.S. population suffer from Diabetes. Additionally, a large percentage of people in younger generations are being treated for diabetes and unstable blood sugar levels. Over the projected period, the rise in young diabetics is anticipated to fuel market expansion. Another significant element supporting the growth of the U.S. market for human insulin is technological developments and advancements in the formulation. As a result of the aforementioned variables, it is projected that the market under study will expand during the course of the investigation.

Europe is witnessing significant growth in the global insulin market owing to the increasing prevalence of diabetes diseases due to increasing environmental pollution and genetic disorders. Throughout recent years, diabetes prevalence has increased alarmingly in the European continent. Obesity, a poor diet, and lack of exercise are the main causes of the rise in newly diagnosed Type 1 and Type 2 diabetes cases. Diabetes prevalence and healthcare costs are rising quickly, which is a sign that insulin use is rising as well. For instance, according to the British Diabetic Association, there are over 4 million people living with diabetes in the U.K. at present. This represents 6% of the U.K. population. 1 in every 16 people has diabetes. Apart from this, increasing government support for diabetes patients is supporting the growth of the insulin market in the region. Germany is the largest market shareholder in the region and is anticipated to maintain its market dominance in the insulin market over the forecast period. The increase is brought on by the high incidence of diabetes in the nation’s population.

Asia Pacific is expected to be the fastest-growing market due to government support for diabetes patients care. Over the past few decades, diabetes patients have surged significantly in Asian countries. More than 70% of people with diabetes worldwide live in developing countries. The Asia-Pacific region is anticipated to experience significant development as a result of an aging population and the rising prevalence of diabetes, which is primarily brought on by elevated stress levels, sedentary lifestyles, smoking, and excessive alcohol consumption, which raises blood sugar levels. The region's major producers of anti-diabetic drugs also contributed to market expansion. The sector is, however, severely constrained by the rising cost of insulin. Constructive government schemes such as Ayushman Bharat-National Health Protection Mission and Indradhanus are expected to 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, and low spending power in Africa. However, the region is expecting sound growth due to many untapped opportunities in this region. In the Middle East and Africa, one in ten adults has diabetes on average. The International Diabetes Federation Atlas estimates that 19.3% of people in the UAE between the ages of 20 and 79 have diabetes, and similar percentages may be seen in Saudi Arabia, Qatar, Kuwait, and Bahrain. Rising urbanization, changing lifestyles, bad eating patterns, rising middle-class populations, rising per capita incomes, healthcare expenditures, and modern healthcare infrastructure facilities propel market expansion in this area.

Recent Developments

• February 2022- Ahmedabad-based chronic therapy-focused drug firm Eris Lifesciences (Eris) is foraying into an oligopolistic insulin market with its insulin brand.
• July 2021- Eli Lilly entered into a pharma acquisition deal with biotechnology company, Protomer Technologies, to advance treatment for type 1 diabetes. The acquisition gives Lilly access to Protomer’s engineering platform, which is used to identify and synthesize molecules that can sense glucose or other endogenous modulators of protein activity for the potential development of next-generation protein therapeutics.
• April 2022- Biocon Biologics Limited (BBL) announced that its subsidiary in Malaysia had been given a three-year contract, valued at USD 90 million, for its recombinant insulin brand Insugen by the Ministry of Health, Malaysia.