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Add to CartGlobal Insulin Market Growth, Share, Size, Trends and Forecast (2024 - 2030)
By Product Type;
Rapid-Acting Insulin, Long-Acting Insulin, Combination Insulin, Biosimilar, and Others.By Type;
Human Insulin and Insulin Analog.By Application;
Type 1 Diabetes Mellitus and Type 2 Diabetes Mellitus.By Distribution Channel;
Hospitals, Retail Pharmacies, and Others.By Geography;
North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).Introduction
Global Insulin Market (USD Million), 2020 - 2030
In the year 2023, the Global Insulin Market was valued at USD 62,711.43 million. The size of this market is expected to increase to USD 90,021.31 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 5.3%.
The insulin market is experiencing growth driven by factors such as the rising prevalence of diabetes and ongoing advancements in insulin formulations. However, the market's expansion could be tempered by the increasing use of alternative treatments like GLP-1 receptor agonists (GLP-1 RAs) for managing type 2 diabetes. The insulin market remains an oligopoly, dominated by major players such as Novo Nordisk, Sanofi, and Eli Lilly. Diabetes has become one of the fastest-growing chronic diseases globally, with the World Health Organization (WHO) estimating that 537 million adults were living with diabetes in 2021, and one in ten of them experiencing complications related to the condition.
Formulation advancements in insulin therapy are also contributing to market growth. For example, Fiasp by Novo Nordisk is an insulin aspart formulation that includes niacinamide (Vitamin B3), which enhances the drug's initial absorption. Afrezza by MannKind is the only inhaled insulin product available, eliminating the need for traditional injections with needles and syringes. Additionally, Oramed Pharmaceuticals is currently developing an oral insulin capsule, which is in Phase 3 clinical trials, with plans to submit a Biologics License Application (BLA) by Q4 2023. If successful, this could offer patients a new, non-injectable option for managing diabetes.
The COVID-19 pandemic initially disrupted the insulin market, causing delays in the supply of pharmaceuticals and a decline in insulin prescriptions due to pandemic-related restrictions. However, the market began to recover in the latter half of 2021 as the impact of COVID-19 waned.
Despite the growth prospects, high insulin prices remain a significant challenge for the market. Leading insulin manufacturers like Eli Lilly, Novo Nordisk, and Sanofi hold patents on their products, with Sanofi filing 74 patent applications for its Admelog product to strengthen its market position. These major players dominate the global insulin market, accounting for more than 90% of market share, while biosimilar competition remains limited.
Global Insulin Market Recent Developments & Report Snapshot
Recent Developments
- September 2023: Novo Nordisk partnered with Aspen Pharmacare Holdings Limited and Aspen SA Operations (Pty) Ltd in South Africa to establish local production of human insulin in the country. This partnership aims to improve access to insulin and strengthen Novo Nordisk's presence in the African market.
- November 2022: The U.S. FDA approved Rezvoglar, the second interchangeable biosimilar of insulin glargine, providing more affordable treatment options for diabetes patients in the U.S. market.
- April 2022: Biocon was awarded a three-year contract by the Ministry of Health of Malaysia for the supply of Insugen, a recombinant human insulin. The contract, valued at USD 90 million, helped Biocon solidify its position in emerging markets such as Malaysia.
- February 2022: Biocon entered into a collaboration with Viatris Inc. to acquire Viatris's biosimilar business. This strategic move enhanced Biocon’s research, development, and manufacturing capabilities, positioning the company to expand its biosimilar offerings.
- November 2021: Biocon launched a comprehensive care program for type 1 diabetes patients in collaboration with the Research Society for the Study of Diabetes in India (RSSDI). This initiative helped Biocon strengthen its brand image and market presence in India.
