Insulin Market Size to Reach USD 30 Bn by 2031 Due to Increase in Incidence of Diabetes | Exclusive Study by TMR

Wilmington, Delaware, United States, March 29, 2023 (GLOBE NEWSWIRE) — According to Transparency Market Research, the global insulin market was worth USD 18.5 Bn in 2021. The market is predicted to reach USD 30 Bn by 2031, rising at a CAGR of 4.3% from 2022 to 2031.

A growing number of people with diabetes, increased exposure to the main diabetes risk factors, increasing demand for insulin analogs, technological advancements in the industry of insulin delivery equipment, and favorable medical reimbursements are all expected to contribute to the growth of the insulin market during the forecast period.

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Market Snapshot:

During the forecast period of 2022 to 2031, it is expected that factors such as a rise in the number of diabetic patient pool, increasing obesity rates among elderly people, greater understanding of the benefits of insulin, as well as government initiatives that will enhance healthcare will propel the growth of the insulin market.

Another significant aspect influencing the expansion of space is developments in the formulation. For example, Fiasp (Novo Nordisk) is a mixture of niacinamide (Vitamin-B3) and insulin aspart that can enhance the drug’s early absorption. The only inhaled medication on the market that doesn’t require syringes or needles is Afrezza (Mannkind). Phase 3 clinical studies are also being conducted for the oral insulin capsule made by Oramed Pharmaceuticals. By Q4 2023, the business intends to submit the BLA. The successful introduction of this product may provide patients with another choice. During the anticipated period, these advancements are anticipated to provide new possibilities in the worldwide insulin market.

Key Findings of the Market Report

• The global insulin market is expected to garner a 4.3% CAGR from 2021 to 2031.
• By mode of action, premixed insulin administration to increase in forthcoming years
• Simultaneously, long-acting insulin is expected to garner a significant market share from 2022 to 2031

Global Insulin Market Trends

• In 2021, the long-acting insulin market generated a sizeable portion of total revenue. The segment is anticipated to be driven by elements like patent protection and strong demand owing to long-term effects.
• Among the top items in this market area are Toujeo, Xultophy, Insulatard, Levemir, and Lantus. In contrast, insulin with a rapid onset of action promotes quicker absorption.
• Lispro, Aspart, and glulisine are important products in this market. Lispro stood out among them, having the largest sales in 2021.

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Global Insulin Market: Regional Landscape

• In terms of revenue, North America led the market in 2021, mostly because of the dominance of branded goods and the region’s rising illness prevalence. In 2020, the CDC estimated that 37.3 million Americans had diabetes, of whom 28.7 million had been diagnosed and 8.5 million had not.
• Additionally, 96 million adults age 18 and older possess prediabetes. Eli Lilly and Company, Novo Nordisk A/S, and Sanofi are a few of the main companies that are actively active in this area.
• Asia Pacific is predicted to experience significant growth throughout the forecast period due to factors like growing geriatric and target populations, an increase in partnerships for the research and development of biosimilars, the geographical expansion of key players, and active involvement of the government and nonprofits sectors in the market space.

Global Insulin Market: Key Players

• Shanghai Fosun Pharmaceuticals Co. Ltd.
• Tonghua Dongbao
• Eli Lily and Company
• Sanofi
• Novo Nordisk A/S
• Julphar
• Biocon Ltd
• Becton, Dickinson, and Company
• Ypsomed AG
• Biodel, Inc
• B. Braun Melsungen AG
• Other prominent players

Some developments by the key players are as follows:

• Biocon announced in February 2022 that it purchased the biosimilar portfolio of Viatris for US$ 3.335 billion. The direct commercialization approach for BBL’s portfolio of present and prospective biosimilars is expedited by this deal. To ensure continuity of client service and a seamless transition to BBL, Viatris will provide commercial as well as additional transition services over an anticipated two-year timeframe.
• The U.S. Food and Drug Administration (FDA) authorized an expanded label for Lyumjev®, which is an insulin lispro-AABC injection of 100 units/mL, as well as a fast-acting insulin from the leading company, Eli Lilly and Company, in 2021. It is intended to help patients dealing with type 1 diabetes as well as type 2 diabetes better control their blood sugar levels.

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Global Insulin Market Segmentation

By Mode of Action

• Rapid-Acting
• Short-Acting
• Intermediate-Acting
• Premixed
• Long-acting

By Source

• Modern Insulin
• Human Insulin

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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