Analysis of Long-Acting Insulin market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to the latest research by Fact MR, long-acting insulin market will experience substantial growth with a CAGR of 9.4% during the forecast period 2021-2031. Insulin is a hormone that is produced by the pancreases to regulate blood sugar levels. Sometimes this hormone is deficient in individuals and resulting in diabetes. Long-acting insulin can be given for both type 1 and type 2 diabetes. The market is mainly driven by the rise in prevalence of diabetes, increasing geriatric population, new product launches and increase in research and development.
To regulate the blood sugar levels, insulin treatment is given to the individual, which will mimic the physiological insulin secretion. The long-acting insulin is usually taken once a day and it lasts for the entire day.
The major factors driving the demand for long-acting insulin is the rise in prevalence of diabetes, increasing geriatric population, new product launches and increase in research and development. According to a report, by 2045, globally there will be 438 million people between 20-64 years who will be suffering from diabetes. Diabetes can also be caused due to overweight and obesity. According to WHO, at least 2.8 million people die due to obesity or being overweight. These people are at a higher risk of developing type 2 diabetes. This rise in the prevalence of diabetes and obesity will drive the market. According to a UN report, the geriatric population will increase from 9.3 per cent in 2020 to around 16.0 per cent in 2050. Due to the combined effect of impaired pancreatic islet function and increasing insulin resistance with ageing, this population are at a higher risk of developing type 2 diabetes.
Moreover, awareness about the current treatments by the population plays a crucial role in the surge in demand for long-acting insulin surgery during the forecast period.
Due to the COVID-19 pandemic and restrictions in travelling and lockdown, the individuals were working from home. This resulted in a change in the lifestyle of people and eating habits. This also resulted in a decrease in physical activities. As a result, there was an increase in weight gain and the prevalence of diabetes during this time. Moreover, people with diabetes are more likely to have complications due to COVID. Therefore, the market saw a positive impact due to COVID.
The market is dominated by the European region. This is due to the presence of major players in the market. Out of the three major players of long-acting insulin, two are present in Europe and are distributors of insulin in many low and middle-income countries and also in high-income countries. Apart from this, the geriatric population is high in this region. For instance, as per Eurostat reported data in 2020, more than 20 % of the total population of Europe is above the age of 65.
Followed by Europe, North America is dominating the market with countries like U.S. and Canada. These countries have the best healthcare infrastructure and the presence of the major players. The market is mainly driven by acquisition and collaboration.
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Some of the leading manufacturers operating in the long-acting insulin include
Many leading manufacturers in the Long-Acting Insulin are focusing on launching new products. For instance, in August 2020, Mylan and Biocon in collaboration launched Semglee, an insulin glargine injection in the U.S.
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NOTE: Although care has been taken to maintain the highest levels of accuracy in reports, recent market/vendor-specific changes may time to reflect in the analysis.
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According to Fact MR, the long-acting insulin market will experience substantial growth with a CAGR of 9.4% during the forecast period.
Insulin treatment, the prevalence of obesity and diabetes, increase in the geriatric population are driving the long-acting insulin market.
Europe dominates the long-acting insulin market due to the presence of major players in the market and due to high geriatric population.
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