Latest News- Insulin Market: Insulin analog is expected to lead the Type segment during 2024-2028

The Insulin Market is being driven by Growing prevalence of diabetes

The Insulin Market is expected to grow at a CAGR of 1.38% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1299.3 million. The global insulin market is experiencing significant innovation in high-tech insulin delivery devices, focusing on enhanced performance, superior quality, and advanced technology. Traditional insulin delivery methods, such as invasive injections and transdermal injections, are being superseded by non-invasive approaches. One such innovation is the insulin inhaler, like Exubera, a rapid-acting human insulin product, which allows for easy inhalation through the mouth. This non-invasive approach reduces the discomfort and pain associated with injections, thereby improving patient experience and quality of life for diabetes patients. Vendors are investing in research and development to bring more non-invasive insulin delivery solutions to the market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Insulin analog
  • Human insulin
• Distribution Channel
  • Retail pharmacies
  • Hospitals
  • Online pharmacies
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing prevalence of diabetes
• Increasing exposure to risk factors that lead to diabetes
• Favorable government initiatives

However, the market also witnesses some limitations, which are as follows:

• Stringent regulatory requirements for product approval
• Development of substitutes like insulin biosimilars
• Poor reimbursement policies pertaining to diabetes therapy

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Market Scope in Insulin Market Research Report

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Research Analysis Overview

The insulin market caters to individuals with Type-1 and Type-2 diabetes, whose immune systems fail to produce or effectively use insulin, leading to elevated blood glucose levels. Insulin injections are a common treatment, yet accessibility varies based on private insurance coverage and affordability in developing countries. The diabetic population, including Caribbean nations, experiences an epidemiologic transition with increasing prevalence. A research gap exists in managing complications like diabetic ketoacidosis, kidney damage, nerve damage, limb loss, sexual dysfunction, heart attack, and more. Regular, synthetic, long-acting, and rapid-acting insulins, as well as oral diabetic medications, are available, but sedentary lifestyles and cost factors pose challenges. Personalized insulin therapies, biosimilar insulins, and retail pharmacies offer potential solutions for the elderly and diabetic population dealing with insulin deficiency and high blood sugar levels, influenced by genetic factors.

Market Research Overview

The insulin market, a significant segment of the global pharmaceuticals industry, caters to the research and development (R&D) and production of insulin for the treatment of Type 1 and Type 2 diabetes. The market size is calculated based on the combined revenue generated by manufacturers and providers of insulin, including both generic and non-generic drugs. Factors driving market growth include the increasing diabetic population, particularly in developing countries and Caribbean regions, as a result of epidemiologic transition and aging populations. The prevalence of diabetes is projected to rise due to demographic shifts, with Europe and the US forecasted to have a substantial proportion of their populations aged 60 years and above by 2030 and 2050, respectively. Private insurance coverage for diabetes treatments is also expected to contribute to market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/