The main function of insulin is to enable the absorption of glucose from the blood in the body which provides energy to the body and stabilize the level of blood glucose. Continuous changing food habit of people coupled with changing life style is anticipated to increase the rate of obsessed population which is a factor triggering the market for diabetes. Furthermore, other factors which support the growth of this market are increasing demand of insulin analogs are rapid increase in geriatric population and growing demand for minimal invasive and noninvasive treatment for diabetes. Increasing availability of safety pen needles and syringe in the market is pushing the growth of this market owing to the effective delivery of insulin. Both the public and private firms are taking active participation for eradication and control of diabetes by investing huge amount of fund for research and development. Increasing rate of hypertension and destruction of beta cells are the prime reason for occurrence of diabetes in one’s body.
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The developing nations consists significant large potential market for insulin which is needed to be served in order to maximize the revenue and total market share. Continuous introduction of minimal invasive diagnostic procedures has created a wide gap between the demand and supply of insulin for the control of glucose level in blood.
Strong government support such as providing grants and subsidies to insulin producing pharmacies is likely to trigger the demand for insulin in coming five years. High production complexities and cost of production are the restrains of insulin market. Rising target base population and increasing level of awareness among people about treatment of diabetes is expected to drive the market in future.By product, the global insulin market is classified into rapid acting, intermediate acting, short acting, long acting and pre-mixed insulin. Among these, long acting insulin and immediate acting insulin together contributed almost half of the entire insulin market share by revenue, in 2013. Due to quick result of balancing blood sugar level, the immediate acting insulin is anticipated to witness lucrative growth over the forecast period.
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Apart from this, it has also widely accepted by medical practitioners of hospitals and clinics. Long acting insulin segment is also expected to grow with significant rate owing to stabilize the level of blood glucose for few weeks. This is a very effective way to control diabetes and has long lasting effect. However, the dose of insulin is prescribed by doctors which depends on various individuals such as consumption of alcohol, age of individual, consumption of junk foods, personal insulin production rate and blood glucose level.
Asia Pacific region comprises of India, China, Australia, South Korea, Brazil and Others developing nations. This region is anticipated to witness the highest growth rate over the forecast period owing to continuous increase in population leading to raise the overall targeted market, rapidly increasing geriatric population base and rising awareness about diabetes & its treatment. Continuous improvement in healthcare infrastructure coupled with availability of sophisticated technology is likely to push the growth of this market in next decade.
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The market is oligopolistic in nature and there is strong barrier in entry into this industry. Some of the major market players of the global insulin market are Sanofi, Eli Lilly and Company, Novo Nordisk A/S, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. and Biocon. The prices of these companies product are entirely dependent in each other.
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