The global insulin market was valued at approximately USD 20.35 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 1.5% from 2022 to 2030. This anticipated growth is largely driven by the increasing prevalence of diabetes and ongoing advancements in insulin formulations. However, the rising adoption of alternative treatments, such as GLP-1 receptor agonists (RAs) for the management of type 2 diabetes, presents a potential challenge to market growth. The insulin market functions within an oligopolistic framework, dominated by major players including Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. Diabetes is becoming one of the most widespread chronic diseases worldwide, with its incidence steadily rising over the past several decades. Estimates from the World Health Organization indicate that approximately 537 million adults were living with diabetes globally in 2021, with one in ten experiencing complications related to the disease.
Additionally, older adults and individuals with obesity are at a heightened risk for developing chronic diseases. The World Bank Group reported that in 2020, the global population of elderly individuals was around 727 million, a figure expected to double over the next thirty years, potentially reaching approximately 1.5 billion by 2050.
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Advancements in insulin formulations also play a critical role in driving the growth of the insulin market. For instance, Fiasp, developed by Novo Nordisk, is a formulation that combines insulin aspart with niacinamide (Vitamin B3) to enhance the initial absorption rate of the drug. Afrezza, produced by Mannkind, is the only inhaled insulin available, which eliminates the need for traditional injection methods. Moreover, Oramed Pharmaceuticals is currently conducting phase 3 clinical trials for its oral insulin capsule and plans to submit a Biologics License Application (BLA) by the fourth quarter of 2023. If successful, this product could provide a valuable alternative for patients seeking different options for insulin delivery.
Application Segmentation Insights
In 2021, the largest segment by application was type 1 diabetes mellitus, primarily due to the high dependence on insulin among these patients. This condition is considered more severe than type 2 diabetes. According to the International Diabetes Federation, approximately 10% of all individuals with diabetes have type 1 diabetes.
Conversely, type 2 diabetes mellitus is projected to be the fastest-growing segment, as it is the most common type of diabetes worldwide. The high prevalence of this condition is a key factor driving the segment's growth. The IDF 2021 report estimated that the prevalence of type 2 diabetes was around 405.6 million, with projections suggesting an increase to approximately 510.8 million by 2030. Various companies are actively engaged in the research and development of oral insulin. So far, the FDA has approved only two oral delivery systems for insulin: Oramed’s ORMD-0801 and Diasome’s HDV-I. ORMD-0801 is currently undergoing phase 3 clinical trials. The approval of this product would provide patients with an additional option to insulin injections.
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