Insulin Market Size Worth $31.82 Billion By 2033 - New Product Innovations And Formulations

(MENAFN- GlobeNewsWire - Nasdaq) Technological advancements, the rise in research and development funding, increased government support, and the rise of diabetes prevalence are strong drivers for the global insulin market.

Newark, Aug. 19, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global insulin market is expected to grow from USD 21.91 billion in 2023 to USD 31.82 billion by 2033, at a CAGR of 3.8% during the forecast period 2024-2033. The North American region emerged as the largest market for the global insulin market, with a 39.1% market revenue share in 2023. The increasing prevalence of diabetic patients, given the unhealthy processed food-based diet of the region's population, will drive the region's growth. The accessibility and affordability of healthcare services facilitated by the rising government healthcare expenditure and favorable reimbursement policies also aid the region's growth.

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The well-established healthcare infrastructure combined with the prevailing health awareness among consumers about diabetic diseases facilitates the regional insulin market. The region's population has access to information established with campaigns to raise awareness about the diseases in the young population. The awareness campaigns lead to consumers seeking medical attention, followed by an early diagnosis and treatment.

Leading companies in the industry include Biocon Ltd, Boehringer Ingelheim International GmbH, Boston Scientific Corporation, Eli Lily and Company, Julphar, Nova Nordisk, Sanofi, Tonghua Dongbao Pharmaceuticals Co. Ltd., United Laboratories International Holdings Limited, and Wockhardt, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

Key Market Drivers

Growing Diabetes Epidemic: With over 460 million adults living with diabetes worldwide, the demand for insulin continues to surge.

Aging Population: As the global population ages, the risk of type 2 diabetes increases, fueling market growth.

Lifestyle Changes: Sedentary lifestyles and poor dietary habits contribute to the rising incidence of diabetes.

Technological Innovations: Development of novel insulin formulations and delivery systems, such as insulin pumps and smart pens, are expanding the market.

Report Scope and Segmentation –

Report Coverage	Details
Forecast Period	2024-2033
Forecast CAGR	3.8%
2033 Value Projection	USD 31.82 Billion
Market Size in 2023	USD 21.91 Billion
Historical Data	2020-2022
No. of Pages	238
Report Coverage	Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered	Product Type, Application, Type, Distribution Channel
Regions Covered	The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Insulin Market Growth Drivers	The increasing prevalence of diabetes

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The product type segment is divided into rapid-acting insulin, combination insulin, long-acting insulin, biosimilar, and others. The long-acting insulin segment dominated the market with a revenue share of around 41% in 2023. The application segment is divided into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment dominated the market with a market share of around 75% in 2023. The type segment is divided into human insulin and insulin analogue The insulin analogue segment dominated the market with a market share of around 69% in 2023. The distribution channel is divided into hospitals, retail pharmacies, online pharmacies, and others. The retail pharmacies segment dominated the market with a market share of around 49% in 2023. The increasing presence of retail pharmacy chains offering several brands and products in one place gives consumers greater choice and convenience while seeking medication.

The global diabetic population is around 500 million as of 2021. The World Health Organization reported the figures. Approximately 10% of the global diabetic population suffers from type 1 diabetes. The other 90% have type 2 diabetes. The world has witnessed a dramatic increase in type 2 diabetic cases. The increasing geriatric population will contribute to a further rise in the global diabetic population. Similarly, the increasing overweight population is increasing the risk of diabetes in these individuals. For instance, around 15% of adults are obese, and 40% are overweight. Furthermore, around one in every five children is overweight, exposing them to pre-diabetes. The high prices and inaccessibility of insulin in low- and middle-income countries risk the lives of hundreds of patients. Around 1.5 million die every year as a result of diabetes. Therefore, there is ample room for innovating affordable products and making them accessible to everyone in need. The unmet demands will also render revenue to the pharma giants, eventually contributing to the development of the global insulin market.

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