According to our new research study on “Insulin Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Geography,” the insulin market is expected to grow from US$ 54,611.42 million in 2021 to US$ 111,213.73 million by 2028. It is estimated to grow at a CAGR of 10.8% from 2022 to 2028. The report highlights the prevailing trends and the factors driving the market growth. Favorable government policies and technological advances, such as the innovation of insulin pens, are expected to aid insulin demand over the next few years. However, uneven pricing coupled with the emerging economies witnessing limited access to human insulin may hamper the market in the near future.
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Based on type, the global insulin market is segmented into long-acting insulin, short-acting insulin & traditional human insulin, biosimilar insulin, pen & needle, rapid-acting insulin, concentrated insulin & combination insulin, glucagon-like-peptide-1 (GLP-1), pen & needle, and others. In 2021, the long-acting insulin segment held the largest market share in 2021. However, the biosimilar insulin segment is expected to register a higher CAGR during the forecast period. Major factors driving the insulin market for the long-acting insulin segment are the growing popularity of long-acting insulin due to its long-acting effect and the introduction of user-friendly drug delivery methods, such as pen and an injection port.
Impact of COVID-19 Pandemic on Insulin Market
COVID-19 has fatally affected more than 6,376,503 people globally and terribly impacted millions of people suffering from diabetes. Health professionals and scientists observed early that many severely ill coronavirus patients also had diabetes. The Centers for Disease Control and Prevention (CDC) in the U.S conducted research showing that 40% or more of the people who died from COVID-19 had diabetes. Deaths from diabetes surged 17% to more than 100,000 in 2020, based on a Reuters analysis of CDC data. Younger people aged 25 to 44 suffered a keen increase, with a 29% hop in deaths. The survey found that all other deaths except those directly ascribed to the coronavirus rose 6% last year.
The pandemic severely affected hospital services and staff. One of the major impacts of COVID-19 on diabetes care was the anxiety and fear of catching the infection and the possibility of complications when people living with disabilities (PLWD) attend diabetes clinic visits. There was a decline in patient attendance at follow-up diabetes clinics for days. A 30–40% reduction in daily patient load and fewer new diabetes patients was observed.
The pandemic led to worse diabetes control among most PLWD. People with lower socio-economic status and access to health care were negatively impacted. In response, the American Diabetes Association formed a disaster preparedness task force that made recommendations about diabetes management when faced with an emergency. After years of advancements in treating diabetes, progress has been hampered during the COVID-19 crisis. Since then, despite billions of dollars spent on new treatments, the prognosis for people with diabetes is limited as the number of patients with the disease has increased, especially among working-age and even younger people.
Several players in the insulin market are engaged in meeting the growing demands for insulin, including Eli Lilly and Company; Novo Nordisk A/S; Biocon; WOCKHARDT; Adocia; GlaxoSmithKline plc.; Sanofi; Pfizer Inc.; Merck & Co., Inc.; Tonghua Dongbao Pharmaceutical Co., Ltd.; BIGFOOT BIOMEDICAL, INC.; are the leading companies operating in the insulin market.
The report segments the insulin market as follows:
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 & traditional human insulin, biosimilar insulin, pen & needle, rapid-acting insulin, concentrated insulin & combination insulin, glucagon-like-peptide-1 (GLP-1), pen & needle, and others. Based on geography, the insulin market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Reason to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Insulin market
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Insulin market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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