Global Insulin Market:
Increase in the prevalence of diabetes, technological advancements in the insulin administration devices such as pen devices, change in the lifestyle leads to early onset of diabetes, the rise in the incidence of obesity, and favourable reimbursement policies expected to boost the insulin market over the forecast period. Moreover, product approval for insulin biosimilars in January 2016 by FDA for Basaglar biosimilar in U.S, increase in the awareness about the insulin usage, ease of administration, availability of the wider products, and upsurge in the demand for insulin analogues are anticipated propel the market over the forecast period. However, stringent regulatory policies for product approval, high cost of the insulin, and manufacturing complexities might hamper the growth of insulin market over the forecast timeframe.
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Global insulin market is segmented on the product type, diabetes type, and end user
Based on the product type, insulin market is segmented into the following:
- Ultra-short acting insulin
- Short acting insulin
- Intermediate acting insulin
- Long acting insulin
- Premixed insulin
Based on the diabetes type, insulin market is segmented into the following:
- Type 1 diabetes
- Type 2 diabetes
Based on the end user, insulin market is segmented into the following:
- Hospital Pharmacies
- Retail Pharmaices
- Online Pharmacies
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Global insulin market is in the developed stage with several players operating in the market. Increase in the prevalence of diabetes and obesity, increase in the R&D activities for the development of insulin such as oral insulin and insulin patches is anticipated to propel the insulin market in the forthcoming years. Acquisitions & mergers, collaborations, product approval and launchings, and patent fillings for the devices are some key strategies followed by the companies. For instance, in February 2016, Eli Lilly and Co. acquired Glycostasis, Inc. for the development of insulin. In addition, in August 2016, Emperra has launched blutooth enabled insulin delivering device in Germany.
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Geographically, the insulin market is segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America anticipated to healthy growth rate owing to increase in the prevalence of diabetes in the U.S. (According to American Diabetes Association, the prevalence of diabetes in 2015 is 30.3 Mn or 9.4% in U.S.), rise in the healthcare expenditure, and technological advancements in insulin administration. Europe holds a key share in the market, which is attributed to increase in the prevalence of diabetes majorly in Germany, Russia, and U.K (according to Diabetes UK 2016, about 3.6 Mn people are suffering from diabetes in the U.K. region), rise in the obese population due to change in life style, increased R&D activities, and surge in demand for minimally invasive administration might propel the revenue growth of insulin market over the forecast years. Asia Pacific exhibiting significant growth owing to increase in diabetes population majorly in India and China (according to the International Diabetes Federation, in 2015, China around 96.2 million diabetic patients and India 66.8 million patients are suffering from diabetes.), rise in healthcare expenditure, and adoption of insulin in Asia Pacific region expected to bolster the insulin market.
Some of the players in Insulin market are Eli Lilly and Co. (U.S.), Merck & Co, Inc. (U.S.), Novo Nordisk A/S (Denmark), Sanofi (France), GlaxoSmithKline Plc. (U.K.). Biocon Ltd. (India), and Wockhardt Ltd. (India) to name a few.
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