GITNUX MARKETDATA REPORT 2024

Must-Know Insulin Industry Statistics [Latest Report]

Highlights: The Most Important Insulin Industry Statistics

  • The global insulin market size was valued at USD 25.92 billion in 2019.
  • The European insulin market accounted for the second-largest share in 2019.
  • The insulin market is projected to reach USD 35.53 billion by 2024 from USD 25.8 billion in 2019, at a CAGR of 6.7% during the forecast period.
  • North America is expected to hold the largest share of the global market in 2020.
  • The fastest-growing segment in the insulin market is insulin analogs.
  • China is the fastest-growing regional segment at a CAGR of 9.1% from 2020 to 2027.
  • Based on insulin type, Insulin Glargine held the largest market share in 2019.
  • The retail pharmacies segment accounted for the largest revenue share in 2019 and will expand further over the forecast period.
  • Japan held the second largest share in the Asia Pacific market in 2019.
  • The market size of human insulin in India was around USD 477 million in 2017.
  • Insulin pens accounted for the largest share of the delivery devices market in 2019.
  • Projections estimate that by 2045, nearly 700 million people may be affected by diabetes.
  • By insulin source, human insulin accounted for a dominating market share of more than 43.0% in 2020.
  • There was a 5% increase in out-of-pocket spending per insulin prescription between 2014 and 2018.
  • Around 1.14 billion syringes were sold for insulin delivery in 2019.
  • The Indian Insulin industry is estimated to register a growth rate of over 17% during 2016-2020.
  • An estimated 34.1 million adults aged 18 years or older—or 13.0% of all US adults—had diabetes in 2018.
  • The biosimilar insulin market is posed to reach $4.4 billion by 2026, globally.

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Navigating the intricate world of the insulin industry can often feel like traversing through a dense, complex labyrinth. Spurred by relentless innovation, surging prevalence of diabetes and a massive demand-supply dynamic, the industry continues to witness remarkable transformation. This blog post provides an enlightening deep dive into the critical statistics shaping the insulin industry. From production figures to consumption rates, from market trends to growth projections, we’re set to explore a wealth of data that will offer valuable insights into the current landscape and future directions of this high-stakes industry. Whether you are a healthcare professional, investor, or simply a curious observer, these statistics will unravel the intricacies of the insulin industry, helping you understand its ever-evolving pulse.

The Latest Insulin Industry Statistics Unveiled

The global insulin market size was valued at USD 25.92 billion in 2019.

Highlighting how the global insulin market had a net value of $25.92 billion dollars in 2019 amplifies our understanding of the depth and breadth of the industry. It provides a tangible reflection of the sheer scale of this health-focused sector. This phenomenal figure also underscores the substantial demand for insulin on a worldwide scale, making it clear that this is a critical, life-sustaining product affecting billions of people. Furthermore, the financial magnitude serves as a compass, influencing every stakeholder, from pharmaceutical professionals, health regulators, to investors, driving them towards strategizing for potential innovation, competition, and future market growth. Thereby, articulating the vibrant dynamism, social significance and economic impact inherent in the insulin industry.

The European insulin market accounted for the second-largest share in 2019.

Understanding the dominance of the European insulin market in 2019 crucially frames the global insulin landscape. This snapshot into the past illuminates pivotal trends and potential forecasts for the industry’s future. This data shard lends weight to the significant influence of Europe on the global insulin market, showcasing the immense gear-wielding power this region holds. As the second-largest player, Europe’s moves, trends, and strategies invariably send ripple effects that reverberate through the constructs of the world insulin market, shaping the industry’s status quo and contouring its future trajectory.

The insulin market is projected to reach USD 35.53 billion by 2024 from USD 25.8 billion in 2019, at a CAGR of 6.7% during the forecast period.

Navigating the landscape of the Insulin industry can be akin to journeying through a terrain of ever-fluctuating events and trends. The statistic at hand can serve as a beacon of light, spotlighting an anticipated growth of the insulin market to USD 35.53 billion by 2024. This robust upward surge from its USD 25.8 billion valuation in 2019 brings into perspective a critical Compound Annual Growth Rate (CAGR) of 6.7%.

This forecast is critical for attuning us to the rapidly escalating demand for insulin, underpinned by the prevalence of diabetes on the global stage. With the insulin industry gaining momentum, this growth trajectory calls attention to the potential skyrocketing business opportunities. Stakeholders, investors, and analysts can harness this invaluable knowledge, shaping their strategies and future-hold decisions effectively.

Furthermore, this projection offers a potent commentary on the urgent need for scaling up insulin production and innovation. The escalating market value converges with the public health dialogues about accessibility and affordability of insulin, driving home the point that this is not just about the industry’s financial health, but also our collective physical well-being.

North America is expected to hold the largest share of the global market in 2020.

In delving into the thriving sphere of the Insulin Industry, one cannot dismiss a thrilling revelation – North America’s anticipated domination of the global market in 2020. The importance of this revelation is multilayered; not only does it indicate the potential maturity and advanced state of North America’s healthcare system, but it also touches on the region’s likely high incidence or prevalence rate of diabetes. Having the largest share implies immense market penetration and potential business opportunities, the kind of insight that investors, stakeholders, and industry leaders yearn for. Furthermore, it underscores the pivotal role of North American companies in global Insulin production and distribution, fostering competitive dynamics and driving innovation. Without a doubt, this statistic is a powerful beacon, guiding the discourse and future prognosis of the Insulin industry.

The fastest-growing segment in the insulin market is insulin analogs.

Highlighting the surge in the insulin analogs sector is essential to showcase the dynamic trends and evolution within the insulin industry. It thrusts a spotlight on the changing preferences of medical professionals and patients towards insulin analogs, signaling a significant shift in the market and the potential future direction of the industry. The rising demand for insulin analogs could be indicative of advancements in technology, patient comfort, efficacy, or a combination of these aspects. Undoubtedly, this statistic forms a crucial element that portrays the growth and upcoming trends in the insulin industry, offering readers an insightful overview of the sector’s current state and expected progression. Tracking this key statistic over time may provide valuable foresights and aid in strategies for industry stakeholders and investors.

China is the fastest-growing regional segment at a CAGR of 9.1% from 2020 to 2027.

Highlighting the brisk expansion of the insulin industry in China, with a Compound Annual Growth Rate (CAGR) of 9.1% from 2020 to 2027, draws to the fore China’s burgeoning role in the global insulin market.

In the world of insulin industry statistics, predictions such as these act as a beacon, illuminating where today’s trails may lead to tomorrow’s highways of growth. They also guide industry leaders, policymakers, investors, and stakeholders in making key decisions.

Furthermore, these figures underscore the crucial interseam of health-technology-market dynamics, especially in a country like China, with its vast population and rising prevalence of diabetes. They paint a picture of not just an industrial growth trajectory, but also imply an urgent health need, thus providing both a business perspective and a social standpoint. By doing so, they indicate potential avenues for market penetration, partnership opportunities, and policy improvisation to ensure equitable and affordable insulin access.

In decoding these numbers, one can see the true nature of statistics – they’re not mere figures but layers of interconnected stories, waiting to be unraveled and understood.

Based on insulin type, Insulin Glargine held the largest market share in 2019.

Highlighting the prominence of Insulin Glargine in the insulin market, as of 2019, sends a powerful message to audiences about the industry’s trajectory. It reflects market preferences and implicitly gestures toward key factors such as efficacy, safety profile, pricing, and marketing strategies of this particular insulin type. Such a dominant market share can spark discussions about why Insulin Glargine has outperformed its counterparts and implications for future trends in the industry. Furthermore, stakeholders, ranging from insulin manufacturers to healthcare providers and patients, can leverage this insight to inform their decisions and strategies moving forward.

The retail pharmacies segment accounted for the largest revenue share in 2019 and will expand further over the forecast period.

Peeling back the layers of the potentially evolving landscape of the Insulin Industry, the power dynamic comes into focus with the retail pharmacies segment holding the revenue scepter in 2019 – a trend projected for further expansion. This compelling statistic paints a riveting narrative for stakeholders, helping them navigate crucial investment decisions and strategic moves. By understanding this revenue dominance, industry players can better tap into the profitable nexus of retail pharmacies and insulin supply, consequently fostering an environment conducive for business expansion and sustainable growth. Moreover, this statistic elicits deeper introspections for policymakers about the accessibility and regulation of insulin, as retail pharmacies emerge as primary distribution channels.

Japan held the second largest share in the Asia Pacific market in 2019.

Painting a compelling picture of the global insulin industry, we dig into the ramifications of that particular statistic. Having registered as the runner-up for the largest share in the Asia Pacific market in 2019, Japan’s position illuminates the nation’s substantial role within the insulin industry, and presents potential market expansion opportunities for insulin manufacturers.

By delving into this statistic, we uncover several layers of insights. Firstly, Japan’s high positioning suggests a significant demand for insulin in the country, possibly due to a high prevalence of diabetes among the population. Secondly, it signals a well-established healthcare infrastructure able to accommodate such demand.

Equally, this fact may hint towards Japan’s progressive regulatory environment and advanced biotech sector, both of which contribute to fostering the growth of advanced medication markets like insulin. Thus, holding the second-largest share reveals not only the strength and potential of Japan’s insulin market but also gives a nudge to investors scouting for promising regions for their ventures. In that trajectory, this is more than just a statistic, but a guiding light into understanding the dynamics of the insulin industry across the Asia Pacific region.

The market size of human insulin in India was around USD 477 million in 2017.

“Painting the landscape of the Insulin Industry with concrete numbers, the revelation that the market size of human insulin in India approximated USD 477 million in 2017 shines a floodlight on emerging opportunities as well as the existing demands in the sector. Such numerical story-telling delivers sharp insights, allowing us to gauge the scale at which the insulin market operates. Furthermore, we can infer the significant economic impact this industry has on healthcare and understand the potential for expansion. Decoding the numbers further, it implies a substantial user base, suggestive of the rising prevalence of diabetes in the country. Bound by numbers, the past, present, and future of the Insulin Industry in India comes alive to us.”

Insulin pens accounted for the largest share of the delivery devices market in 2019.

Exploring the immense significance of the statistic stating that ‘Insulin pens accounted for the largest share of the delivery devices market in 2019,’ sheds light on a pivotal aspect of the Insulin Industry. It underlines the prevailing market trends and the perceptible preference among consumers for insulin pens over other delivery devices.

In the tapestry of data and analysis woven around the Insulin Industry, this information stands out, offering a vibrant market snapshot of 2019. It pinpoints where the industry’s heart was beating the loudest, reflecting not just the buying behavior but also indirectly indicating the trust and ease-of-usage associated with insulin pens.

Unraveling this statistic implies acknowledging an important market dynamic—a leadership position held by insulin pens. This vital piece of information potentially guides the industry’s strategic decision-making process, making it an indispensable part of any insightful dialogue about the Insulin Industry.

Projections estimate that by 2045, nearly 700 million people may be affected by diabetes.

Delving into the stark projections predicting that nearly 700 million people might face the onslaught of diabetes by 2045, one could draw intriguing conclusions for the insulin industry. Essentially, the future might perceive an overwhelming surge in the demand for effective and affordable insulin solutions to manage the burgeoning diabetes menace. This seismic shift would undeniably present an opportunity of spectacular proportions to the insulin industry – driving innovations, accelerating research, generating substantial profits, and ultimately redefining the direction of the industry. This looming high tide of diabetes, thus, paints a clear picture of monumental prospects as well as challenges for the insulin industry.

By insulin source, human insulin accounted for a dominating market share of more than 43.0% in 2020.

With an astounding market share of over 43.0% in 2020, human insulin unquestionably held the reins in the world of insulin sources. This considerable statistic effectively underscores the extent to which it’s embedded within the insulin industry’s DNA. A highly significant point to spotlight and dissect in any conversation or evaluation centered around insulin industry statistics. The sheer magnitude of its dominance provides a wealth of insights into consumer trust, market trends, potential areas of future research, and the focus of pharmaceutical advancements.

There was a 5% increase in out-of-pocket spending per insulin prescription between 2014 and 2018.

Painting a vivid image of the impact on insulin-dependent individuals, the 5% increase in out-of-pocket spending per insulin prescription from 2014 to 2018 offers a measurable gauge of the escalating burden being shouldered by these patients. In this skyscraper of insulin industry statistics, this measurable rise stands as a concrete floor, representing the increased financial stress placed on consumers. It serves to chart the trajectory of ongoing price inflations, proving indispensable in predicting, and possibly curtailing, future trends within the industry. This statistic punctuates the narrative with a stark indication that soaring costs are not just abstract numbers confined to annual reports, but rather, a reality biting into everyday lives of patients.

Around 1.14 billion syringes were sold for insulin delivery in 2019.

The magnitude of the insulin industry can be tangibly felt through the realization that, in 2019 alone, sales of syringes for insulin delivery reached an astonishing benchmark of approximately 1.14 billion. This staggering figure, far from being merely a dry statistic, vividly paints a picture of the vastness and density of insulin usage, giving pointed emphasis to the extent of global dependency on this life-preserving hormone. When superimposed on the tapestry of insulin industry statistics, it becomes a compelling indicator of both the market size for such medical supplies and the prevalence of diabetes worldwide. Furthermore, it holds potential implications for healthcare policies, medical companies’ strategies, and even future trends and needs within the sector.

The Indian Insulin industry is estimated to register a growth rate of over 17% during 2016-2020.

Delving into the dynamic landscape of the insulin industry, a key number has the potential to animate the narrative: the projected growth rate of over 17% for the Indian Insulin industry from 2016-2020. This impressive figure breathes life into the future prospects of the industry, implying an exponential expansion that could diversify the market and stimulate competition. Within the broad spectrum of industry statistics, this rate stands as a vibrant beacon, illuminating India’s emerging dominance and potential to be a major player in global insulin production. Its significance cannot be understated – shaping trends, driving advancements, and beckoning investors to consider the Indian market with renewed interest.

An estimated 34.1 million adults aged 18 years or older—or 13.0% of all US adults—had diabetes in 2018.

Delving into the insulin industry analysis, we are met by the compelling figure putting 34.1 million adults, equivalent to 13.0% of all US adults, living with diabetes in 2018. This astounding proportion of the population, caught in the throes of the grip of diabetes, directly increases the demand and size of the insulin industry. These adults represent a vast market segment requiring a steady supply of insulin for their management and potential survival. It’s not just a number, but a reflection of the real-life situation that is shaping the scope and dynamics of the insulin industry.

The biosimilar insulin market is posed to reach $4.4 billion by 2026, globally.

Diving into the depths of insulin industry statistics, one unearths a gold nugget that catapults the context infinitely into the future. Imagine a scenario where the biosimilar insulin market skyrockets to an impressive $4.4 billion globally by 2026. This forecast not only underscores the surging demand and potential profitability in this market, but it also unfurls a tapestry of opportunities for industry players, healthcare providers, and patients alike.

This astronomical estimate crystalizes an ever-evolving picture of technological advancements and competitive landscapes in the industry. It serves as a compass, directing investors’ eyes to a promising horizon. It’s a silver lining for diabetes patients as well, heralding more affordable, yet highly effective biosimilar insulin alternatives appearing on the global healthcare stage. Thus, embracing this fast-changing world, this statistic raises a toast to a future where biosimilars play a starring role in the insulin industry.

Conclusion

In closing, the insulin industry represents an essential and fast-growing sector in the global healthcare market. The steady rise in diabetes prevalence worldwide, combined with advancements in biotechnology and insulin delivery systems, is poised to propel further growth. However, cost and accessibility challenges continue to pose significant issues that need keen attention. As the landscape of the insulin industry evolves, it holds an immense potential leading to better management and control of diabetes. It is crucial for manufacturers, healthcare providers, and policymakers to continue collaborations to meet the rising demand and ensure safe, effective, and affordable access to insulin products for all patients.

References

0. – https://www.www.novonordiskfonden.dk

1. – https://www.www.futuremarketinsights.com

2. – https://www.www.marketsandmarkets.com

3. – https://www.www.fortunebusinessinsights.com

4. – https://www.www.meticulousresearch.com

5. – https://www.www.grandviewresearch.com

6. – https://www.www.alliedmarketresearch.com

7. – https://www.apnews.com

8. – https://www.www.ncbi.nlm.nih.gov

9. – https://www.www.researchandmarkets.com

FAQs

What is the current market size of the global insulin industry?

The global insulin market was valued at approximately $24.90 billion in 2020 and is projected to reach $37.54 billion by 2028.

Which is the most commonly used insulin type globally?

Basal or long-acting insulin holds the significant market share due to its prolonged and consistent effect in controlling blood sugar.

Who are the dominant players in the global insulin industry?

Some of the dominant players in the global insulin industry include Novo Nordisk A/S, Sanofi, and Eli Lilly and Company.

How is the growth of the insulin industry predicted to evolve in the next decade?

The insulin market is expected to grow at a CAGR of 5.1% from 2021 to 2028, driven by the rising prevalence of diabetes, technological advancements, and increase in geriatric population.

How has the COVID-19 pandemic impacted the insulin market?

Despite the global upheaval caused by COVID-19, the insulin market experienced sustained growth due to the continued need for insulin among diabetic patients. However, disruption in supply chains led to a temporary shortage in some regions.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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