As per the report, the global rapid acting insulin industry was accounted for $7.10 billion in 2019, and is estimated to reach $8.92 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
Major determinants of the market growth
Rise in availability of continuous glucose monitoring, surge in investments in R&D for human recombinant insulin, and increase in government expenditure on healthcare drive the growth of the global rapid acting insulin market. However, adverse effects associated with use of rapid acting insulin hinder the market growth. On the contrary, undiagnosed population in developing region is estimated to open lucrative opportunities for market players in the future.
Covid-19 scenario:
- The patients suffering from respiratory diseases and diabetes are at higher risk of getting infected by Covid-19 virus. Thus, the demand for rapid acting insulin has increased during the pandemic.
- However, the prolonged lockdown across various countries have disrupted the supply chain and increased the prices of raw materials.
- The pandemic and restriction on international trade has created challenges for manufacturing and distribution of rapid acting insulin.
The insulin lispro segment held the lion’s share
By product type, the insulin lispro segment held the largest share in 2019, accounting for nearly half of the global rapid acting insulin market. In addition, the segment is estimated to register the highest CAGR of 4.5% during the forecast period, due to better advantages posed by the product, which include faster subcutaneous absorption, earlier & greater insulin peak, and shorter duration of action as compared to other types.
The online providers segment to manifest the highest CAGR through 2027
By distribution channel, the online providers segment is projected to portray the highest CAGR of 6.9% from 2020 to 2027. However, the drug store & retail pharmacies segment held the largest share in 2019, contributing to nearly two-thirds of the global rapid acting insulin market, owing to availability of rapid acting insulin in drug store & retail pharmacy stores.
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North America held the largest share
By region, the market across North America held the largest share in 2019, contributing to nearly half of the market, due to rise in incidences of diabetes, high number of geriatric population, and favorable government policies. However, the global rapid acting insulin market across Asia-Pacific is estimated to register the highest CAGR of 5.8% during the forecast period, owing to westernized lifestyle behaviors and the increased prevalence of obesity.
Major market players
- Biocon Limited
- ADOCIA SAS
- Gan & Lee Pharmaceuticals
- Eli Lilly and Company
- Mannkind Corporation
- Geropharm LLC
- Sanofi S.A.
- Novo Nordisk A/S
- Wockhadt Ltd.
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