Rise in availability of continuous glucose monitoring, surge in investments in R&D for human recombinant insulin, and increase in government expenditure on healthcare drive the growth of the global rapid acting insulin market.
Rise in availability of continuous glucose monitoring, surge in investments in R&D for human recombinant insulin, and increase in government expenditure on healthcare drive the growth of the global rapid acting insulin market. However, adverse effects associated with use of rapid acting insulin hinder the market growth. On the contrary, undiagnosed population in developing region is estimated to open lucrative opportunities for market players in the future.
According to a new report published by Allied Market Research, titled, “Rapid Acting Insulin Market by Product Type, Indication, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020-2027,” global rapid acting insulin industry was accounted for $7.10 billion in 2019, and is estimated to reach $8.92 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
The growth of the global rapid acting insulin market is driven by increase in prevalence of diabetes, surge in geriatric population who are susceptible to develop diabetes, and surge in adoption of sedentary lifestyle. These factors contribute to the growth of the industry during the forecast period.
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Rise in prevalence of diabetes worldwide is the major factor that contributes toward growth of the rapid acting insulin market. Furthermore, sedentary & unhealthy lifestyles increase the risk of diabetes, because of overweight or obesity, an unhealthy diet and physical inactivity, which account for about 80% of the increase in prevalence of diabetes. Moreover, increase in investment in research and development (R&D) for human recombinant insulin is expected to drive the need for insulin used in management of diabetes thereby boosting the growth of the market. In addition increase in government expenditure on healthcare also propel the market growth. However, the reluctance in adoption of rapid acting insulin due to the side effect, such as hypoglycemia, may hinder the growth of the industry. Conversely, untapped market and undiagnosed population in developing regions are expected to provide lucrative growth opportunities for the rapid acting insulin market growth.
Covid-19 scenario:
- The patients suffering from respiratory diseases and diabetes are at higher risk of getting infected by Covid-19 virus. Thus, the demand for rapid acting insulin has increased during the pandemic.
- However, the prolonged lockdown across various countries have disrupted the supply chain and increased the prices of raw materials.
- The pandemic and restriction on international trade has created challenges for manufacturing and distribution of rapid acting insulin.
The online providers segment to manifest the highest CAGR through 2027
By distribution channel, the online providers segment is projected to portray the highest CAGR of 6.9% from 2020 to 2027. However, the drug store & retail pharmacies segment held the largest share in 2019, contributing to nearly two-thirds of the global rapid acting insulin market, owing to availability of rapid acting insulin in drug store & retail pharmacy stores.
North America held the largest share
By region, the market across North America held the largest share in 2019, contributing to nearly half of the market, due to rise in incidences of diabetes, high number of geriatric population, and favorable government policies. However, the global rapid acting insulin market across Asia-Pacific is estimated to register the highest CAGR of 5.8% during the forecast period, owing to westernized lifestyle behaviors and the increased prevalence of obesity.
Major market players
- Biocon Limited
- ADOCIA SAS
- Gan & Lee Pharmaceuticals
- Eli Lilly and Company
- Mannkind Corporation
- Geropharm LLC
- Sanofi S.A.
- Novo Nordisk A/S
- Wockhadt Ltd.
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The insulin lispro segment held the lion’s share
By product type, the insulin lispro segment held the largest share in 2019, accounting for nearly half of the global rapid acting insulin market. In addition, the segment is estimated to register the highest CAGR of 4.5% during the forecast period, due to better advantages posed by the product, which include faster subcutaneous absorption, earlier & greater insulin peak, and shorter duration of action as compared to other types.
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