Insulin is a body hormone and is an 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. Latin America insulin market is growing at a significant rate and is expected to capture largest market share in global insulin market in terms of revenue. Increasing ubiquity 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. The introduction of regulations in favour of insulin manufacturers in Latin America region has encouraged various multinational companies to enter into Latin America for establishing production units, which has significantly helped the market growth. 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.
Key product segments analysed in this report include premixed insulin, premixed analog, rapid acting analog, long acting analog, short acting insulin and intermediate insulin. Insulin acting analog retained the maximum market share in terms of revenue share in 2013 as high prices of long acting analogs contributed maximum towards revenue and launch of new products in various Latin American markets has captured the market. Lantus by Sanofi Aventis influenced the overall long acting market in 2013, however, a setback is expected due to its patent expiration in 2015.
Product (on the basis of source) Insights
Various insulin products are derived from different sources. Insulin market can be categorized on the basis of source of product as human recombinant insulin and analogs. Analogs possess maximum market share in terms of revenue in 2013 due to deeper market penetration of various new products such as Tresiba by Novo Nordisk.
Key applications of insulin include type I and other diabetes and type II diabetes. Type I diabetes, previously known as juvenile or insulin dependent diabetes has grabbed maximum market share in terms of revenue in 2013. Increasing usage of insulin for treatment of type I diabetes along with launch of new drugs has helped this segment to capture large market share.
Key countries analysed in this study include Brazil, Argentina, Chile, Mexico, Colombia, Venezuela and Peru. Brazil dominated the overall Latin America insulin market in terms of revenue owing to the various subsidies provided by local government as these medicines are affordable to common patients in Brazil. Moreover, funds provided by government for development of bio similar drugs locally have fuelled the growth of this market. Market share of Latin America is expected to face a tough competition from Asia Pacific region due to emerging economies such as India and China.
The Latin America insulin market is oligopolistic in nature and is dominated by players such as Novo Nordisk, Eli Lilly and Company and Sanofi Aventis. Some of the other market players include Takeda Pharmaceuticals, Oramed Pharmaceuticals, Nanjing Xinbai Pharmaceutical Co. Ltd., Boehringer Ingelheim, Merck & Co. Inc., Biocon, along with various local companies producing biosimilars such as, Sandoz, Amega Biotech, Biosidus, Sinergium Biotech, Probiomed and EMS Farma.