Increasing elderly populations, rising incidence of obese-related diabetes, and favorable reimbursement scenario are the key factors leading to the burgeoning growth in demand.
The global Insulin Market is forecast to reach USD 35.74 Billion by 2027, according to a new report by Reports and Data. Insulin therapy is used for the treatment of patients with all types of diabetes.
The need for insulin therapy depends upon the balance between insulin resistance and insulin secretion. Patients with type 1 diabetes require insulin treatment permanently unless they receive a whole organ pancreas transplant or an islet. Type 2 diabetes patients require insulin as their beta-cell function lowers over time.
Diabetes and its complications, societal costs, and deaths have a huge and rapidly growing impact across the globe. In 2019: approximate 463 million adults (20-79 years) were living with diabetes and by 2045 this is expected to rise to 700 million. A growing number of diabetic patients are propelling the demand for insulin.
The market in Asia Pacific is estimated to witness an increasing demand in the forecast period owing to growing awareness pertaining to medical treatments and care, rising health care sector, and an increase in R&D activities. Further, a rapid increase in the diabetic population and increasing adoption of insulin administration are driving the market demand in the region.
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Further key findings from the report suggest
- The reason healthcare providers prescribe care users medications that can be injected with the help of an insulin pen is, the patient can inject the medicine himself/herself. The ability of care users to take medicine on their own and incorporate it in-home healthcare results in enhanced care user’s adherence to care regimes that improve their quality of life and minimizes healthcare costs.
- An insulin pump is a delivery device that pushes small, steady doses of rapid-acting insulin into a thin tube and is inserted underneath the patient’s skin. There are several different kinds of insulin pumps available. These dosages are delivered repeatedly throughout the day.
- Biosimilar insulins are a biological copy of an original insulin, and there is an increasing interest in developing and using them. These insulins are cheaper than original products, so they present the NHS with opportunities around availability and cost of care. However, there is a lack of awareness among healthcare professionals and people with diabetes about their use.
- People with type 2 diabetes are able to manage their blood glucose levels with oral medication and lifestyle changes. However, if these treatments don’t help in controlling their level of glucose, people with the condition are also given shots of insulin to help control their blood glucose levels.
- North America holds the largest share as of 2018 because of an increasing incidence of diabetes in the region. Government initiatives to spread awareness about the product along with a favorable funding from many private players are leading the market growth.
- Key participants include Novo Nordisk A/S, Sanofi, Eli Lily and Company, ADOCIA, Julphar, Pfizer, Inc., Oramed Pharmaceuticals, Inc., Bristol-Myers Squibb Company, Merck & Co., Inc., and GlaxoSmithKline Plc, among others.
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For the purpose of this report, Reports and Data have segmented into the global Insulin Market on the basis of product type, diseases, delivery devices, end-users, and region:
Product Type Outlook (Revenue, USD Billion; 2016-2027)
- Basal or Long-Acting Insulin
- Bolus or Fast-Acting Insulin
- Traditional Human Insulin
- Combination Insulin
- Biosimilar Insulin
Diseases Outlook (Revenue, USD Billion; 2016-2027)
- Type 1 Diabetes
- Type 2 Diabetes
- Gestational Diabetes
Delivery Devices Outlook (Revenue, USD Billion; 2016-2027)
End-Users Outlook (Revenue, USD Billion; 2016-2027)
- Home healthcare
- Over the counter (OTC)
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Regional Outlook (Revenue, USD Billion; 2016-2027)
- North America
- Asia Pacific
- Latin America
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