Insulin Market 2030: Analyzing the Impact of COVID-19 on Regional Markets

The global insulin market was valued at USD 20.35 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 1.5% from 2022 to 2030. The growth of the insulin market can be attributed to several key factors, including the rising incidence of diabetes and ongoing advancements in insulin formulations. However, the market's expansion could face challenges, particularly with the increasing prescription of newer drugs like GLP-1 receptor agonists (RAs), which are increasingly used to treat type 2 diabetes. These newer drugs offer a different approach to managing blood sugar levels and could potentially slow the demand for traditional insulin therapies.

The insulin market is oligopolistic, with a few dominant players, including Novo Nordisk A/S, Sanofi, and Eli Lilly and Company, which together control a significant share of the market. Diabetes, one of the fastest-growing chronic diseases globally, continues to drive the demand for insulin. The prevalence of diabetes has been steadily rising over the past few decades. According to the World Health Organization (WHO), 537 million adults worldwide were affected by diabetes in 2021, and approximately one in ten of these individuals experienced other forms of diabetes-related complications. This increasing prevalence fuels the demand for effective insulin therapies, contributing to the market's growth.

Formulation advancements in insulin are also playing a crucial role in the expansion of the market. New and improved formulations of insulin are being developed to enhance patient outcomes. For example, Fiasp, a formulation of insulin aspart combined with niacinamide (Vitamin B3), improves the initial absorption of insulin, allowing for faster action. Another major advancement is the Afrezza inhaled insulin, developed by MannKind, which is the only inhaled form of insulin available on the market. Afrezza eliminates the need for traditional needles and syringes, providing a more convenient and less invasive option for patients.

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Additionally, Oramed Pharmaceuticals is working on an oral insulin capsule, which is currently undergoing Phase 3 clinical trials. If successful, this innovative product could provide a significant breakthrough, offering an alternative to injectable insulin and improving patient compliance. Oramed expects to submit the Biologics License Application (BLA) for this oral insulin product by Q4 2023, potentially opening up a new treatment option for people with diabetes. The successful development and launch of oral insulin could revolutionize diabetes management, giving patients more flexibility in how they take their medication.

In summary, while the insulin market is experiencing steady growth driven by the increasing incidence of diabetes and innovations in insulin formulations, challenges such as the rise in the use of GLP-1 receptor agonists for type 2 diabetes could temper growth. However, ongoing advancements in insulin delivery methods, such as inhaled and oral insulin, are likely to support continued market expansion.

Regional Insights

North America Insulin Market Trends

North America led the global insulin market in terms of revenue in 2021, largely due to the widespread use of branded insulin products and the increasing prevalence of diabetes in the region. According to the Centers for Disease Control and Prevention (CDC), approximately 37.3 million people in the United States had diabetes in 2020. Of these, 28.7 million were diagnosed, while an additional 8.5 million remained undiagnosed. Moreover, about 96 million adults aged 18 years and older were living with prediabetes in the U.S. The high number of individuals with diabetes and prediabetes contributes to the strong demand for insulin products.

Key players in the North American insulin market include industry giants such as Novo Nordisk A/S, Eli Lilly and Company, and Sanofi, which are major suppliers of insulin products in the region. However, the U.S. insulin market is also experiencing shifts due to the approval of new insulin biosimilars by the U.S. Food and Drug Administration (FDA). Notably, Semglee (from Mylan/Biocon) and Rezvoglar (from Eli Lilly and Company) are two biosimilars that have been approved for use in the U.S. The introduction of these biosimilars is expected to reduce insulin prices in the U.S., as they offer more affordable alternatives to branded insulin products. This development is likely to increase market competition in the U.S. insulin space, benefiting consumers but potentially impacting the market share of existing branded insulin products.

Asia Pacific Insulin Market Trends

On the other hand, Asia Pacific is anticipated to experience significant growth in the insulin market over the forecast period. Several factors contribute to this anticipated growth, including a growing geriatric population and a rising number of individuals at risk of diabetes. The increasing prevalence of diabetes in the region, combined with the demand for better healthcare solutions, is driving the market for insulin products.

In addition to the growing patient population, several collaborations between companies are taking place to advance the development of insulin biosimilars, further boosting market growth. Key global insulin manufacturers are also expanding their presence in the Asia Pacific region, further intensifying competition and increasing accessibility to insulin products. Furthermore, government and nonprofit organizations are playing an active role in the region by supporting diabetes management initiatives, running health awareness campaigns, and promoting better healthcare practices.

Health awareness campaigns, as well as scientific conferences and research programs focused on diabetes management, are also likely to contribute to the growth of the insulin market in Asia Pacific. These efforts aim to improve knowledge about the disease and promote early diagnosis and effective treatment options, which could lead to greater demand for insulin products. As a result, the insulin market in Asia Pacific is poised for robust expansion throughout the forecast period.

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Insulin Market Share Insights

Many companies are rapidly opting for geographical expansion, strategic collaborations, and partnerships in emerging and economically favorable regions through mergers and acquisitions. For instance, in February 2022, Biocon announced the acquisition of Viatris’ biosimilar portfolio for USD 3.335 billion. This acquisition strengthened Biocon’s biosimilar product portfolio and improved its revenue generation. Some of the prominent key players in the global insulin market include: