Insulin Market Size, Share, Growth Analysis, By Product Type, By Delivery Device, By Type, By Application, By Distribution Channel, By Region - Industry Forecast 2024-2031

Global Insulin Market size was valued at USD 20.68 billion in 2022 and is poised to grow from USD 20.99 billion in 2023 to USD 23.69 billion by 2031, growing at a CAGR of 1.52% during the forecast period (2024-2031).

The insulin market is experiencing significant growth, primarily driven by the rising global prevalence of diabetes and progress in drug development. With diabetes being one of the fastest-growing chronic diseases worldwide-affecting an estimated 537 million adults in 2021 according to the World Health Organization-the demand for insulin continues to rise. However, the introduction of GLP-1 receptor agonists (GLP-1 RAs) and other novel prescription medications for type 2 diabetes may hinder this growth trajectory. The market remains largely oligopolistic, with key players such as Novo Nordisk A/S, Sanofi, and Eli Lilly and Company dominating the landscape. Additionally, advancements in chemical manufacturing are playing a critical role in market expansion. Notable innovations include Fiasp by Novo Nordisk, which combines insulin aspart with niacinamide to enhance absorption, and Afrezza by Mannkind, the first inhaled insulin product that eliminates the need for needles. Furthermore, Oramed Pharmaceuticals is progressing with Phase 3 clinical trials for its oral insulin capsules and is anticipated to file a Biologics License Application (BLA) by the end of 2023. As the diabetes treatment landscape evolves with these advancements, the insulin market must adapt to keep pace with changing therapeutic options and patient needs.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Insulin market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Insulin Market Segmental Analysis

Global Insulin Market is segmented by Product Type, Delivery Device, Type, Application, Distribution Channel, and Region. Based on Product Type, the market is segmented into Rapid-Acting Insulin, Long-Acting Insulin, Combination Insulin, Biosimilar, Others. Based on Delivery Devices, the market is segmented into Pens, Infusion Pumps, Syringes, and Others. Based on Type, the market is segmented into Human Insulin, Insulin Analog. Based on Application, the market is segmented into Type 1 Diabetes Mellitus, Type 2 Diabetes Mellitus. Based on Distribution Channel, the market is segmented into Hospitals, Retail Pharmacies, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Insulin Market

The global insulin market is significantly propelled by the escalating prevalence of diabetes, driven by factors such as sedentary lifestyles, unhealthy dietary choices, and rising obesity rates. As these lifestyle changes lead to higher incidences of both type 1 and type 2 diabetes, there is a growing demand for insulin therapies to effectively manage blood glucose levels. This surge in the patient population, especially in densely populated regions like Asia and Africa, highlights the urgent need for both traditional and innovative insulin solutions. Consequently, healthcare providers and pharmaceutical companies are increasingly focusing on developing advanced insulin formulations to meet the needs of this expanding market.

Restraints in the Global Insulin Market

A significant market restraint for the global insulin market is the high cost associated with insulin therapy, which disproportionately affects individuals in regions with limited healthcare access. The price of advanced insulin analogs, which offer improved efficacy and convenience, can be prohibitively expensive, restricting availability for low-income patients. This financial barrier is especially pronounced in developing countries, where inadequate or nonexistent healthcare reimbursement systems further exacerbate the issue, leading to substantial gaps in essential diabetes management. As a result, many patients may be forced to forgo necessary treatments, ultimately impeding market growth and diminishing health outcomes for those affected by diabetes.

Market Trends of the Global Insulin Market

The global insulin market is experiencing a significant shift towards biosimilar insulin, driven by the expiration of mainstream insulin patents and the push for cost-effective alternatives. Regulatory bodies like the European Medicines Agency (EMA) and the U.S. FDA are facilitating the approval process for biosimilars, effectively enhancing market competition and reducing prices. This trend is expected to not only lower medical costs for patients but also improve access to insulin in high-cost markets, fostering a more inclusive healthcare environment. As healthcare systems prioritize affordability and accessibility, the biosimilar insulin segment is poised to drive substantial growth in the global insulin market.