- September 2021: Eli Lilly and Company reduced the price of its Lispro injection in the U.S., making it more affordable for patients and reducing out-of-pocket costs, thus improving accessibility for individuals with diabetes.
| Parameters | Description |
|---|---|
| Market | Global Insulin Market |
| Study Period | 2020 - 2030 |
| Base Year (for Insulin Market Size Estimates) | 2023 |
| Drivers |
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| Restraints |
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| Opportunities |
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Segment Analysis
The global insulin market is segmented by product type, including rapid-acting insulin, long-acting insulin, combination insulin, biosimilars, and others. Insulin products are further categorized into human insulin and insulin analogs. The market primarily serves patients with type 1 diabetes mellitus and type 2 diabetes mellitus. Distribution of insulin occurs through various channels, including hospitals, retail pharmacies, and other outlets. The increasing prevalence of diabetes, along with advancements in insulin formulations and the rising demand for more affordable biosimilar products, is driving the growth of this market across different regions globally.
Global Insulin Segment Analysis
In this report, the Global Insulin Market has been segmented by Product Type, Type, Application, Distribution Channel and Geography.
Global Insulin Market, Segmentation by Product Type
The Global Insulin Market has been segmented by Product Type into Rapid-Acting Insulin, Long-Acting Insulin, Combination Insulin, Biosimilar, and Others.
In 2021, the long-acting insulin segment accounted for a significant revenue share of 56.53%. This dominance is primarily driven by factors such as patent protection and the growing demand for insulin products with long-term effects. Major products in this segment include Toujeo, Levemir, Xultophy, Insulatard, and Lantus, all of which are widely used for managing diabetes. The long-acting nature of these insulin products helps patients maintain stable blood glucose levels over extended periods, contributing to their popularity and strong market presence.
The rapid-acting insulin segment focuses on providing faster absorption and more immediate action. Key products in this category include insulin aspart, insulin lispro, and insulin glulisine. Among these, Lispro emerged as the market leader, recording the highest sales in 2021. Rapid-acting insulins are often used around meal times to manage post-prandial blood sugar spikes, making them essential for certain diabetes patients who require more immediate control.
The upcoming patent expirations for major insulin products are expected to fuel growth in the biosimilar insulin market. As patents for leading insulins like Lantus expire, biosimilar alternatives are becoming more widely available. A notable example is the approval of Semglee, a biosimilar of insulin glargine, by the FDA in July 2021. Semglee was the first insulin biosimilar to be approved in the U.S. and was also recognized as an interchangeable biosimilar to Lantus, providing an affordable alternative and driving competition in the insulin market.
Global Insulin Market, Segmentation by Type
The Global Insulin Market has been segmented by Type into Human Insulin and Insulin Analog.
Global Insulin Market, Segmentation by Application
The Global Insulin Market has been segmented by Application into Type 1 Diabetes Mellitus and Type 2 Diabetes Mellitus.
Global Insulin Market, Segmentation by Distribution Channel
The Global Insulin Market has been segmented by Distribution Channel into Hospitals, Retail Pharmacies, and Others.
Global Insulin Market, Segmentation by Geography
In this report, the Global Insulin Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Insulin Market Share (%), by Geographical Region, 2023
In 2021, North America led the global insulin market in terms of revenue, primarily due to the dominance of branded products and the high prevalence of diabetes in the region. According to the CDC, approximately 37.3 million people in the United States were living with diabetes in 2020, with 28.7 million diagnosed and 8.5 million undiagnosed cases. Additionally, around 96 million adults aged 18 years and older were classified as having prediabetes. Key players such as Novo Nordisk, Eli Lilly, and Sanofi continue to hold a strong market presence in North America, driving the demand for insulin products.
The approval of insulin biosimilars, such as Semglee from Mylan/Biocon and Rezvoglar from Eli Lilly, by the U.S. FDA is expected to significantly impact the market. These biosimilars, which offer more affordable alternatives to branded insulins, are anticipated to drive down prices in the U.S. market and increase competition among manufacturers. As a result, this may improve patient access to insulin and further intensify market dynamics in the region.
