North America Insulin Market Key Manufacturers, Development Trends and Competitive Analysis 2022-2031

Insulin is a hormone produced by human pancreas that controls the amount of glucose (sugar) levels in the bloodstream, and regulates human body's metabolism of fats, proteins, and carbohydrates. Insulin is available in various strengths; the most common is U-100, which is used as an adjunct to diet and exercise in order to improve glycemic control in children and adults.

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The growth of the global insulin market can be attributed to key factors such as rise in demand for human insulin analogs and favorable reimbursements. Technological innovations in the field of human insulin delivery devices also augments the global insulin market. For instance, in August 2020, the U.S. FDA granted approval for the MiniMed 770G System, an innovative diabetes management device. This device automatically monitors glucose and delivers correct basal insulin doses with little input from the customers (caregivers) for pediatric patients with type 1 diabetes.

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Increase in Incidence of Diabetes Globally to Drive Demand for Insulin

Insulin is a pharmaceutical preparation of the protein hormone insulin that is utilized as a medication to treat multiple conditions such as type 2 diabetes, gestational diabetes, type 1 diabetes, and complications of diabetes. The demand for insulin is anticipated to increase due to the surge in incidence of diabetes across the globe. According to a research conducted by the World Health Organization (WHO), diabetes was the ninth leading cause of death, with an estimated 1.5 million deaths due to diabetes reported in 2019.

Moreover, as per the International Diabetes Federation (IDF), the number of patients suffering from diabetes is expected to rise to 643 million by 2030 and 783 million by the end of 2045. Furthermore, around 10% of all adults in China - approximately 110 million people - currently live with diabetes, and the number is likely to reach 150 million by the end of 2040. Statistics mentioned above indicate that the demand for insulin is expected to increase during the forecast period.

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No Strict Regulations on Price Cap to Drive Global Market

The increase in the number of year-on-year patent expiry of blockbuster drugs is paving the way for entry of generic drugs in the market, which would lead to decrease in drug spending. Hence, in order to take the pressure off health insurers, prices of drugs that are in demand (insulin and others) would continue to rise. Several big pharmaceutical manufacturers are increasing the prices of their blockbuster drugs still under patent protection. This rise in pricing would offset the sales of drugs for which generics are available.

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According to various analysts, major companies in the insulin market such as Novartis, Eli Lilly, and Sanofi have increased the prices of their insulin products. Several other drug makers are also adopting strategies to boost prices depending on competition, approval of pipeline candidates, and expected entry of generics. Moreover, insulin prices are determined by multinational players even in the regional markets. Domestic players in the market play at very thin profit margins, whereas dominating players hold large share of the market due to high prices of their premium products. Therefore, this freedom of raising prices helps companies increase revenue, which consequently fuels the growth of the insulin market.

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