Global Insulin Market Forecast to 2028 - Insufficient Competition from Biosimilars Presents Opportunities - ResearchAndMarkets.com
25 Nov 2022
Drug Approval
DUBLIN--(BUSINESS WIRE)--The "Insulin Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Geography" report has been added to ResearchAndMarkets.com's offering.
'Insulin Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Geography'
The insulin market is projected to grow from US$ 54,611.42 million in 2021 to US$ 111,213.73 million by 2028. It is expected to grow at a CAGR of 10.8 % from 2022 to 2028.
The increase in the incidence of diabetes and rapid technological developments in insulin delivery devices by major players is expected to bolster the insulin market in the years to come. Additionally, the regeneration of the diabetic pancreas with advanced transplants is likely to emerge as a significant future trend in the insulin market from 2022 to 2028. However, the risks associated with insulin delivery devices hamper the overall market growth.
In diabetic people, the pancreas does not produce enough insulin, or the body does not usually respond to the insulin, increasing the blood glucose level. Insulin is a hormone that helps in lowering blood sugar levels. Insulin therapy is often an essential part of diabetes treatment. It is made by the beta cells of the pancreas and released into the blood when glucose levels rise, for example, after eating.
Insulin helps glucose get into the body cells, which can be used for energy or stored for future use. Different types of insulin available vary in how quickly and for how long they can control blood sugar. Insulin does not come in pill form as the digestive system would break it down before it could work. Insulin therapy is exhausting; however, it is an effective way of lowering blood sugar levels.
Products with advanced insulin technology with more benefits are a major requirement in treating diabetes. There has been a rise in advancements in diabetes treatment over the past few years. As the prevalence of diabetes is increasing worldwide, the demand for advanced products is also boosting. The insulin market is expected to grow owing to an increase in the strategic efforts made by the industry players. The market players actively support their public and private research and academic institutes for increasing research activities.
A few of the recent developments related to rapid technological advancement in the insulin market are mentioned below:
In May 2022, Eli Lilly and Company received US FDA approval for its Mounjar (tirzepatide) once-weekly Glucose-Dependent Insulinotropic Polypeptide (GIP) and GLP-1 Glucagon-like Peptide-1 (GLP-1) receptor agonistGLP-1 Glucagon-like Peptide-1 (GLP-1) receptor agonist for the treatment of adults with type 2 diabetes. The injection is decided to be available in 6 doses (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg) as an auto-injector pen with a preattached hidden needle.
Market Dynamics
Increase in Incidence of Diabetes
Rapid Technological Developments in Insulin Delivery Devices by Major Players
Restraints
Risks Associated with Insulin Delivery Devices
Opportunities
Insufficient Competition from Biosimilars
Regeneration of Diabetic Pancreas with Advanced Transplants
Companies Mentioned
Eli Lily and Company
Biocon
Wockhardt
GlaxoSmitheKline plc
Sanofi
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