Insulin Drugs Market:
Executive Summary
The insulin drugs market consists of manufacturers’ sales of insulin drugs and types of Insulin by entities (organizations, sole traders and partnerships) which are used to treat diabetes. Insulin is a medication prescribed to treat type 1 diabetes and type 2 diabetes mellitus. There are several types, preparations, and dosage amounts of insulin. Insulin is a hormone that is produced naturally in our bodies. Its main role is to allow cells throughout the body to uptake glucose (sugar) and convert it into a form that can be used by these cells for energy. The market covered in this report does not include non insulin drugs and other antidiabetic drugs or medicine.
The global insulin drugs market was valued at about $25.44 billion in 2019 and is expected to grow to $29.39 billion at a CAGR of 7% through 2023.
The insulin drugs market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for insulin drugs and is expected to continue to be the largest market during the forecast period.
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The insulin drugs market covered in this report is segmented by product type into basal or long acting insulins, bolus or fast-acting insulins, traditional human insulins, combination insulins, biosimilar insulins. It is also segmented by application into type II diabetes, type I diabetes, gestational diabetes, prediabetes.
Changing lifestyles are leading to a higher prevalence of diabetes. This is expected to drive the demand for diabetes drugs during the forecast period. Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of diabetes. According to a study conducted in 2018, there was a high prevalence of diabetes in people with sedentary lifestyles. Additionally, people suffering from obesity are up to 80 times more likely to develop type 2 diabetes. According to a World Health Organization (WHO) report, 74% of men and 64% of women in the UK, for instance, are expected to be overweight by 2030. These factors are expected to increase the patient pool of diabetes, thereby likely to drive the diabetes therapies market during the forecast period.
High costs and long payback periods for investment in new diabetes drugs negatively impacted the market during the historic period. The costs for drug approval processes that include multiple phases of clinical trials and screening processes with regulatory bodies such as the US FDA are very high. According to the Tufts Center for the Study of Drug Development, the cost of bringing a new drug from its conception to shelves was about $2.7 billion in 2017, a significant increase from $320 million in the 1990s. These high costs and uncertainty regarding return on investments for drug development limited the investments by pharmaceutical companies in the development of new diabetic drugs, thus limiting the growth of the market during the historic period.
There is an increased trend of mergers and acquisitions for the new formulations in Insulin market and the companies are investing in development of new medicines in Insulin drugs market. For example, in December 2016, researchers at Lund University Diabetes Centre in Sweden, worked on CRISPR, a genome modification tool. This resulted in turning off of one of the genes which was responsible for causing diabetes. This effectively decreased beta cell death and increased insulin production in the pancreas. Insulin maker, Novo Nordisk has developed a diabetes pill and it is expected to be launched in 2020. This pill belongs to a blockbuster class of drugs, glucagon like peptide-1 (GLP-1s) that stimulate insulin production. The new drug is expected to generate about $5 billion in annual sales.
In August 2018, Novo Nordisk acquired Ziylo which is a University of Bristol spin-out company for an undisclosed amount in the UK. Novo Nordisk has full rights to Ziylo’s glucose binding molecule platform to develop glucose responsive insulins. This development is a key strategic area for Novo Nordisk and should result in more effective insulin therapy. Ziylo is a pharmaceutical Company that has developed Biomimetic Glucose Binding Molecules (GBM) for Continuous Glucose Monitors (CGM) & Glucose Responsive Insulins (GRI).
Major players in the market are Apidra, Eli Lilly, Humalog, Humulin, Insuman, Lantus, Levemir, Novo Nordisk, Novomix, NovoRapid/NovologInsulin Drugs Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global insulin drugs market
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