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

Global Insulin Market size was valued at USD 20.68 billion in 2022 and is poised to grow from USD 20.99 billion in 2023 to USD 23.69 billion by 2031, growing at a CAGR of 1.52% during the forecast period (2024-2031).

One notable example of strategic cooperation in the insulin market is the partnership between Eli Lilly and Swiss medical technology company Ypsomed. In 2020, Eli Lilly and Ypsomed teamed up to develop and commercialize an insulin pen platform for diabetes management. Discussions focused on enhancing Ypsomed's insulin delivery technology, specifically the "YpsoPen," a next-generation, reusable insulin pen designed to deliver the Eli Lilly insulin products. The goal of this partnership is to provide innovative and user-friendly insulin administration protocols, diabetes worldwide. Improve patient experiences by increasing compliance and availability for patients. Such partnerships allow insulin manufacturers to implement cutting-edge technologies and improve their distribution channels, giving them a competitive edge in the insulin market. 'Eli Lilly and Company ', 'Sanofi ', 'Novo Nordisk A/S ', 'Biocon ', 'Boehringer Ingelheim International GmbH ', 'Tonghua Dongbao Pharmaceutical Co. Ltd. ', 'Wockhardt ', 'Julphar ', 'Novo Nordisk ', 'Merck & Co., Inc. ', 'Pfizer Inc. ', 'AstraZeneca ', 'Johnson & Johnson ', 'Biocon Ltd. ', 'Ypsomed AG ', 'Gan & Lee Pharmaceuticals ', 'Bioton S.A. ', 'Adocia ', 'Torrent Pharmaceuticals Ltd. ', 'Ipsen   ', 'Dongbao Enterprise Group Co., Ltd.'

One of the major drivers of the insulin market is the increasing prevalence of diabetes across the globe. A sedentary lifestyle, an unhealthy diet and rising rates of obesity have contributed to the rise in type 1 and type 2 diabetes. The increasing number of patients requiring insulin to manage blood glucose is driving the demand for traditional and novel insulin therapies. This increase is particularly evident in regions such as Asia and Africa with large urban areas changing seating and diet trends are driving the market again.

Shift Towards Biosimilar Insulin: A key factor shaping the insulin market is the increasing shift towards biosimilar insulin. As mainstream insulin patents expire, biosimilar insulins that look essentially like biologics but are less expensive gain traction from Regulatory bodies such as the European Medicines Agency (EMA) and the U.S. The FDA is streamlining the approval process for biosimilars, which is expected to increase market competition and lower medical costs. This trend could improve access, especially in high-cost markets.

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.