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NEW YORK , Aug. 8, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Insulin Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [Long Acting Insulin, Rapid Acting Insulin, Short Acting Insulin & Traditional Human Insulin, Concentrated Insulin & Combination Insulin, Biosimilar Insulin, Glucagon-like peptide-1 (GLP-1), Pen & Needle, and Others] and Geography", the global insulin market size is projected to grow from $54.61 Billion in 2021 to $111.21 Billion by 2028; it is expected to grow at a CAGR of 10.8% from 2022 to 2028.
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Insulin Market Report Scope & Strategic Insights:
No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Global Insulin Market: Competitive Landscape and Key Developments
Eli Lilly and Company; Novo Novardisk A/S; Biocon; Wockhardt; Adocia; GlaxoSmithKline plc; Sanofi; Pfizer; Merck & Co., Inc.; Tonghua Dongbao Pharmaceutical Co., Ltd.; and Bigfoot Biomedical, Inc. are the leading companies in the global insulin market. The market is anticipated to flourish with the development of new innovative products by market players.
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In January 2022 , Novo Nordisk launched a peptide in pill, known as oral semaglutide, for diabetes management. A GLP-1 receptor analog (GLP-1 RA), 1 of the drug classes to treat diabetes, was available only in the form of injections till now. The product is a co-formulation of GLP-1RA semaglutide with an absorption enhancer SNAC which protects semaglutide from undergoing degradation in the stomach like other peptides and enhances its absorption.
In April 2021 , Biocon Biologics Limited, a subsidiary of Biocon Ltd., announced that its subsidiary Biocon Sdn. Bhd. in Malaysia has been awarded a three-year contract, valued at US$ 90 million , for its recombinant human insulin brand Insugen, by the Ministry of Health, Malaysia .
The insulin market growth is driven by the increase in the incidence of diabetes and rapid technological developments in insulin delivery devices. However, the risks associated with insulin delivery devices are hindering the growth of the global insulin market. In 2021, the North American region held the largest market share. However, the Asia Pacific region is estimated to grow at the fastest CAGR of 12.7% during the forecast period
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North America held the largest market for insulin, with the US holding the largest share of the regional market, followed by Canada and Mexico . The US held the largest share in 2021 and is expected to follow a similar trend over the forecast period. Diabetes is increasing at an alarming rate in the US. According to the National Diabetes Statistics Report 2020, approximately 30.3 million people in the US have diabetes representing 94% of the total population. Among the diabetic population, nearly 5% of the population is diagnosed with type 1 diabetes, whereas 90-95% have type 2 diabetes. More than 30 million Americans with diabetes, approximately 7.4 million rely on insulin to manage their condition. Across the US, diabetes is the leading cause of blindness and end-stage renal diseases or renal failure among adults.
Nevertheless, the US is performing well in diabetes care and ranks fourth among the other 11 leading developed countries. Diabetes treatment is expensive in the US. According to the American Diabetes Association, the estimated cost of diagnosed diabetes in 2020 was approximately US$ 322 billion , including US$ 245 billion in direct medical costs and nearly US$ 69 billion for reduced productivity. Moreover, more than half of the expenditure is attributed to diabetes care. Thus, the cost factors are likely to create more growth opportunities for market players and propel the insulin market during the forecast period.
Increase in Incidence of Diabetes to Influence Insulin Market:
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body's incapacity to produce or effectively utilize the hormone insulin. This incapacity prevents the body from adequately regulating blood glucose levels. The incidence and prevalence of diabetes are rapidly increasing across the globe.
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Type 2 diabetes is the most prevalent form of diabetes and has grown alongside cultural and societal changes. In high-income countries, up to 91% of adults with the disease have type 2 diabetes. According to the International Diabetes Federation (IDF), approximately 537 million people were living with diabetes in 2021, and it is expected to reach 643 million by 2030 and 783 million by 2045 across the world.
Diabetes can lead to complications in many body parts and increase the risk of premature death. Primary complications include heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage. Patients who have diabetes require frequent monitoring and external administration of insulin. Thus, the rising prevalence of diabetes globally is driving the insulin market.
Global Insulin Market: Segmental Overview
Based on type, the global insulin market is segmented into long-acting insulin, short-acting insulin and traditional human insulin, biosimilar insulin, pen and needle, rapid-acting insulin, concentrated insulin and combination insulin, glucagon-like-peptide-1 (GLP-1), and others. In 2021, the long-acting insulin segment held the largest market share in 2021. However, the biosimilar insulin segment is expected to witness the highest growth during the forecast period.
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Insulin Delivery Devices Market to 2025 - Global Analysis and Forecasts By Product (Insulin Pens, Insulin Pumps, Insulin Syringes, Pen Needles, and Others), End User (Patients/Homecare and Hospitals & Clinics), and Geography
Insulin Pumps Market to 2025 - Global Analysis and Forecasts By Type, (Tethered Pumps, and Untethered Pumps); Product (Pumps, and Accessories); Application (Type I Diabetes and Type II Diabetes and Geography
Insulin Pens Market to 2027 - Global Analysis and Forecasts By Product Type (Disposable, Reusable and Smart Insulin Pen Caps); Application (Diabetes Type-1 and Diabetes Type-2); Distribution Channel (Hospital Pharmacies, Retail Pharmacies and e-Commerce) and Geography
Insulin API Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Regular Human Insulin, Insulin Analogue); Application (Fast-acting, Long-acting, Premix), and Geography
Diabetes Care Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)
Diabetes Monitoring Devices Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Blood Glucose Monitoring Devices, Insulin Delivery Devices); End-Users (Hospitals, Diagnostics, Home Settings) and Geography
Diabetes Devices And Drugs Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Devices (Continuous Blood Glucose Monitoring Devices, Test Strips, Self-monitoring Devices, Insulin Delivery Devices, Others); Drugs (Insulin, Oral Hypoglycaemic Agents, and Non-Insulin Injectable)
Needleless Injectors Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Liquid-Based, Projectile/Depot-Based, and Powder-Based); Product (Fillable, and Prefilled); Site of Delivery (Subcutaneous Injectors, Intramuscular Injectors, and Intradermal Injectors); Application (Vaccine Delivery, Insulin Delivery, Pain Management, and Others); End Use (Hospitals and Clinics, Home Care Settings, Research Laboratories, and Others), and Geography
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