Global insulin market size was valued at USD 22,358.9 million in 2013 and is expected to grow at a CAGR of over 13.1% over the forecast period. Factors such as increasing prevalence of obesity, increase in alcohol consumption, smoking and drug abuse, sedentary life styles coupled with rise in global geriatric population are expected to boost the product demand over the forecast period.
According to estimates of the International Diabetes Federation, the global prevalence of diabetes is expected to increase from 366 million in 2011 to 552 million by 2030. Such rapid rise in prevalence levels is likely to serve as a high impact driver for this market. The increasing patient awareness about diabetes management and expectations to lead healthy life post diabetes detection will boost usage rates across the globe.
Introduction of new products such as ultra long acting analogs and presence of strong pipeline of oral anti-diabetics coupled with streamlining of regulatory processes with predictability in approval rate for new molecules is expected to increase penetration levels. Patent expiration of various products is likely to provide growth opportunities for the generic manufactures to capitalize on.
The presence of a robust social insurance system and various other supportive government initiatives is expected to enhance the access of these drugs to patients. Therefore, manufacturers are entering into strategic tie ups with these agencies in order to improve their market penetration and ensure sustainability.
North America insulin market revenue by product, 2012-2020, (USD Million)
On the basis of its action, the overall insulin market is segmented into pre-mixed, rapid acting, long acting, short acting, and intermediate acting. In 2013, the global long acting and intermediate acting insulin segments together held the largest share at over 45.0%. The intermediate acting or Neutral Protamine Hagedorn (NPH) is expected to witness positive growth over the forecast period due to its technical advantage of highest peak time.
Insulin is prescribed by medical practitioner after evaluating individual patient’s attributes such as age, body response, food habits, and lifestyle habits such as smoking, alcohol consumption, and physical activeness. After assessment of patient attributes, blood sugar management goals are set for each patient and therapy is used for the treatment of diabetes.
Based on application, this market is segmented as type I and type II diabetes. As of 2013, type II diabetes has high prevalence rate and accounts for 90% of diabetic share. The market catering to type I diabetes is likely to witness rapid growth in demand over the forecast period.
In 2013, North America held the largest market share of over 40.0% owing to, the increasing prevalence of diabetes in the U.S., lifestyle-associated disorders, and high disposable income levels. Every year, over 15,000 adults in the U.S. are diagnosed with type I diabetes according to data published by the American Diabetes Association.
Moreover, the Asia Pacific market is expected to experience a high growth trajectory over the forecast period owing to, rise in per capita disposable income, increase in obese population, and increase in overall smoking and alcohol consumption rates. Some other factors contributing to growth include growing investments in public and private healthcare, launch of new products, and rising overall awareness about diabetes and related health disorders.
Sanofi Aventis, Novo Nordisk, Bristol Myers Squibb, Merc & Co., Inc., Eli Lilly, Takeda Pharmaceuticals, Oramed Pharmaceuticals Inc., Biocon, Dongbao Enterprises Group Co. Ltd., and others dominate the global insulin market.
The industry is oligopolistic in nature and is dominated by players such as Novo Nordisk, Sanofi Aventis, and Eli Lilly. In 2013, Novo Nordisk held over 41% share, closely followed by Sanofi Aventis. Long acting analogs dominated the overall product segment in terms of revenue share in 2013 owing to its high prices and efficacy. Furthermore, analog revenue share is expected to increase owing to growing penetration of brands such as Lantus in emerging and underdeveloped economies and the introduction of new products such as Tresiba by Novo Nordisk.
The industry is expected to witness strong competition levels due to introduction of new biologics as well as biosimilars (generic versions) over the forecast period. Presence of local and generic product manufacturers in the emerging economies is anticipated to further heighten the rivalry level over the forecast period.