Global Insulin Market Size to Reach USD 36.24 Billion in 2028
The global insulin market size is expected to reach USD 26.80 billion in 2028 at a CAGR of 4.2% during the forecast period, according to the latest report by Reports and Data. Increasing prevalence of diabetes and obesity across the globe, rising dependency on insulin therapy, and rapid technological advancements in insulin delivery devices are some key factors expected to drive demand for insulin and fuel market revenue growth over the forecast period. In addition, development of newer injectable formulations of insulin, growing popularity of insulin pumps and pens, and increasing collaborations among key companies to develop insulin analogs are other major factors expected to contribute to revenue growth of the market going ahead.
Insulin is a peptide hormone comprising 51 amino acids and is secreted by islets of Langerhans of pancreas. Insulin facilitates normal uptake of glucose in blood by binding to the receptors on plasma membranes of the cells to regulate blood glucose levels. Insulin is categorized into three types including short-acting, intermediate-acting, and long-acting insulin depending on its duration of the action. Insulin is often administrated through subcutaneous, intravenous, and intramuscular routes and is widely used in hospitals to manage hyperglycemia. Insulin is the most effective treatment of diabetes and increasing employment of insulin therapy to treat diabetes is another key factor expected to drive market growth over the forecast period. Advancements in recombinant DNA technologies have enabled the development of analogs to human insulin to boost effectiveness of insulin to regulate blood glucose levels without causing adverse effects.
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Increasing research activities to develop insulin analogs and optimize insulin therapy is expected to continue to drive market growth. Insulin plays a crucial role in regulation of metabolism, and over the recent past, extensive research activities have been carried out to understand its role in various physiological processes. However, adverse effects of insulin therapy and increasing incidence of insulin resistance are expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights from the Report:
- Basal or long-acting insulin segment is expected to account for a significantly large revenue share over the forecast period, attributable to increasing use of basal analogs to treat diabetes, for improving glycemic control in patients with problematic hypoglycemia, and can be easily used in different insulin regimens.
- Type 1 diabetes segment is expected to register significant revenue growth over the forecast period, attributable to increasing incidence of type 1 diabetes, rising adoption of insulin injections for better management of type 1 diabetes, and availability of various insulin regimens and strategies.
- Pens segment revenue is expected to expand at a rapid revenue CAGR over the forecast period, attributable to increasing adoption of insulin pens for self-management of diabetes, advancements in insulin pens and introduction of smart insulin pens, and availability of cost-effective disposable and reusable insulin pens.
- Clinics segment is expected to account for a considerable revenue share in the global market over the forecast period, attributable to increasing number of diabetes clinics across the globe, presence of skilled professionals and nurses, and availability of advanced facilities at affordable prices.
- North America is expected to dominate other regional market in terms of revenue share over the forecast period, attributable to high prevalence of diabetes and obesity due to unhealthy lifestyles and genetic conditions, increasing R&D activities to develop better treatment approaches for diabetes management, and presence of key players in the region.
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Insulin Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
- Novo Nordisk A/S
- Eli Lily and Company
- Pfizer, Inc.
- Oramed Pharmaceuticals, Inc.
- Bristol-Myers Squibb Company
- Merck & Co., Inc.
- GlaxoSmithKline Plc.
Insulin Market Segmentation:
Product Type Outlook:
- Basal or Long-Acting Insulin
- Bolus or Fast-Acting Insulin
- Traditional Human Insulin
- Combination Insulin
- Biosimilar Insulin
- Type 1 Diabetes
- Type 2 Diabetes
- Gestational Diabetes
Delivery Devices Outlook:
- Home healthcare
- Over the counter (OTC)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Insulin market over the forecast period?
- What are the major factors driving the growth of the Global Insulin Market?
- What are the key challenges impacting the global Insulin market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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