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).

The insulin market is growing due to factors such as rising prevalence of diabetes and advances in drug development. However, the rise in GLP-1 RA and other prescription drugs used to treat type 2 diabetes is likely to dampen the market growth. It is an oligopolistic space dominated by companies like Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. Diabetes is one of the fastest growing chronic diseases in the world. The prevalence has increased steadily over the last decades. The World Health Organization estimates that 537 million adults worldwide affected by diabetes in 2021, and one in ten experienced other diabetes.

Advances in chemical manufacturing are another important factor driving the growth of the market. For example, Fiasp (Novo Nordisk) manufactures insulin aspart combined with niacinamide (Vitamin B3), which can improve initial absorption Afrezza (Mannkind) is the only inhaler on the market, which it eliminates the need for needles and syringes. Oramed Pharmaceuticals has ongoing Phase 3 clinical trials of oral insulin capsules. The company expects to offer BLA in the fourth quarter of 2023.