Insulin Market Accrues Phenomenally by 2026 with a Staggering CAGR By Key Companies Eli Lilly and Company, Novo Nordisk A/ S, Julphar Gulf Pharmaceutical Industries, Sanofi S.A., Biocon Limited, GlaxoSmithKline, and Wockhardt
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New product development and launches are expected to drive growth of global insulin market
Oramed Pharmaceuticals, in May 2018, developed the first oral drug delivery system, which stimulates the natural process of insulin in the liver. This insulin product is in phase II of clinical trial under the U.S. Food and Drug Administration (FDA) and this will provide efficient and safer method for delivering insulin therapy to patients. Furthermore, in February 2018, Sanofi Aventis launched Toujea in India, a next generation basal insulin, with once or daily usage forms which improves glycemic control in adults with type 1 and type 2 diabetes.
Increasing investment on research, development, and manufacturing of anti-diabetic drugs is expected to boost global insulin market
Increasing research activities for the development of innovative diabetic management drugs by using technology such as delivering insulin without needle provides better opportunities for manufacturers in the global insulin market. For instance, from year 1952 to 2017, the American Diabetes Association (ADA) has invested US$ 807.4 million for over 4,700 research projects on diabetes.
In September 2017, Biocon Limited received funding from Juvenile Diabetes Research Foundation (JDRF) to study safety and efficacy of insulin Tregopil in diabetic patients. Insulin Tregopil is currently undergoing a pivotal Phase II/III study in type 2 diabetes patients in India. This fast acting insulin can improve post prandial glucose control with fewer side effects.
Global Insulin Market – Competitive Landscape
Key players operating in the global insulin market include Eli Lilly and Company, Novo Nordisk A/ S, Julphar Gulf Pharmaceutical Industries, Sanofi S.A., Biocon Limited, GlaxoSmithKline, and Wockhardt. These companies are adopting strategies such as mergers, acquisitions, expansions, collaborations, and new product launches to retain their position in the global insulin market. For instance, in August 2018, Novo Nordisk acquired Ziylo to develop smart, glucose responsive insulin (GRIs), ensuring optimal glucose control and reducing risk of hypoglycemia.
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Global Insulin Market - Regional Analysis
On the basis of region, the global insulin market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in terms of market share in the global insulin market, owing to increasing cases of diabetes, and geriatric population in this region. For instance, according to the Centers for Disease Control and Prevention report 2017, over 100 million adults are suffering with diabetes in the U.S in 2017. Asia Pacific region is expected to witness higher growth due to increasing awareness for diabetic care, favorable government policies, and increasing R&D investments by larger companies.
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