Latin America Insulin Market size was US$ 2,855.1 million in 2022 and is estimated to reach an impressive revenue of US$ 3,857.50 million by 2031, growing at a CAGR of 3.4% during the forecast period from 2023 to 2031.
The insulin market in Latin America is experiencing significant growth, primarily driven by the increasing prevalence of diabetes in the region. The market is also benefitting from advancements in insulin delivery devices and a rise in research and development activities. Moreover, Brazil has emerged as the leading insulin market in Latin America.
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Diabetes is highly prevalent in Latin American countries, and Mexico specifically has a significant number of people with diabetes due to the increasing prevalence of Type-2 diabetes in the region. Currently, around 10% of the population in Latin America has diabetes. Type-2 diabetes is the most common type in the region, accounting for nearly 90% of all diabetics worldwide in 2021. Over the next 10 years, the frequency of diabetes in Latin America is projected to rise by 38%, compared to an estimated 14% increase in the total population. This growing prevalence of diabetes will lead to an increased demand for insulin and other diabetes treatments, thereby driving the growth of the insulin market in Latin America.
Latin America consumers are also more likely to have prediabetes, a condition where blood sugar levels are higher than normal, but not high enough to be diagnosed with type 2 diabetes. Prediabetes comes with risks for other serious health problems, including heart disease and stroke. The growing numbers of people with diabetes is in part driven by rising obesity, and in part by demographic shifts. Obesity has become a major health challenge in Latin America 19% (100.8 million) are obese (14.6% in men and 24% in women). In line with this, the leading causes of death (30% of deaths of all causes) in the region from diabetes, hypertension, and chronic kidney disease. This further drives the market growth.
Demand for Biosimilars: A Trend to Watch
The field of biotherapeutic products has seen consistent growth over the last thirty years. With the expiration of patents on various biotherapeutics, including insulin, there has been an opportunity for the development of biosimilars. Biosimilars provide a more affordable option, thereby improving accessibility to these crucial treatments.
The cost of insulin, a crucial treatment for diabetes, has doubled in recent years, making it particularly unaffordable for people with lower rates of health insurance. Our consumer analysis reveals that approximately 14% of individuals who require insulin injections to manage their blood sugar levels spend a significant portion of their income (defined as more than 40% of their family income after essential expenses like food and shelter) on this medication. This affordability issue further exacerbates the challenges faced by individuals in accessing insulin and managing their diabetes effectively.
According to a report by the Latin American Diabetes Association, the use of biosimilars in Latin America has significantly increased in recent years. As of 2023, biosimilars accounted for nearly 30% of the market in the region, a substantial rise from less than 10% in 2015. Countries like Mexico and Brazil have emerged as leaders in the adoption of biosimilar insulin, and this trend is expected to reshape the insulin market in Latin America.
Brazil ranks as the fourth country globally in terms of the number of diabetes patients, and it follows the global trend of increasing prevalence. Consumers in the region are disproportionately affected by diabetes, and prediabetes often faces barriers to accessing affordable insulin. As a result, biosimilars, which are similar but not identical to the original biological product, are gaining popularity due to their lower cost compared to branded insulin. For instance, the cost of a biosimilar is approximately US$ 48 per year.
Biologics: The Major Source of Insulin
Despite the increasing presence of biosimilars, the proven therapeutic effectiveness of biologics remains the primary reason for their continued dominance in the market. In 2022, biologics, including human insulin and insulin analogs, generated a revenue of US$2,045.7 million, making them the primary source of insulin in the Latin American market. The biologics segment is projected to maintain its market leadership with a compound annual growth rate (CAGR) of 2.3% from 2023 to 2031.
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The leading position of biologics in the market can be attributed to their effective blood glucose control and favorable safety profiles. Additionally, advancements in biotechnology and increasing familiarity among healthcare providers have contributed to their widespread adoption. Furthermore, ongoing research, the rising prevalence of diabetes, and the introduction of more advanced insulin delivery systems are driving the growth of the biologics segment.
Prominent Players in the Global Latin America Insulin Market
- Novo Nordisk
- Eli Lilly and Company
- Julphar (Gulf Pharmaceutical Industries)
- Gan & Lee Pharmaceuticals
- United Laboratories (UNILAB)
- Tonghua Dongbao Pharmaceutical Co., Ltd.
- Betachon Pharmaceuticals, Inc.
- Novartis AG
- Other Prominent Players
Market Segmentation Overview
By Source Type
- Type 1
- Type 2
- Rest of Latin America
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