Insulin Market Growth Insight: Global Industry Analysis by Size, Share, Comprehensive Analysis, Future Trends and Competitive Landscape to Forecast by 2027
SEATTLE, April 12, 2021, (PHARMIWEB) — Insulin is a peptide hormone that is produced by beta cells of the pancreatic islets. The major function of insulin is to keep blood sugar level getting too high to too low. It also helps in promoting protein synthesis, glycolysis, and glycogenesis. Previously, insulin was produced sheep and pings, however, later on, it has been produced by genetically modifying bacterial cells. Current treatment relies on developing commercial human insulin by recombinant DNA technology.
The number of patients dependent upon insulin have increased, which has led to increase in demand for insulin production and treatment. Moreover, this has led to increase in competition among market players to develop new insulin drugs in the market.
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New product development and launches are expected to propel growth of global insulin market
Key players in the market are involved in the development and production of new insulin drugs, which is expected to boost the global inulin market growth. For instance, in May 2018, Oramed Pharmaceuticals developed the first oral drug delivery system, which stimulates the natural process of insulin in the liver. This insulin product is in phase II of clinical trial under the U.S. Food and Drug Administration (FDA) and will provide efficient and safer method for delivering insulin therapy to patients.
Furthermore, in February 2018, Sanofi Aventis launched Toujea in India, a next generation basal insulin, with once or daily usage forms, which improves glycemic control in adults with type 1 and type 2 diabetes.
Increasing investment on research, development, and manufacturing of anti-diabetic drugs is expected to boost the global insulin market growth
Increasing research activities for the development of novel diabetic management drugs by using advanced technology such as delivering insulin without needle is providing better growth opportunities for key player in the global insulin market. For instance, from 1952 to 2017, the American Diabetes Association (ADA) invested US$ 807.4 million for over 4,700 research projects on diabetes.
Moreover, in September 2017, Biocon Limited received the funding from Juvenile Diabetes Research Foundation (JDRF), to study safety and efficiency of insulin Tregopil in diabetic patients. Insulin Tregopil is currently undergoing a pivotal Phase II/III study in type 2 diabetes patients in India. This fast acting insulin can improve post prandial glucose control with fewer side effects.
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Furthermore, in September 2018, GeneSys Biologics Private Limited expanded its research, development, and manufacturing unit in India for the development of insulin and its analogues biosimilars. This will allow GeneSys Biologics’ research and development unit for commercial manufacturing.
Manufacturers are developing insulin pens that portable to use, which is expected to boost the global insulin market growth during the forecast period. For instance, in August 2018, Julphar Gulf Pharmaceutical Industries, a UAE-based pharmaceutical company, entered into collaboration with Becton, Dickinson (BD) to sell disposable insulin pens in United Arab Emirates (UAE) region and are in final stage of approval and registration. Through this collaboration, Julphar’s human insulin formulations Jusline R, Jusline N, and Jusline 30/70 will be available through BD’s portfolio of BD Vystra disposable pens.
However, increasing cost of insulin products, specifically for drugs strict government policies for approval of new drugs are expected to restrain growth of the market in the near future. For instance, according to the Pharmaceutical Care Management Association (PCMA) report in May 2018, insulin price has increased by 10 time in the recent past. According to the same source, prices for Humulin/ Novolin have increased from US$ 25 per prescription in 1985 to around US$ 300 in 2016. Moreover, prices for long-acting insulin have increased from around US$ 100 per prescription in 2007 to around US$ 400 in 2016.Therefore, increasing cost of such insulin medications is expected to hamper the global insulin market growth during the forecast period.
Global Insulin Market – Regional Analysis
On the basis of region, the global insulin market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in terms of market share in the global insulin market. This is owing to growing cases of diabetes and geriatric population in the region. For instance, according to the Centers for Disease Control and Prevention (CDC) report 2017, over 100 million adults were suffering with diabetes in the U.S in 2017. Moreover, Asia Pacific is expected to witness significant growth during the forecast period, owing to increasing awareness for diabetic care, favorable government policies, and increasing R&D investments by larger companies.
Global Insulin Market – Competitive Landscape
Key players in the market are focused on various growth strategies such as mergers, acquisitions, expansions, collaborations, and new product launches to enhance their market position and expand their product portfolio. For instance, in August 2018, Novo Nordisk acquired Ziylo to develop smart, glucose responsive insulin (GRIs), ensuring optimal glucose control and reducing risk of hypoglycemia.
Key players operating in the global insulin market include Eli Lilly and Company, Novo Nordisk A/ S, Julphar Gulf Pharmaceutical Industries, Sanofi S.A., Biocon Limited, GlaxoSmithKline, and Wockhardt.
Global Insulin Market – Taxonomy
The global insulin market is analyzed based on the following segmentations:
By Product Type
- Rapid Acting
- Novolin R
- Humulin R
- Intermediate Acting
- Humulin N
- Novolin N
- Humalog Mix
- Novolog Mix
- Drug Delivery Devices
By Distribution Channels
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Latin America
- Asia Pacific
- Middle East
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