According to a report by Grand View Research, Inc., CIS insulin market is anticipated to value USD 3,008.5 million by 2020. Growing number of patients suffering from diabetes is anticipated to propel demand for insulin. It is expected to be most essential hormones secreted by human body. It can open door for glucose to enter into blood cells. Insufficient production of insulin in human body can lead to stockpiling of sugar in blood cells, which can cause diabetes.
Growing ubiquity of diabetes across the world can drive growth of market. Rising cases of health disorders such as obesity attributed to changing lifestyle can fuel market growth. Growth of fast food sector in CIS region is likely to surge demand for insulin over next few years. Diabetic patients are expected to be catered with external insulin supply. Rapid growth of diabetic patients is predicted to impact growth of insulin market in next few years. Increasing penetration of insulin products owing to extensive commercialization can fuel growth of market. Various new insulin products are likely to hit market during the forecast period. This, in turn can augment growth of market. Presence of extensive pipeline portfolio of products exhibiting higher efficacies and their subsequent commercialization can foster market growth. Continual attempts by manufacturers to capitalize on untapped opportunities by opening new manufacturing units to improve supply of insulin can drive growth of market. Introduction of regulations in favor of manufacturing companies making insulin products is likely to drive market growth over next few years. Moreover, subsidies given to local producers can help this market to grow over next few years. Agreements between governments and insulin producers can reduce market prices of insulin products, which can ultimately support market growth during the forecast period (2012 to 2020).
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The CIS insulin market can be segregated on the basis of product, application, source, and region. Based on product, the market can be categorized into long acting, premixed, premixed analog, short acting, and intermediate acting. In 2013, long-acting analogs dominated the market and accounted for maximum revenue share. High cost of long-acting analogs can contribute for revenue generation. Low-cost biosimilars of insulin are likely to capture the CIS market during the forecast period. The market was influence by Lantus, product of Sanofi Aventis. However, its patent expiration in 2015 is predicted to give setback to market growth during the forecast period.
Based on application, the market can be classified into type 1 diabetes and type 2 diabetes. Type 1 diabetes traditionally known as insulin dependent diabetes or juvenile acquired maximum market share in terms of revenue in 2013. Intensified use of insulin to treat type 1 diabetes as well as introduction of various products in the market is expected to enable this segment to grab maximum market share.
Based on source, the market can be bifurcated into analogs and human recombinant. In 2013, analogs segment dominated the market and accounted for maximum market share owing to deeper market penetration of various new products.
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Regional segmentation includes Russia, Poland, Turkey, Ukraine, Uzbekistan, Belarus, Kazakhstan, and rest of CIS. Russia dominated the market in past few years attributed to various subsidies provided by local government as these medicines are affordable to common patients in Russia. It is expected to be fastest growing market in CIS region. Various local governments are likely to provide monitory help for healthcare services to reduce cost of drugs. Moreover, funds provided by government for development of bio similar drugs locally can fuel growth of market.
In Ukraine, the market is predicted to register fastest CAGR of 15.6% over the forecast period attributed to presence of highly untapped opportunities. In addition, encouraging initiatives from local government can also fuel growth of market in the region.
In Poland, the market is estimated to grow at lucrative rate during the forecast period owing to high prevalence of diabetic patients in the region. In addition, increasing healthcare expenditure can also fuel growth.
Some of the leading companies offering insulin are Takeda Pharmaceuticals, Sanofi Aventis, Eli Lilly and Company, Nanjing Xinbai Pharmaceutical Co. Ltd., and Novo Nordisk. The market is expected to be in nascent stage and is predicted to grow more over the forecast period. Growing base of aged population and extensive R&D initiatives from insulin developers can stimulate growth of market during the forecast period.
Grand View Research has segmented the CIS Insulin market on the basis of product, application, source and region:
CIS Insulin Product Outlook
CIS Insulin Application Outlook
Type II Diabetes
Type I Diabetes
CIS Insulin Source Outlook
CIS Insulin Regional Outlook
Rest of CIS
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