Insulin Market to Exceed US$ 30 Bn by 2031; Global Burden of Diabetes and Complications Propelling Adoption of Therapies, Observes TMR Report
2022-06-20
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Expansion of insulin therapies for type 1 diabetes and type 2 diabetes for pediatrics and adult patient populations presents abundant lucrative opportunities
Drug makers witnessing sizable profit margins in premixed insulin analogs; launch of novel drugs to keep North America vastly lucrative
ALBANY, N.Y., June 20, 2022 /PRNewswire/ -- The market demand for insulin therapies for better glycemic control in patients with diabetes mellitus has risen continuously over the years on the back of prevalence of the diseases. Technological advancements in human insulin analogs have resulted in widening their uptake in intensive insulin regimens, thus expanding streams of revenue of insulin market. The global valuation is projected to exceed US$ 30 Bn by 2031, advancing at CAGR of 4.3% from 2022 to 2031 (the forecast period).
Pharmaceutical companies in the insulin market are likely to reap vast revenue gains from the relaxation in price-cap regulation on drugs including those used for insulin therapies. Nevertheless, number of generic drug manufacturers aiming to invest in biosimilars might hinder the revenue potential, observed the analysts of the TMR study on the insulin market. Furthermore, early uptake of insulin therapies in managing complications of diabetes is fueling insulin market expansion, notes the study.
Increase in safety and efficacy of intensive insulin therapies has spurred investments in expanding the related drug pipeline especially in North America insulin market. In particular, premixed insulin analogs have gained popularity in such intensive therapies notably for managing type 2 diabetes mellitus. R&D on premixed insulin analogs has bolstered clinical support of their use in various complications of diabetes, and thus will propel investments by players to capitalize on the largest opportunity for insulin in adults and children.
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Key Findings of Insulin Market Therapy
Launch of Safe and Efficacious Insulin Therapies for Diabetes Care Propelling Revenue Growth: Stakeholders in the insulin market are throwing their weight behind the growing clinical evidence on the safety and effectiveness of various human and modern insulin analogs in managing diabetes and the complications such as related to adverse cardiovascular events. Commercially available insulin preparations have been found to advance diabetes care with better glycemic control in diabetics, boosting the insulin market prospects. The growing trend of patient engagement in insulin therapies is favoring the growth dynamics of the insulin market. Undoubtedly, such approaches have helped physicians choose appropriate insulin regimens for their patients, thereby expanding the avenue for market players.
Drug Manufacturers Benefit from Better Pricing Strategies: Drug makers are hopeful about the positive effect of the relaxed pricing cap regulations, observed the analysts in an in-depth study on the insulin market. Gradually the players have been able to choose a pricing strategy that benefits not only their profitably but also the interest of the patient population. Such strategies will stridently extend the canvas for insulin manufacturers and developers in the next few years.
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Widespread Adoption of Premixed Insulin Analogs Generates Substantial Lucrative Business Opportunities: Companies have gained steady revenue streams from the rise in adoption of premixed insulin analogs—one of the key market segments in insulin. Especially in Asia Pacific, the demand is vast, noted the study in the global insulin market. The products can be customized to meet the individual needs of glycemic profiles of diabetics.
Insulin Market: Key Drivers
Per a finding in a study by International Diabetes Federation Diabetes, the prevalence of diabetes is projected to rise considerably between 2030 and 2045. Insulin therapies have been found to be especially effective in diabetes type-2 and its complications in managing the condition. Massive burden of the diseases has been propelling the evolution of the market.
Rise in complications of both type 1 and type 2 diabetes and gestational diabetes is expected to steer the market prospects of insulin market. A number of products are in current developments and research pipeline to meet the needs of the patient population, notably in older adults.
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Insulin Market: Competition Landscape
The insulin market is fairly consolidated in that the leading 10 players control majority of stakes, who are engaged in fierce competition among themselves to consolidate their shares. Some of the key players in the market include but not limited to B. Braun Melsungen AG, Biodel, Inc., Ypsomed AG, Becton, Dickinson and Company, Biocon Ltd., Julphar, Novo Nordisk A/S, Sanofi, Eli Lilly and Company, and Tonghua Dongbao.
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Insulin Market Segmentation
Mode of Action
Rapid-acting
Short-acting
Intermediate-acting
Premixed
Long-acting
Source
Modern Insulin
Human Insulin
Regions Covered
North America
Latin America
Europe
Latin America
Middle East & Africa
Countries Covered
U.S.
Canada
Germany
U.K.
France
Italy
Spain
China
India
Japan
Australia & New Zealand
Brazil
Mexico
GCC Countries
South Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Healthcare Industry Reports by Transparency Market Research:
Insulin Pumps Market: Mergers and acquisitions, alliances, and incorporation of advanced technologies are the other strategies employed by the key vendors in the global insulin pumps market.
Diabetes Devices Market: Increase in prevalence of diabetes, and increase in adoption of insulin pumps among type 1 diabetes patients are projected to drive the global diabetes devices market during the forecast period.
Diabetes Drugs Market: Growing geriatric population across the world is one of the major factor fuelling demand for diabetes drugs. Elderly population is highly susceptible to certain health conditions such as blood pressure and diabetes. This, in turn, is contributing to growth of the diabetes drugs market.
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