The Global Insulin Therapeutics Market is expected to register a CAGR of 8.0% during the forecast period, 2018 to 2023. North America dominates the market, due to growing prevalence of diabetes and obesity in the region.
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Growing Obesity and Diabetes Prevalence, Especially in Developing Countries
Diabetes ranks among the fast-growing chronic diseases in the United States; currently, diabetes affects more than 29 million people in the country. India is among the top three countries with high incidence of diabetes. The diabetic population in the country increased from 11.9 million in 1980, to 69.1 million in 2015. In India, approximately 100 million people are expected to suffer from diabetes, by 2030. The genetic factor is one of the major reasons for the rapid spread of the disease. Indians are four times more likely to develop the disease in comparison to other regions, such as Europe. The sedentary lifestyles and obesity are the other factors responsible for high prevalence of the disease. India is among the top five countries with people suffering from obesity, with more than 9.8 million obese men, covering about 3.7% of the global population. Thus, increasing prevalence of obesity and diabetes across the globe will surge a huge demand for insulin, which will drive the global market of insulin therapeutics.
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Highly Competitive Market – Leading to Increasing Pricing Pressure
Currently, approximately 100 million people around the world need insulin, including all people living with Type 1 diabetes and between 10-25% of people with Type 2 diabetes. Although insulin has been used in the treatment of diabetes for over 90 years, globally, more than half the people who need insulin today still cannot afford and/or access it. The inaccessible treatment will lead to diabetes-related complications, like blindness, amputation, and kidney failure, and, ultimately, premature death. There are many complex issues that affect access to this life-saving medicine, creating inequity and inefficiency in the global insulin market. These issues include the domination of the global insulin market by three multinational manufacturers, import duties affecting the price insulin entering different countries, and mark-ups, taxes, and other charges in the public and private sector supply chains that affect the final patient price, which is likely to impede the growth of the global insulin therapeutics market.
North America to Dominate the Market
North America dominates the global insulin therapeutics market, owing to high prevalence of diabetes in the region because of sedentary lifestyle, and launch of new drugs in the region. Asia-Pacific is expected to grow tremendously during the forecast period, owing to factors, such as high prevalence of obesity, and growing awareness regarding diabetes care in the region.
Key Developments in the Market
- May 2017: Novo Nordisk A/S launched Xultophy 100/3.6 (insulin degludec and liraglutide injection) in the United States.
- December 2017: Merck Co.7 Inc. and Pfizer Inc. received US Food and Drug Administration (FDA) approval for STEGLATROTM (ertugliflozin) tablets, an oral sodium-glucose cotransporter 2 (SGLT2) inhibitor, and the fixed-dose combination STEGLUJAN (ertugliflozin and sitagliptin) tablets.
Major Players: ASTRAZENECA, BIOCON, BIOTON S.A., ELI LILLY AND COMPANY, JULPHAR, MERCK & CO., INC., NOVO NORDISK A/S, TEVA PHARMACEUTICAL INDUSTRIES LTD, SANOFI-AVENTIS, AND WOCKHARDT LTD, among others.
Reasons to Purchase this Report
- Current and future global insulin therapeutics market outlook in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
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Companies Mentioned:
ASTRAZENECA, BIOCON, BIOTON S.A., ELI LILLY AND COMPANY, JULPHAR, MERCK & CO., INC., NOVO NORDISK A/S, TEVA PHARMACEUTICAL INDUSTRIES LTD, SANOFI-AVENTIS, AND WOCKHARDT LTD,
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