Insulin Market Report Summary:
- The global insulin market reached USD 28.33 billion in 2023.
- By 2033, it is expected to grow to USD 41.63 billion, reflecting an annual growth rate of 4.2%.
- In 2023, insulin analogs, or lab-created versions, dominated the market with a substantial 69.3% share.
- The Asia Pacific region accounted for the largest market share, capturing 42.6% of the total insulin market in 2023.
- Rapid-acting insulin, known for its quick effect on blood sugar levels, is projected to experience the fastest growth in the next decade, with an anticipated increase of 5.5%.
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Key Takeaways
- By region, Asia Pacific dominated the insulin market in 2023.
- By region, North America is estimated to grow with the fastest CAGR during the forecast period.
Segmentation A (Drug)
- By product, the premixed long-acting segment held the largest market share in 2023.
- By product, the rapid-acting segment is anticipated to grow at the fastest rate during the forecast period.
- By source, the insulin analog segment dominated the market in 2023.
- By distribution channel, the retail pharmacies segment dominated the market in 2023.
- By distribution channel, the hospital pharmacies segment is expected to grow at the fastest rate during the forecast period.
- By application, the type 2 diabetes segment dominated the market in 2023.
- By application, the gestational diabetes segment is expected to grow significantly during the forecast period.
Segmentation B (Delivery Device)
- By delivery device, the insulin pens segment held the largest market share in 2023.
- By delivery device, the insulin pumps segment is anticipated to grow at the fastest rate during the forecast period.
- By distribution channel, the retail pharmacies segment dominated the market in 2023.
- By distribution channel, the hospital pharmacies segment is expected to grow at the fastest rate during the forecast period.
- By application, the type 2 diabetes segment dominated the market in 2023.
- By application, the gestational diabetes segment is expected to grow significantly during the forecast period.
Industry at a Glance
The insulin market deals with the development, production, distribution, and innovation of insulin for chronic conditions of diabetes. One kind of hormone is insulin. The body uses insulin to facilitate the entry of blood glucose into cells, giving them the energy they need to operate. One of the main factors contributing to the development of diabetes is ineffective insulin. An estimated 530 million persons worldwide are projected to have diabetes, with a global incidence of 10.5% among adults between the ages of 20 and 79. Approximately 98% of diabetes diagnoses worldwide are for type 2 diabetes. However, this percentage varies greatly between nations.
According to data from the Diabetes Surveillance System, around 11.3 percent of adults (37.3 million) had diabetes in 2022; of them, 28.7 million had been diagnosed, 8.5 million were anticipated to remain undiagnosed, and 95% had type 2 diabetes. Insulin is the most effective therapy for diabetes, a difficult condition. In both outpatient and inpatient settings, the care of diabetes requires an interprofessional team approach at all times. The usage of insulin is rising due to the rising incidence of diabetes, which fuels the expansion of the insulin market.
Insulin Market Top Companies
- Eli Lilly
- Novo Nordisk
- Sanofi
- Boehringer Ingelheim
- Biocon
- Lupin Ltd.
- Wockhardt Ltd.
- Becton, Dickinson and Company
- B. Braun SE
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