Home Press Releases Insulin Market Expected to Reach USD 32.24 Billion Globally in 2019
Insulin Market Expected to Reach USD 32.24 Billion Globally in 2019
Posted on Jun 19, 2014
According to a new market report published by Transparency Market Research Global and China Insulin Market (Rapid-Acting, Short-Acting, Intermediate-Acting, Long-Acting, Premixed, Modern and Human Insulin) - Industry Analysis, Size, Share, Growth, Trends and Forecast (Value and Volume), 2013 - 2019, the global insulin market was valued at USD 19.99 billion in 2012 and is expected to grow at a CAGR of 6.1% from 2013 to 2019 to reach USD 32.24 billion in 2019.
Rising prevalence of diabetes is one of the serious healthcare concerns on a global level. Insulin is a hormone secreted by pancreas to absorb the blood sugar. However, in diabetes, it is either not possible for the body to secrete insulin (type-1) or to utilize secreted insulin to metabolize glucose (type-2). Insulin deficiency in diabetic patients is the most important factor driving the insulin market globally. Rising prevalence of diabetes and extensive R&D activities are the other key factors boosting growth in the insulin market. No permanent cure has been invented for diabetes, thus the evolution of insulin therapy has emerged as an indispensible treatment therapy for type-1 diabetes patients.
The global and China insulin market is segmented based on source and mode of action. The insulin market by source is categorized as modern insulin and human insulin. The modern insulin segment is expected to grow at the fastest rate during the forecast period from 2013 to 2019, globally as well as in China.
The insulin market by mode of action is segmented into rapid-acting, short-acting, intermediate-acting, long-acting and premixed insulin derivatives. Due to advantages over other derivatives, the long-acting derivatives segment is expected to grow rapidly during the forecast period. The segment held the largest share of 42.77% of the total market in 2012. It is expected to be the largest segment by the end of 2019. Rapid-acting insulin was the second largest segment in 2012. Other segments such as premixed, intermediate-acting and short-acting insulin derivatives are expected to lose market share during the forecast period. This is mainly due to low patient preference and lack of R&D in these segments. Pharmaceutical companies have concentrated their R&D strategies towards long-acting and rapid-acting derivatives development, which would boost market growth.
The rapid-acting, long-acting and premixed derivatives segments are the most important segments in China. Growth in these segments is mainly attributed to rising population of type-1 diabetes and growing tendency of type-2 diabetes patients to use insulin as a therapeutic agent.
The insulin market in China is expected to grow steadily due to extensive R&D activities for the development of new insulin analogs and formulations that can be administered via different routes. Various products such as LY2605541 (Eli Lilly and Company), MK-1293 (Merck & Co., Inc.), NN1218 (Novo Nordisk A/S) and Afrezza (MannKind Corporation) are under pipeline studies and are expected to enter the market during the forecast period. Due to these new formulations, the market is likely to grow steadily during the forecast period.
The insulin market is highly consolidated and dominated by select players operating on a global level such as Novo Nordisk A/S, Eli Lilly and Company, and Sanofi. In China, local and regional players such as Shanghai Fosun Pharmaceuticals Pvt. Ltd. and Tonghua Dongbao also contribute to the insulin market.
Browse the full Global and China Insulin Market report at http://www.transparencymarketresearch.com/insulin-market.html
The Global and China insulin market is segmented as follows:
Global and China Insulin Market, by Mode of Action
Global and China Insulin Market, by Source
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