Insulin Market Hits US$ 111,213.73 million by 2028
The insulin market is projected to grow from US$ 54,611.42 million in 2021 to US$ 111,213.73 million by 2028. It is expected to grow at a CAGR of 10.8 % from 2022 to 2028.
The increase in the incidence of diabetes and rapid technological developments in insulin delivery devices by major players would bolster the growth of the insulin market . Additionally, the regeneration of the diabetic pancreas with advanced transplants is likely to emerge as a significant future trend in the insulin market during 2022–2028. However, the risks associated with insulin delivery devices hamper the overall market.
Diabetes is a chronic condition in which the person's blood sugar or blood sugar levels are high. There are mainly two types of diabetes. Type 1 diabetes is a condition in which the beta cells of the pancreas stop producing insulin, and in type 2 diabetes, the body's cells lose sensitivity to the insulin produced. According to the Diabetic Statistics Report released by the Centers for Disease Control and Prevention (CDC) in 2017, approximately 30.3 million US population had diabetes. Of these, 23.1 million were diagnosed with diabetes, and the rest were undiagnosed. Insulin is a peptide hormone produced by pancreatic islet beta cells and encoded by the INS gene in humans. It is considered the primary anabolic hormone in the body. Insulin is a hormone made by the pancreas that controls the amount of glucose in the bloodstream at any time. It also helps store glucose in the liver, fat, and muscle. Finally, it helps regulate the body's metabolism of producing carbohydrates, fats, and proteins.
The artificial pancreas can control blood sugar levels for people with type 1 diabetes better than the standard treatment. For people with type 1 diabetes (T1D), continuous glucose monitoring (CGM) devices provide round-the-clock information on blood glucose levels, which is then used to determine how much insulin is needed. Insulin pumps allow the insulin doses to be administered subcutaneously throughout the day.
Cells naturally produce small molecules, hormones, and proteins to keep the body functioning properly. They are used to rely on injections or pills to replace biomolecules produced by diseased cells using an encapsulated cell.
Despite frequent monitoring of blood sugar levels and dose adjustments, insulin injections do not ideally recreate the natural waves of insulin released from the pancreas. This leaves patients continually working to avoid chronically high or low blood sugar, which can cause blindness, diabetic coma, or life-threatening insulin shock. Various research groups have been working on regeneration technology with diverse results. This promising technology will help remove diabetes-related problems and is expected to be a prevalent future trend in the insulin market in the coming years. These factors are likely to propel the growth of the insulin market during 2022-2028.
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North America is expected to continue its dominance in the insulin market during 2022–2028. The region is anticipated to witness substantial demand for insulin over the forecast period, owing to the significantly rising prevalence of diabetes across the countries, high prevalence of obesity, and increasing awareness regarding diabetes care in the region. The ongoing research and development in the healthcare sector for the development of insulin are also supporting the North America insulin market. The US held the largest market share in the North American market during 2022–2028, and the market is expected to grow in the coming years owing to the increasing adoption of technological advancements and rising emphasis on improving treatment outcomes. The insulin market in the United States is expected to grow due to the high prevalence of diabetes in the region. According to the National Diabetes Statistics Report 2020, approximately 30.3 million people in the US have diabetes representing 94% of the total population. Among the diabetic population, nearly 5% of the population is diagnosed with type 1 diabetes, whereas 90-95% have type 2 diabetes.
Although, the rising prevalence of diabetes is enforced to enhance the care systems towards diabetes. Diabetes treatment is expensive in the US. According to the American Diabetes Association, the estimated cost of diagnosed diabetes in 2020 was approximately US$ 322 billion, including US$ 245 billion in direct medical costs and nearly US$ 69 billion for reduced productivity. Moreover, more than half of the expenditure is attributed to diabetes care. Such factors are driving the growth of the insulin market significantly.
Lucrative Regions for Insulin Market
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Type Insights
The insulin market is bifurcated into type and geography. Based on type, the global insulin market is segmented into long-acting insulin, short-acting insulin and traditional human insulin, biosimilar insulin, pen & needle, rapid-acting insulin, concentrated insulin & combination insulin, glucagon-like-peptide-1 (GLP-1), pen and needle, and others. The long-acting insulin segment is estimated to account for the largest share during 2022–2028. However, the biosimilar insulins segment is expected to register the highest CAGR during the forecasted period. Biosimilar insulin is a biological copy of the original insulin, and there is increasing interest in its development and use. Biosimilar insulins are manufactured from living organisms (e.g., yeast and bacteria) to produce large quantities of the desired high-protein product, limiting the ability to create replicas of original biological drugs. Biosimilar insulins are cheaper than genuine products, so they offer the NHS opportunities regarding availability and cost of care. With continued appropriate monitoring, healthcare providers have the opportunity to offer an alternative, potentially more individualized therapy for diabetes management with the introduction of biosimilar insulins.