According to a report by Altus Market Research titled, “Insulin Drugs Global Market 2022 Demand, Growth To 2031 By Product Type: (Basal Or Long-Acting Insulins; Bolus Or Fast-Acting Insulins; Pre-Mixed; Intermediate, Short Acting Insulins); Source Type; Application; Drug Classification; Distribution Channel”, the insulin drugs market size reached a value of nearly $28,951.9 million in 2021, having grown at a compound annual growth rate (CAGR) of 3.1% since 2016. The market is expected to grow from $28,951.9 million in 2021 to $39,370.2 million in 2026 at a rate of 6.3%. The market is then expected to grow at a CAGR of 5.7% from 2026 and reach $51,973.2 million in 2031.
Market Growth Drivers:
Growth in the historic period resulted from an increase in diabetes prevalence, emerging markets growth, increased geriatric population and growth in insulin analogues. Going forward, the increase in disease burden, government initiatives and increase in R&D and collaborations will drive the growth. Factors that could hinder the growth of the insulin drugs market in the future include availability of alternative treatments and natural remedies and high costs.
Market Growth by Key Players:
The insulin drugs market is highly concentrated, and the market has limited number of large players. The top ten competitors in the market made up to 75.32% of the total market in 2020. This can be due to high entry barriers along with high research and development costs associated with drug development, licensing and commercialization Novo Nordisk was the largest competitor with 36.71% of the market, followed by Sanofi S.A with 19.08%, Eli Lilly And Company with 18.25%, Biocon Ltd with 0.58%, Gan & Lee Pharmaceuticals with 0.18%, Bioton with 0.15%, Wockhardt Ltd with 0.15%, Julphar with 0.07%, Tonghua Dongbao Pharmaceutical with 0.07% and AstraZeneca with 0.07%.
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Strategies by Key Players:
Player-adopted strategies in the insulin drugs market include increasing production capacity through investments, improving diabetes management through partnerships and collaborations, enhancing diabetes pipeline through strategic acquisitions, launching new products through partnerships and collaborations and focusing on global diabetes awareness, advocacy and education programmes through partnerships.
Market Growth by Segments:
The insulin drugs market is segmented by product type into basal or long-acting insulins, pre-mixed, bolus or fast-acting insulins and intermediate and short acting. The basal or long-acting insulins market was the largest segment of the insulin drugs market segmented by product type, accounting for 43.8% of the total in 2021. Going forward, the pre-mixed market is expected to be the fastest growing segment in the insulin drugs market segmented by product type, at a CAGR of 6.5% during 2021-2026.
The insulin drugs market is also segmented by source type into insulin analogs and human Insulin. The insulin analogs market was the largest segment of the insulin drugs market segmented by source type, accounting for 80.4% of the total in 2021. Going forward, the insulin analogs market is expected to be the fastest growing segment in the insulin drugs market segmented by source type at a CAGR of 6.35% during 2021-2026.
Market Growth by Applications:
The insulin drugs market is also segmented by application into type 1, type 2 and gestational. The type 2 market was the largest segment of the insulin drugs market segmented by application, accounting for 61.2% of the total in 2021. Going forward, the type 2 market is expected to be the fastest growing segment in the insulin drugs market segmented by application, at a CAGR of 6.8% during 2021-2026.
The insulin drugs market is also segmented by drug classification into branded drugs and generic drugs. The branded drugs market was the largest segment of the insulin drugs market segmented by drug classification, accounting for 79.6% of the total in 2021. Going forward, the generic drugs market is expected to be the fastest growing segment in the insulin drugs market segmented by drug classification, at a CAGR of 8.0% during 2021-2026.
Market Growth distribution channel
The insulin drugs market is also segmented by distribution channel into retail pharmacies, hospital pharmacies and online. The retail pharmacies market was the largest segment of the insulin drugs market segmented by distribution channel, accounting for 50.8% of the total in 2021. Going forward, the online market is expected to be the fastest growing segment in the insulin drugs market segmented by distribution channel, at a CAGR of 7.3% during 2021-2026.
Market Growth by Region:
North America was the largest region in the insulin drugs market, accounting for 42.0% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the insulin drugs market will be Asia Pacific, and, Eastern Europe where growth will be at CAGRs of 8.7% and 7.1% respectively. These will be followed by North America, and Middle East, where the markets are expected to grow at CAGRs of 5.9% and 4.7% respectively.
Future Investment Opportunities:
The top opportunities in the insulin drugs market segmented by product type will arise in the basal or long-acting insulins segment, which will gain $4,514.4 million of global annual sales by 2026. The top opportunities in the insulin drugs market segmented by source type will arise in the insulin analogs segment, which will gain $8,380.5 million of global annual sales by 2026. The top opportunities in segment by application will arise in the type 2 segment, which will gain $6,861.0 million of global annual sales by 2026. The top opportunities in segment by drug classification will arise in the branded drugs segment, which will gain $7,641.0 million of global annual sales by 2026. The top opportunities in segment by distribution channel will arise in the retail pharmacies segment, which will gain $5,494.2 million of global annual sales by 2026. The insulin drugs market size will gain the most in the USA at $3,770.4 million.
Market: Trend-based Strategies
Market-trend-based strategies for the insulin drugs market include launching new products to increase their product offerings, expanding product portfolio and business through mergers and acquisitions, adopting strategic partnerships to promote product offerings, investing more in research and development towards developing new insulin delivery methods, investing in advanced solutions to reduce R&D costs and save development time.
Growth Strategies by Altus Market Research for Companies in the Market:
To take advantage of the opportunities, Altus Market Research recommends the insulin drugs companies to focus on adoption of advanced technologies, launch new, innovative products, focus on strategic partnerships, expand into developing countries, set up authorized distributors and sales representatives, leverage online pharmacies, provide competitively priced offerings, focus on securing long-term supply contracts with healthcare institutions, offer value-based pricing, focus on increasing awareness about insulin drugs, leverage social media use to maximize reach and focus on the ageing population.
