Global Insulin Drugs Market 2024 Growth Rate, Latest Trends, Industry Insights And Forecast To 2033

The insulin drugs market size has grown rapidly in recent years. It will grow from $31.09 billion in 2023 to $34.6 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increase in diabetes prevalence, emerging markets growth, increased geriatric population and growth in insulin analogues.

The insulin drugs market size is expected to see rapid growth in the next few years. It will grow to $51.81 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to the increase in disease burden, government initiatives and increase in r&d and collaborations. Major trends in the forecast period 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.

Market Overview -
Insulin drugs refer to medications that 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.

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Rising Diabetes Prevalence And Its Impact On Insulin Drugs Market
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, 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.

Competitive Landscape -
Major companies operating in the insulin drugs market report are Novo Nordisk, Sanofi S.A., Eli Lilly And Company, Biocon Ltd, and Gan & Lee Pharmaceuticals, Bioton, Wockhardt Ltd, Julphar, Tonghua Dongbao Pharmaceutical, AstraZeneca, Mehar healthcare, GE Healthcare, Philips Healthcare India, Shandong WeiGao Group Medical Polymer Company Limited, Yuwell Medical Equipment & Supply Co, Terumo, NIPRO, Olympus Medical Systems, Hitachi Medico, Nihon Kohden, Fukuda Denshi, Emperra GmbH E-Health Technologies, DIABNEXT™, Berlin-Chemie AG, Ypsomed Holding AG, Patients Pending Ltd, Dexcom, Johnson and Johnson, Medtronic, Abbott Laboratories, Acon Laboratories, Ypsomed AG, Tandem Diabetes Care, Inc., Becton, Dickinson, Insulet Corporation, AJA Pharma, SEDICO Pharmaceutical Company, Pfizer

Innovations And Breakthroughs In The Insulin Drugs Market
There is an increasing trend of mergers and acquisitions for new formulations in the Insulin market and companies are investing in the development of new medicines in the insulin drugs market. For example, researchers at Lund University Diabetes Centre in Sweden, worked on CRISPR, a genome modification tool. This resulted in the turning off of one of the genes which were 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 planned to launch it in India by February 2022. 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.

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Key Segments -
The insulin drugs market covered in this report is segmented -
1) By Product Type: Basal Or Long-Acting Insulins, Bolus Or Fast-Acting Insulins, Pre-Mixed, And Intermediate And Short Acting Insulins
2) By Source Type: Insulin Analogs, And Human Insulin
4) By Drug Classification: Branded Drugs, And Generic Drugs
3) By Application: Type 2 Diabetes, Type 1 Diabetes, And Gestational Diabetes
5) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, And Online

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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