The global insulin market is expected to reach USD 42 billion by 2020, growing at a CAGR of XX%. Insulin is a peptide hormone secreted by the beta cells in the pancreas. Insulin maintains the metabolism of carbohydrates and fats by enhancing storage of fat instead of usage for energy. Insulin is externally administered to patients suffering from diabetes mellitus, which is a metabolic disorder where the body is unable to maintain its blood glucose level.
Global Insulin Market- Market Dynamics
According to WHO, 1.5 million deaths in 2012 and 89 million DALYs were directly due to diabetes. WHO also estimated the global prevalence of diabetes to be 9% in 2014. According to the International Diabetes Federation, the global prevalence of diabetes was 366 million in 2011. This depicts a large patient population worldwide. Insulin had a market size at USD 24 billion in 2014.
Some of the factors driving the global insulin market are:
The stringent regulatory requirements and high costs of production are turning out to be the restraints for this market.
The global insulin market has been segmented into modern insulin and traditional insulin. The segment on modern insulin has been further sub-divided into rapid-acting insulin, long-acting insulin, and premixed modern insulin. The traditional insulin has also been further segmented into rapid-acting insulin, intermediate acting insulin, and premixed traditional insulin.
The market has been geographically segmented into North America, Europe, Asia-Pacific, Middle East & North Africa, and South America. The segment on North America discusses different market trends, and market size of Insulin in the USA, Canada, and Mexico. The Europe segment has been further subdivided into UK, France, Italy, Germany, Benelux, Scandinavia, and Spain. The segmentation on Asia-Pacific has been subdivided into China, Japan, India, South Korea, Australia, and New Zealand. The Middle East & North Africa segment includes GCC, Egypt, and others. The South American region includes Brazil, Argentina, and others.
North America has the largest market share due to the high prevalence of diabetes in the United States. There is a high prevalence of diabetes in Asia-Pacific as well. There has been an alarming growth in the number of diabetes patients in India and this will drive the Indian insulin market growth. The Asia-Pacific market is expected to grow at the fastest rate. The changing lifestyle and lifestyle-related disorders are increasing the number of diabetic patients. High investments and involvement of more and more companies in research and development of insulin analogs and many ongoing clinical trials have created an environment for higher market growth in the near future. Lantus was the best-selling drug in 2013.
Some of the key players in the market are:
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