World Insulin Market By Product, Segments And Application to Reach USD 47.54 Billion by 2020
Online, May 5, 2014 (Newswire.com) - The global market for insulin is expected to reach USD 47.54 billion by 2020, according to a new study by Grand View Research, Inc. Growing global prevalence of type I and type II diabetes and the presence of high unmet needs in emerging markets such as India and China are expected to be two of the most significant growth drivers of this market. Moreover, increasing incidence rates of lifestyle induced diseases such as obesity and growing global geriatric population base are expected to serve the global insulin market as drivers.
The global intermediate and long acting insulin segments were two of the largest markets in 2013 and together accounted for over 45% of the overall revenue. Higher efficacy exhibited by these segments in terms of insulin peak time is one of the major factors accounting for their large market shares.
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Further key findings from the study suggest:
1. Insulin analogs were the most dominant source in 2013 and accounted for over 70% of the revenue. These products are rapidly substituting the human recombinant insulin products by exhibiting higher efficacy.
2. North America was the largest regional market in 2013, accounting for over 40% of global revenue. The presence of sophisticated healthcare infrastructure, high type I diabetes prevalence and patient disposable incomes in this region are some of the factors expected to drive market growth. Emerging markets including Asia Pacific accounted for 26.5% of global revenue in 2013.
3. Asia Pacific insulin market is expected to grow at the highest CAGR of over 15% from 2014 to 2020 on account of the presence of high unmet medical needs pertaining to diabetes and increasing healthcare expenditures in emerging markets such as India and China
4. Key industry participants include Sanofi, Novo Nordisk, Eli Lilly, Novartis, Biocon, Oramed Pharmaceuticals, Bristol-Myers Squibb, Takeda Pharmaceuticals, Dongbao Enterprise Group Co., Ltd. and others.
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For the purpose of this study, Grand View Research has segmented the global insulin market on the basis of product, segment (on the basis of source), application and region:
i. Insulin Product Outlook
- Fast Acting Insulin
- Short Acting Insulin
- Intermediate Acting Insulin
- Long Acting Insulin
- Pre-Mixed Insulin
ii. Insulin Segment (on the basis of source) Outlook
- Insulin Analogs
- Human Recombinant Insulin
iii. Insulin Application Outlook
- Insulin for Type I Diabetes
- Insulin for Type II Diabetes
iv. Insulin Regional Outlook
- North America
- Europe
- Asia Pacific
- RoW
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