Insulin Drugs Global Market Report 2023

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- Major players in the insulin drugs market are Apidra, Eli Lilly, Humalog, Humulin, Insuman, Lantus, Levemir, Novo Nordisk, Novomix, NovoRapid/Novolog, Actrapid, Admelog, Novolin/Actrapid/Insulatard, Ryzodeg, Sanofi, Soliqua/Suliqua, Toujeo, Tresiba and Xultophy.

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The global insulin drugs market will grow from $32.83 billion in 2022 to $36.50 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The insulin drugs market is expected to grow to $53.41 billion in 2027 at a CAGR of 10.0%.

The insulin drugs market consists of sales of rapid-acting insulin, short-acting insulin, and mixed insulin.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

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.

North America was the largest region in the insulin drugs market in 2022.Middle East is expected to be the fargest growing region in the forecast period.

The regions covered in the insulin drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main product types of insulin drugs are prandial insulins, basal insulins, premixed insulins, and other insulins.A meal is referred to as a prandial.

Postprandial (from post prandium) refers to the time after a meal, whereas preprandial refers to the time before a meal.The drugs are classified into branded drugs and generic drugs that are distributed by hospital pharmacies, retail pharmacies, drug stores, and others.

The various application includes type II diabetes, type I diabetes, gestational diabetes, and prediabetes.

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.

High costs and long payback periods for investment in new diabetes drugs negatively impacted the market during the forecast period.The costs for drug approval processes that include multiple phases of clinical trials and screening processes with regulatory bodies such as the US FDA are very high.

According to a study published in the journal JAMA, the cost of bringing a new drug from its conception to shelves was about $2.8 billion in 2020. These high costs and uncertainty regarding return on investments for drug development limited the investments by pharmaceutical companies in the development of new diabetic drugs, thus limiting the growth of the market during the historic period.

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.

In July 2021, Eli Lilly and Company, a US-based pharmaceutical company specializing in the discovery, development, manufacturing, and commercialization of human drugs, acquired Protomer Technologies Inc. for an amount of $1 billion. Through this acquisition, Lilly enhances its capabilities to make the lives of diabetes patients better, and we're still committed to offering practical solutions, such as advancements in insulin therapy. The development of glucose-sensing insulin, which has the potential to significantly enhance both the therapeutic efficacy and safety of insulin therapy, is the next step in diabetes care. Protomer Technologies Inc. is a US-based pre-clinical stage biotechnology company pioneering in research and technology development for the treatment of metabolic disorders.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The insulin drugs market research report is one of a series of new reports that provides insulin drugs market statistics, including insulin drugs industry global market size, regional shares, competitors with an insulin drugs market share, detailed insulin drugs market segments, market trends and opportunities, and any further data you may need to thrive in the insulin drugs industry. This insulin drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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