Global Insulin Market Poised for Growth with Advancements in Diabetes Care Technology

The global insulin market, valued at USD 570.8 million in 2022, is expected to witness steady growth, registering a compound annual growth rate (CAGR) of 3.3% over the forecast period. Increasing rates of obesity, unhealthy diets, and physical inactivity are major factors contributing to this growth, as the demand for insulin rises in response to the growing prevalence of diabetes.

Insulin plays a crucial role in managing blood sugar levels, helping people with diabetes control glucose absorption in the bloodstream. The demand for insulin is rising, especially with increasing diabetes diagnoses. According to the International Diabetes Federation, over 537 million people between the ages of 20 to 79 were living with diabetes in 2021, with almost half of these cases undiagnosed. The disease was responsible for approximately 6.7 million deaths that same year.

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Market Drivers: Technological Advancements and Strategic Collaborations

One of the key drivers of the insulin market's growth is the ongoing development of advanced insulin delivery devices, such as insulin pumps and wearable patch pumps. These innovations allow for more precise, convenient, and efficient insulin administration. For instance, insulin pumps offer continuous subcutaneous insulin infusion, which mimics the natural insulin release of a healthy pancreas. Wearable devices, including Continuous Glucose Monitoring (CGM) systems, are also helping individuals manage their blood sugar levels with greater ease and accuracy.

In addition to technology advancements, strategic collaborations by major companies are boosting the market. For example, in May 2023, Embecta Corp. and Tidepool announced a collaboration to develop an Automated Insulin Delivery (AID) system specifically for people with type 2 diabetes (T2D). This project aims to create a closed-loop patch pump device, tailored to the needs of individuals living with T2D, which has received FDA Breakthrough Device Designation.

Similarly, in March 2022, Medtronic India introduced the MiniMed 780G system, a next-generation insulin pump that automates insulin delivery for type 1 diabetes patients. This system uses advanced technology to help manage both basal insulin and correction boluses, providing patients with more consistent blood sugar control.

Market Challenges: High Costs and Product Limitations

Despite the promising advancements, the high cost of insulin remains a significant barrier for many patients, potentially limiting market growth. Additionally, while insulin pens are a popular option due to their ease of use and convenience, they have certain limitations. For example, not all types of insulin can be mixed in an insulin pen, which can be a drawback for some patients.

Market Segmentation: Insulin Pen Leads Route of Administration

In terms of how insulin is administered, the market is segmented into syringes, insulin pens, and insulin pumps. The insulin pen segment accounted for the largest share of market revenue in 2022. These pens are gaining popularity due to their ability to help patients better manage their insulin doses. Modern insulin pens often come with smartphone apps that track doses, provide reminders, and offer helpful insights, making diabetes management more efficient. Strategic initiatives by companies like Eli Lilly, which is partnering with tech companies to integrate diabetes management solutions, are expected to further boost the growth of this segment.

Application Insights: Type 1 Diabetes Drives Market Growth

Based on application, the global insulin market is divided into two key segments: type 1 diabetes and type 2 diabetes. The type 1 diabetes segment is expected to see robust growth during the forecast period, as insulin remains the primary treatment for managing blood sugar levels in patients with this condition. By helping to maintain glucose levels within a healthy range, insulin reduces the risk of severe complications such as heart disease, stroke, and kidney failure.

Recent research and innovation in this area are also driving market growth. In November 2022, researchers at Georgia Tech introduced iTOL-100, a groundbreaking biomaterial that could potentially cure type 1 diabetes. This novel therapy encourages the immune system to accept donor cells without the need for immunosuppressive drugs, representing a major breakthrough in diabetes treatment.

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Insulin Top Companies and Competitive Landscape

The global insulin market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective insulin products in the market.

Some major players included in the global insulin market report are:

Novo Nordisk A/S
Eli Lilly and Company
Sanofi
Biocon Limited
Medtronic Plc.
Pfizer Inc.
Merck & Co., Inc.
Becton, Dickinson and Company (BD)
Braun SE
Biomm

Insulin Latest Industry Updates

On 19 September 2023, Novo Nordisk announced a new partnership to develop human insulin production in South Africa as a part of an expanded commitment to provide life-saving treatment to diabetics across Africa. This new collaboration allows for the manufacture of human insulin for the African continent.

On 19 February 2020, Abbott and Insulet Corporation, the global leader in tubeless insulin pump technology with its Omnipod Insulin Management System, announced a collaboration to integrate Abbott's world-leading1 glucose sensing technology with Insulet's next-generation tubeless system, the Omnipod Horizon Automated Insulin Delivery (AID) System (Omnipod Horizon System), to provide personalized automated insulin delivery and care to people with diabetes.
Insulin Market Segmentation Analysis

For the purpose of this report, Emergen Research has segmented the global insulin market on the basis of product type, route of administration, application, distribution channel, and region:

Product Type Outlook (Revenue, USD Million; 2019-2032)

Long-Acting Insulin
Lantus
Levemir
Toujeo
Basaglar
Others
Fast-Acting Insulins
Traditional Human Insulins
Novorapid/Novolog
Humalog
Apidra
Fiasp
Others
Combination Insulin
Biosimilars Insulin
Liraglutide
Semaglutide
Others

Route of Administration Outlook (Revenue, USD Million; 2019-2032)

Syringe
Insulin Pen
Insulin Pump

Application Outlook (Revenue, USD Million; 2019-2032)

Type 1 Diabetes
Type 2 Diabetes

Distribution Channel Outlook (Revenue, USD Million; 2019-2032)

Hospitals
Pharmacies
Others

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Regional Outlook (Revenue, USD Million; 2019-2032)

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa

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