The global insulin market size was evaluated to be $ xx billion in 2016. It is supposed to grow at a compound annual growth rate of xx% during the forecast period, reaching a value of $ xx billion by the year 2025. Key global markets for insulin are significantly moving forward owing to several significant patent protection by brands, continuously updated medical reimbursement guidelines for treatment by the government, and an extensively well-established distribution network.
Insulin is a hormone secreted by the pancreatic beta cells, which helps control the metabolism of carbohydrates, fats, and proteins. It is responsible for the conversion of glucose from the consumed food into energy, or store glucose for further use. It keeps the blood sugar level from getting too low or too high. The global insulin market is experiencing a rapid growth because it is used to treat Type 1 and Type 2 diabetes. Very common in today’s world, diabetes is a disease in which the body is unable to produce or respond to the insulin hormone, which results in abnormal levels of glucose in the blood. Synthetic insulin was developed for this purpose in the 1960s and 1970s, and it first got approved for pharmaceutical use in 1982. It has the same characteristic as natural insulin. It is of four types: rapid-acting, short-acting, intermediate-acting, and long-acting, depending on the time it takes for the drug to activate in the body and the duration for which it stays effective. There are three ways in which insulin can be administered to a patient. Syringe is the most commonly used device, which is made of plastic and is disposable. Insulin pen is a popular alternative to the syringe. It consists of a cartridge (containing the drug) and a needle, which are easily replaceable. It has a mechanical pump, which can be monitored to release insulin in the body. Lastly, insulin pumps are used by patients who require short-acting insulin throughout the day. The global insulin market is responsible for manufacturing both the drug and the devices used to deliver the drug.
The major factor boosting the growth of the insulin market size is an increasing number of cases of diabetes arising due to a rise in the geriatric population, and popularization of unhealthy lifestyle and eating habits, which leads to obesity. Diabetes is a major public health threat for the world. The insulin industry has significant potential for growth in values because of increased investment in the research and development of more effective insulin. It is very important for controlling diabetes as it is a progressive condition, which may get worse with time. However, the approval procedure for insulin is very strict. The high cost of insulin analog also inhibits the growth of the insulin market size.
North America has the largest share in the global insulin market, and it will continue the same trend during the forecast period. It is closely followed by Europe. However, the Asia Pacific region is the fastest growing market for insulin. In a study done in 2012, it was found that around 60% of the Asian population has diabetes. China is expected to have the highest prevalence rate of diabetes, followed by India. Some of the key players in the insulin manufacturing industry are Novo Nordisk (Denmark), Sanofi S.A. (France, Eli Lilly & Company (US), Wockhardt Ltd. (India) and Bioton S.A (Poland).