In the Asia Pacific region, significant growth is anticipated during the forecast period, driven by factors such as a rapidly aging population, rising rates of diabetes, and the increasing number of collaborations focused on biosimilar development. The expansion of key insulin manufacturers into emerging markets, coupled with active participation from government and nonprofit organizations, is also expected to contribute to the market's growth. Moreover, ongoing health awareness campaigns and scientific conferences aimed at diabetes management will likely fuel market demand and foster further growth in the region.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Insulin Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers
- Increasing Prevalence of Diabetes
- Advancements in Insulin Formulations
- Expanding Access to Healthcare -
Expanding access to healthcare in emerging markets, particularly in countries like India and China, is playing a significant role in driving the growth of the global insulin market. As these countries experience improvements in their healthcare infrastructure, a larger segment of the population is gaining access to essential medical treatments, including insulin therapy for diabetes. This expansion is crucial in regions where diabetes prevalence is rising rapidly, but access to quality healthcare has historically been limited due to factors such as cost, geographic barriers, and inadequate medical facilities.
In India and China, the increasing availability of healthcare services, along with government initiatives aimed at improving healthcare accessibility, has resulted in more people being diagnosed and treated for diabetes. With millions of people in these countries living with both diagnosed and undiagnosed diabetes, insulin remains a critical part of diabetes management. Affordable insulin, facilitated by government healthcare programs and partnerships with pharmaceutical companies, is enabling a greater number of people to receive proper treatment and improve their quality of life.
The expansion of insulin access in emerging markets also presents opportunities for insulin manufacturers to tap into a large, underserved patient population. As more people in these regions are diagnosed and treated, the demand for insulin products is expected to grow significantly. Companies are increasingly focusing on the development of cost-effective insulin solutions, including biosimilars, to cater to these markets. This trend, combined with the rising awareness of diabetes and the importance of managing the condition, is set to continue driving the insulin market in emerging economies.
Restraints
- High Cost of Insulin
- Regulatory Hurdles and Approval Delays
- Lack of Health Reimbursement & Lower Diagnosis Rates to Restrict Growth in Emerging Countries -
Opportunites
- Biosimilars and Generic Insulin
- Oral and Inhaled Insulin Technologies
- Partnerships and Strategic Collaborations-
Competitive Landscape Analysis
Key players in Global Insulin Market include:
- Eli Lilly and Company
- Sanofi
- Novo Nordisk A/S
- Biocon
- Boehringer Ingelheim
- Tonghua Dongbao Pharmaceutical Co. Ltd
- Wockhardt
- Julphar
- United Laboratories International Holdings Limited
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Product Type
- Market Snapshot, By Type
- Market Snapshot, By Application
- Market Snapshot, By Distribution Channel
- Market Snapshot, By Region
- Global Insulin Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
- Increasing Prevalence of Diabetes
- Advancements in Insulin Formulations
- Expanding Access to Healthcare
- Restraints
- High Cost of Insulin
- Regulatory Hurdles and Approval Delays
- Lack of Health Reimbursement & Lower Diagnosis Rates to Restrict Growth in Emerging Countries
- Opportunities
- Biosimilars and Generic Insulin
- Oral and Inhaled Insulin Technologies
- Partnerships and Strategic Collaborations
- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Insulin Market, By Product Type, 2020 - 2030 (USD Million)
- Rapid-Acting Insulin
- Long-Acting Insulin
- Combination Insulin
- Biosimilar
- Others
- Global Insulin Market, By Type, 2020 - 2030 (USD Million)
- Human Insulin
- Insulin Analog
- Global Insulin Market, By Application, 2020 - 2030 (USD Million)
- Type 1 Diabetes Mellitus
- Type 2 Diabetes Mellitus.
- Global Insulin Market, By Distribution Channel, 2020 - 2030 (USD Million)
- Hospitals
- Retail Pharmacies
- Others
- Global Insulin Market, By Geography, 2020 - 2030 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Insulin Market, By Product Type, 2020 - 2030 (USD Million)
- Competitive Landscape
- Company Profiles
- Eli Lilly and Company
- Sanofi
- Novo Nordisk A/S
- Biocon
- Boehringer Ingelheim
- Tonghua Dongbao Pharmaceutical Co. Ltd
- Wockhardt
- Julphar
- United Laboratories International Holdings Limited
- Company Profiles
- Analyst Views
- Future Outlook of the Market