Insulin is a hormone and is the internal secretion of the pancreas formed by a group of cells referred to as the islets of Langerhans. The primary functions of this hormone are to enable the entry of glucose into the cells and provide energy and to help maintain blood glucose levels at appropriate levels. Insulin is administered to patients suffering from type I and type II diabetes. Type I diabetes was previously known as juvenile or insulin dependent diabetes and is marked by the body’s inability to produce insulin. Patients with type II diabetes may also use insulin in cases where the body’s demand for insulin surpasses insulin production. The global insulin market was valued at USD 20,978.9 million in 2013 and is expected to grow at a CAGR of 12.4% over the next six years. The growing worldwide prevalence of diabetes (both type I and type II) is expected to be the primary driver of this market during the forecast period. According to the estimates of International Diabetes Federation, the global prevalence of diabetes is expected to increase from 366 million in 2011 to 552 million by 2030 and such a rapid growth in prevalence is expected to have a high impact on market growth over the forecast period. Some of the other drivers of this market include growing prevalence of lifestyle induced disorders such as obesity, increasing global base of geriatric population and R&D initiatives aimed at developing new products.
The overall insulin market on the basis of its action is segmented into five products namely rapid acting, short acting, intermediate acting, long acting and pre-mixed insulin. The global intermediate and long acting insulin segments together constituted the largest share of the market in 2013 at over 45.0%. The highest peak time associated with Intermediate acting or NPH (neutral protamine Hagedorn) insulin is one of the primary drivers of this segment. However, the use of insulin prescribed by a medical practitioner depends on many other attributes such as body’s individualized response to insulin, lifestyle choices such as food and alcohol consumption, age, blood sugar management goals etc.
Key segments (on the basis of source) analyzed in this study include insulin analogs and human recombinant insulin. The analog insulin segment dominated the overall market in terms of share in 2013 at over 70%. In addition, the human recombinant segment is expected to lose market share over the next six years owing to internal product substitution by relatively more efficient and expensive slow and fast analog insulin.
Type I and type II diabetes are the two application segments analyzed and estimated in this study. Type I diabetes is expected to dominate the overall market in terms of share and CAGR throughout the forecast period majorly on account of its high consumption rates and demand. Moreover, the growing global prevalence of type II diabetes is further expected to drive market growth.
North America held the largest share of the market in 2013 at over 40%. The high prevalence of diabetes in the U.S. coupled with the presence of high patient disposable incomes and sophisticated healthcare infrastructure are some of the factors expected to drive market growth over the next six years. According to the American Diabetes Association, approximately 15,600 adults in the U.S. are diagnosed with type I diabetes every year. The Asia Pacific insulin market is expected to grow at the highest CAGR during the forecast period on account of drivers such as the high prevalence of diabetes and constantly improving healthcare infrastructure coupled with increasing healthcare expenditures in emerging markets such as India and China.
Insulin market revenue share by geography, 2013
The global insulin market is dominated by three players namely Sanofi, Eli Lilly and Novo Nordisk. However, smaller companies such as Biocon and Dongbao play an important role in emerging markets such as India and China.