The insulin market is projected to grow from US$ 54,611.42 million in 2021 to US$ 111,213.73 million by 2028. It is expected to grow at a CAGR of 10.8 % from 2022 to 2028.

The increase in the incidence of diabetes and rapid technological developments in insulin delivery devices by major players is expected to bolster the insulin market in the years to come. Additionally, the regeneration of the diabetic pancreas with advanced transplants is likely to emerge as a significant future trend in the insulin market from 2022 to 2028. However, the risks associated with insulin delivery devices hamper the overall market growth.

In diabetic people, the pancreas does not produce enough insulin, or the body does not usually respond to the insulin, increasing the blood glucose level. Insulin is a hormone that helps in lowering blood sugar levels. Insulin therapy is often an essential part of diabetes treatment. It is made by the beta cells of the pancreas and released into the blood when glucose levels rise, for example, after eating. Insulin helps glucose get into the body cells, which can be used for energy or stored for future use. Different types of insulin available vary in how quickly and for how long they can control blood sugar. Insulin does not come in pill form as the digestive system would break it down before it could work. Insulin therapy is exhausting; however, it is an effective way of lowering blood sugar levels.

Products with advanced insulin technology with more benefits are a major requirement in treating diabetes. There has been a rise in advancements in diabetes treatment over the past few years. As the prevalence of diabetes is increasing worldwide, the demand for advanced products is also boosting. The insulin market is expected to grow owing to an increase in the strategic efforts made by the industry players. The market players actively support their public and private research and academic institutes for increasing research activities.

A few of the recent developments related to rapid technological advancement in the insulin market are mentioned below:

In May 2022, Eli Lilly and Company received US FDA approval for its Mounjar (tirzepatide) once-weekly Glucose-Dependent Insulinotropic Polypeptide (GIP) and GLP-1 Glucagon-like Peptide-1 (GLP-1) receptor agonist for the treatment of adults with type 2 diabetes. The injection is decided to be available in 6 doses (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg) as an auto-injector pen with a preattached hidden needle.

In April 2022, Abbott partnered with CamDiab and Ypsomed to develop and commercialize an integrated automated insulin delivery (AID) system for around-the-clock diabetes management.

- In October 2021, Tonghua Dongbao Pharmaceutical Co., Ltd. received approval from the National Medical Products Administration (NMPA) for the clinical trial of its ultra-rapid-acting insulin lispro injection, BC Lispro. Currently, the drug is under phase III clinical trial in China.

- In May 2021, Bigfoot Biomedical received 510(k) clearance by the US FDA for its Bigfoot Unity Diabetes Management System, which features connected smartpen caps that recommend insulin doses for people using multiple daily injections (MDI) therapy.

Thus, rapid technological advancements in insulin delivery devices are boosting the growth of the global insulin market.

The insulin market is bifurcated into type and geography. Based on type, the global insulin market is segmented into long-acting insulin, short-acting insulin & traditional human insulin, biosimilar insulin, pen & needle, rapid-acting insulin, concentrated insulin & combination insulin, glucagon-like-peptide-1 (GLP-1), pen & needle, and others. The long-acting insulin segment is estimated to account for the largest share during 2022-2028. Longer-acting insulin analogs are genetically engineered. Long-acting insulin analogs were initially developed to address the need of diabetics to maintain healthy blood sugar levels throughout the night. This insulin is slowly released into the circulation due to its acidic pH, causing it to precipitate when injected subcutaneously. Long-acting insulins are also called basal or background insulins. These long-acting insulins help in controlling blood sugar for a whole day. This is similar to how the pancreas produces insulin to maintain blood sugar levels between meals.

Opportunities in Insulin Market

The dominance of major players in developed countries, such as the US, has led to an increase in the global insulin market value. Novo Nordisk A/S, Elli Lily and Company, and Sanofi have a cumulative market revenue of over 90%. This is majorly credited to the evergreening of patents currently held by these dominating players. Additionally, the rising price of insulin in the US is estimated to boost the insulin market further. According to the Centers for Disease Control and Prevention, US$ 1 out of every US$ 4 in US health care costs is expended on diabetic patients.

Moreover, patients' lack of trust in biosimilar drugs is significantly propelling the insulin market. The shortage of biosimilar competition in the market-dominating region of North America is also expected to fuel the market growth. According to a study conducted by Health Action International (2019), Eli Lilly and Company, Novo Nordisk, and Sanofi are the only three manufacturers of insulin in the US, and they generate around 90% of revenue in the global market. In contrast, there are more than eight insulin manufacturers in Asia Pacific, according to the above study.

The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), Occupational Safety and Health Administration (OSHA), Food and Drug Administration (FDA), Centers for Personalized Medicine (CPM), and Organizations for Economic Co-operation and Development (OECD) are among the primary and secondary sources referred to while preparing the report on the insulin market.