Insulin Market Size, Share & Trends Analysis By Product Type (Rapid-Acting Insulin, Long-Acting Insulin, Combination Insulin, Biosimilar), By Application, By Type (Type 1, Type 2), By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global insulin market size was estimated at USD 20.35 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 1.5% from 2022 to 2030. The insulin market is witnessing growth due to factors such as the increasing incidence of diabetes and formulation advancements. However, the increasing prescription of drugs such as GLP-1 RAs to treat type 2 diabetes can slow down market growth. It is an oligopolistic space dominated by companies like Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. Diabetes is one of the fastest-growing chronic diseases in the world. Its prevalence has increased steadily over the past few decades. The World Health Organization estimates that 537 million adults worldwide affected by diabetes in 2021, and one in ten experienced other diabetes.

In addition, geriatric and obese populations are more susceptible to chronic diseases. According to the World Bank Group, in 2020, the global elderly population was around 727 million, which is expected to double over the next three decades, reaching approximately 1.5 billion in 2050.

Formulation advancements are another crucial factor driving space growth. For instance, Fiasp (Novo Nordisk) is a formulation of insulin aspart in a combination of niacinamide (Vitamin-B3), which can improve the initial absorption of the drug. Afrezza (Mannkind) is the only inhaled form available in the market, which eliminates the need for needles & syringes.Moreover, Oramed Pharmaceuticals' oral insulin capsule is undergoing phase 3 clinical trials. The company is expected to submit the BLA by Q4 2023. The successful launch of this product can provide an alternative option to patients.

The market saw a setback due to the COVID-19 pandemic. Amid the pandemic, slowdown and disruption in the supply of pharmaceuticals were observed due to the strategies designed to control the spread of SARS-CoV-2. In addition, hospitals have reported a decrease in the number of insulin prescriptions. However, in several countries, the effect of COVID-19 declined to post the second quarter of 2021, which helped the market regain traction.

The high cost of insulin could impede the market growth. Leading players such as Eli Lilly and Company, Novo Nordisk A/S, and Sanofi have patent protection for products. For instance, Sanofi filed 74 patent applications for Admelog to strengthen its position. These companies hold more than 90% of the global market. As a result, biosimilar players are negligible in this space.

Product Type Insights

The long-acting insulin segment contributed a substantial revenue share of 56.53% in 2021. Factors such as patent protection and high demand due to long-term effects are expected to drive the segment. Toujeo, Levemir, Xultophy, Insulatard, and Lantus are among the major products in this segment. In comparison, rapid-acting insulin results in faster absorption. Key products in this segment include aspart, lispro, and glulisine. Among them, Lispro dominated, with the highest sales in 2021.

The Biosimilar insulin segment is expected to expand at a lucrative CAGR of 18.3% during the forecast period. The patent expiry for major products and subsequent availability and uptake of biosimilar insulin products will drive segment growth. For instance, in July 2021, Semglee, a glargine biosimilar, was approved by the FDA. It was the first insulin biosimilar in the U.S. and was also approved as an interchangeable biosimilar of Lantus.

Application Insights

In 2021, the largest segment by application is type 1 diabetes mellitus, due to the high insulin dependency of these patients. It is a more severe condition than type 2 diabetes. According to the International Diabetes Federation, around 10% of all individuals with diabetes have type-1 diabetes.

Type 2 diabetes mellitus is expected to be the fastest-growing segment. It is the most common type across the globe. Its high prevalence is the primary reason for the segment's growth. According to the IDF 2021 report, the prevalence of type 2 diabetes was around 405.6 million, which is projected to increase to approximately 510.8 million by 2030. Several companies are engaged in the R&D of oral insulin. So far, the FDA has approved only two systems for oral delivery of insulin: Oramed’s ORMD-0801 and Diasome’s HDV-I. ORMD-0801 is under phase 3 clinical trial. The approval of this product will provide patients with an add-on option to insulin injections.

Type Insights

The analog insulin segment dominated the market with a share of 86.58% in 2021. Its dominance can be attributed to the higher efficacy of insulin and minimal adverse effects, such as hypoglycemic attacks and lower weight gain, as compared to conventional therapy. Long-acting insulin products dominate the market. Long-acting insulin analogs like glargine, detemir, and degludec are developed by companies Eli Lilly, Novo Nordisk A/S, and Sanofi, respectively. These products have a high market share, and their demand is expected to drive the market.

In contrast, human insulin is a traditional form of insulin. The big three manufacturers have products like Humulin, Insuman, and Novolog in the market. However, owing to the presence of more effective insulin analogs, the sales and prescription rate of these products are expected to decline over the forthcoming years.

Distribution Channel Insights

The retail pharmacy segment dominated the overall market in 2021, owing to the rising burden of disease, the feasibility of home care patients, and various discounts offered by retail pharmacies. The market has witnessed consolidation in retail pharmacy chains in the United States. Furthermore, the hospital pharmacy segment is expected to grow moderately. This segment is driven by factors such as the rising hospitalization of diabetic patients.

The others segment includes online pharmacies that are anticipated to witness the fastest growth during the forecast period. The comfort, flexibility, and convenience provided by online purchase of medications are major factors driving the segment. In addition, the discounts offered by online pharmacies attract patients to purchase medications online, which is also expected to fuel market growth.

Regional Insights

North America dominated the space in terms of revenue in 2021, mainly due to the dominance of branded products and the increasing prevalence of disease in the region. According to the CDC, approximately 37.3 million people in the United States had diabetes in 2020, with 28.7 million diagnosed and 8.5 million undiagnosed cases. Furthermore, about 96 million people aged 18 years and older have prediabetes. Some of the major players currently operating in this region include Novo Nordisk A/S, Eli Lilly and Company, and Sanofi. However, the U.S. FDA has approved two new insulin biosimilars, Semglee and Rezvoglar, from Mylan/Biocon and Eli Lilly and Company, respectively. The entry of these biosimilars is expected to drive down the price of insulin in the U.S. market and intensify the competition.

Asia Pacific is expected to witness significant growth during the forecast period, owing to factors such as rising geriatric & target populations, increasing number of collaborations for the development of biosimilars, geographic expansion of key players, and active participation of government & nonprofit organizations in the market space. Furthermore, health awareness campaigns and scientific conferences for the management of this disease may fuel market growth in the region.

Insulin Market Share Insights

Many companies are rapidly opting for geographical expansion, strategic collaborations, and partnerships in emerging and economically favorable regions through mergers and acquisitions. For instance, in February 2022, Biocon announced the acquisition of Viatris’ biosimilar portfolio for USD 3.335 billion. This acquisition strengthened Biocon’s biosimilar product portfolio and improved its revenue generation. Some of the prominent key players in the global insulin market include:

• Novo Nordisk A/S

• Eli Lilly and Company

• Sanofi

• Biocon Ltd

• Wockhardt

• Boehringer Ingelheim International GmbH

• Julphar

• United Laboratories International Holdings Limited

• Tonghua Dongbao Pharmaceutical Co. Ltd.

Insulin Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this report, Grand View Research has segmented the insulin market based on product type, application, type, distribution channel, and regions.

• Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Rapid-Acting Insulin

  • Long-Acting Insulin

  • Combination Insulin

  • Biosimilar

  • Others

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Human Insulin

  • Insulin Analog

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Type 1 Diabetes Mellitus

  • Type 2 Diabetes Mellitus

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Retail Pharmacies

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE