Insulin Market Size, Share, Growth Analysis, By Product Type (Rapid-Acting Insulin, Long-Acting Insulin,), By Delivery Device (Pens, Infusion Pumps), By Type (Human Insulin, Insulin Analog), By Application, By Distribution Channel, By Region - Industry Forecast 2024-2031

North America dominated the market in terms of revenue in 2021, largely due to the dominance of branded products and the growing prevalence of the disease in the region. According to the CDC, and about 37.3 million people in the US. and have diabetes, with 28.7 million diagnosed, 8.5 million undiagnosed and approximately 96 million people aged 18 and over have prediabetes. Key players currently working in this sector include Novo Nordisk A/S, Eli Lilly & Company and Sanofi. However, the FDA has approved two new insulin biosimilars, Semglee and Rezvoglar, from Mylan/Biocon and Eli Lilly and Company, respectively. The introduction of these biosimilars is expected to drive down insulin prices in the market and intensify competition.

Asia Pacific is expected to witness the highest growth during the forecast period, driven by factors such as aging & increasing target population, increasing number of cooperatives to develop biosimilars, geographical expansion. Furthermore, health campaigns and scientific conferences to address this disease can stimulate market growth in this area. The Asia-Pacific region plays an important and rapidly growing role in the global insulin market. The main reason for this growth is the increasing prevalence of diabetes, especially type 2 diabetes, in countries like China, India and Southeast Asian Cities, changing lifestyles and rising obesity rates have contributed to diabetes have increased dramatically, increasing the demand for insulin therapy.