Insulin Market Anlysis with Inputs form Industry Experts 2018 to 2026
The demand for insulin production is increasing to meet the treatment demand of the rising number of diabetic patients relying on insulin. This has led to increasing competition among market players to develop new insulin drugs in the market.
Insulin helps in promoting protein synthesis, glycogenesis, and glycolysis and in uptake of various ions. Earlier, insulin was isolated from sheep, and pigs, but later on, genetically modifying bacterial cells are also used to produce human insulin. Current treatment relies on developing commercial human insulin by recombinant DNA technology.
Get Sample Copy of Professional Insights: https://www.coherentmarketinsights.com/insight/request-sample/2183
New product development and launches are expected to drive growth of global insulin market
Oramed Pharmaceuticals, in May 2018, developed the first oral drug delivery system, which stimulates the natural process of insulin in the liver. This insulin product is in phase II of clinical trial under the U.S. Food and Drug Administration (FDA) and this will provide efficient and safer method for delivering insulin therapy to patients.
Furthermore, in February 2018, Sanofi Aventis launched Toujea in India, a next generation basal insulin, with once or daily usage forms which improves glycemic control in adults with type 1 and type 2 diabetes.
Increasing investment on research, development, and manufacturing of anti-diabetic drugs is expected to boost global insulin market
Increasing research activities for the development of innovative diabetic management drugs by using technology such as delivering insulin without needle provides better opportunities for manufacturers in the global insulin market For instance, from year 1952 to 2017, the American Diabetes Association (ADA) has invested US$ 807.4 million for over 4,700 research projects on diabetes.
In September 2017, Biocon Limited received funding from Juvenile Diabetes Research Foundation (JDRF) to study safety and efficacy of insulin Tregopil in diabetic patients. Insulin Tregopil is currently undergoing a pivotal Phase II/III study in type 2 diabetes patients in India. This fast acting insulin can improve post prandial glucose control with fewer side effects.
Moreover, in September 2018, GeneSys Biologics Private Limited expanded research, development, and manufacturing unit in India for the development of insulin and its analogues biosimilars, allowing its research and development unit for commercial manufacturing.
Development of the insulin pens by various manufacturers is also expected to boost the global insulin market. For instance, in August 2018, Julphar Gulf Pharmaceutical Industries, one of the largest pharmaceutical company of the Middle East and Africa collaborated with Becton, Dickinson (BD) to sell disposable insulin pens in United Arab Emirates (UAE) region and are in final stage of approval and registration. Through this agreement, Julphar’s human insulin formulations Jusline R, Jusline N, and Jusline 30/70 will be available through BD’s portfolio of BD Vystra disposable pens.
However, increasing cost of insulin products especially drugs and stringent regulatory norms for approval of new drugs may hamper growth of the market. For instance, according to the Pharmaceutical Care Management Association (PCMA) report in May 2018, insulin price has increased by 10 folds in the past few years. According to PCMA, prices for Humulin/ Novolin have increased from US$ 25 per prescription in 1985 to around US$ 300 in 2016. Also, prices for long-acting insulins have increased from around US$ 100 per prescription in 2007 to around US$ 400 in 2016.Thus, increasing cost of such insulin therapies are restraining the global insulin market growth.
Global Insulin Market – Regional Analysis
On the basis of region, the global insulin market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in terms of market share in the global insulin market, owing to increasing cases of diabetes, and geriatric population in this region. For instance, according to the Centers for Disease Control and Prevention report 2017, over 100 million adults are suffering with diabetes in the U.S in 2017. Asia Pacific region is expected to witness higher growth due to increasing awareness for diabetic care, favorable government policies, and increasing R&D investments by larger companies.
Global Insulin Market – Competitive Landscape
Key players operating in the global insulin market include Eli Lilly and Company, Novo Nordisk A/ S, Julphar Gulf Pharmaceutical Industries, Sanofi S.A., Biocon Limited, GlaxoSmithKline, and Wockhardt. These companies are adopting strategies such as mergers, acquisitions, expansions, collaborations, and new product launches to retain their position in the global insulin market. For instance, in August 2018, Novo Nordisk acquired Ziylo to develop smart, glucose responsive insulin (GRIs), ensuring optimal glucose control and reducing risk of hypoglycemia.
Download the PDF brochure: https://www.coherentmarketinsights.com/insight/request-pdf/2183
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.