New York, October 08, 2021 – Reports and Data has published its latest report titled “Insulin Market, By Product Type (Basal or Long-acting Insulin, Bolus or Fast-acting Insulin, Traditional Human Insulin, Combination Insulin, Biosimilar Insulin), By Disease Type (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes, Prediabetes), By Delivery Device (Syringes, Pens, Pumps, Others), By End-use (Home Healthcare, Hospitals & Clinics, Over-the-counter, Others), And Region – Global Forecast To 2028”
Rise in geriatric population, unhealthy lifestyles, and introduction of innovative devices such as insulin pens are major factors driving market revenue growth
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According to Reports and Data, the global insulin market size was USD 26.56 billion in 2020 and is expected to reach USD 37.24 billion in 2028 and register a revenue CAGR of 4.2% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Insulin is a peptide hormone that is secreted by the beta cells of the pancreatic islets in the human body. It is the body’s main anabolic hormone and aids in regulating the amount of glucose in the body. Insulin also helps with metabolism of fats, carbohydrates, and protein by absorbing glucose from the bloodstream and transmitting it into the liver and skeletal muscle cells. The global insulin market revenue growth is primarily supported by rise in geriatric population, growing prevalence of diabetes – mainly type 1 diabetes and type 2 diabetes – increasing inclination towards unhealthy lifestyle habits such as alcohol consumption and excessive intake of junk food, increasing incidence of obesity and other lifestyle-induced diseases among children and young adults, and rising prevalence of juvenile diabetes. Technological innovations in insulin delivery devices such as insulin pens are further expected to boost revenue growth of this market. However, high manufacturing costs of insulin and stringent regulatory norms are certain factors restraining the global market growth.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Traditional Human Insulin Segment Accounted for Largest Revenue Share in 2020:
Based on product type, the traditional human insulin segment accounted for the largest revenue share in the global insulin market in 2020. Growth of the segment is majorly driven by factors such as rising prevalence of diabetes worldwide, increase in geriatric population, growing demand for generic human insulin products, and increasing research & development programs for new products.
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Pens Segment to Dominate Other Delivery Device Segments:
Among delivery device segments, the pens segment is expected to reach the largest revenue share over the forecast period. Rising focus of manufacturers on developing insulin pens, technological advances and innovations in these devices, and favorable government medical reimbursement policies, especially in developed countries including the U.S. and the U.K., are major factors bolstering revenue growth of this segment.
Asia Pacific to Lead in Terms of Revenue CAGR:
The insulin market in Asia Pacific is projected to register the fastest revenue growth rate in the global market over the forecast period, owing to various factors. Growing prevalence of diabetes and related conditions, increasing cases of juvenile diabetes and gestational diabetes, rising awareness about new and emerging treatments for the disease, and rapidly advancing healthcare infrastructure in the region, particularly in developing countries including India and China, are major growth drivers for the Asia Pacific insulin market. Rise in R&D activities for advanced insulin delivery devices, rising healthcare expenditures, and commercialization of effective biosimilars further provide growth opportunities for this regional market.
Major Companies in the Market Include:
- Novo Nordisk A/S
- Eli Lily and Company
- Pfizer, Inc.
- Oramed Pharmaceuticals, Inc.
- Bristol-Myers Squibb Company
- Becton, Dickinson and Company
- Merck & Co., Inc.
- GlaxoSmithKline Plc
- Ypsomed AG
- Biocon Ltd.
- Wockhardt Ltd.
- Braun Meselgen AG
- Biodel Inc.
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For the purpose of this report, Reports and Data has segmented the global insulin market based on product type, disease type, delivery device, end-use, and region:
Product Type Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Basal or Long-acting Insulin
- Bolus or Fast-acting Insulin
- Traditional Human Insulin
- Combination Insulin
- Biosimilar Insulin
Disease Type Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Type 1 Diabetes
- Type 2 Diabetes
- Gestational Diabetes
Delivery Device Outlook (Revenue, USD Billion; Volume, 2018-2028)
End-use Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Home Healthcare
- Hospitals & Clinics
- Over-the-counter (OTC)
Regional Outlook (Revenue, USD Billion; Volume, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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