The global insulin market was valued at approximately USD 20.35 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 1.5% from 2022 to 2030. This growth is primarily driven by factors such as the rising incidence of diabetes and advancements in insulin formulations. However, the increasing use of alternative treatments, such as GLP-1 receptor agonists (RAs) for managing type 2 diabetes, poses a potential challenge to market expansion. The insulin market operates in an oligopolistic environment, with major players including Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. Diabetes is rapidly becoming one of the most prevalent chronic diseases globally, with its prevalence steadily increasing over the past several decades. According to estimates from the World Health Organization, approximately 537 million adults were affected by diabetes worldwide in 2021, and one in ten individuals experienced complications related to the disease.
Additionally, populations that are elderly or obese are at a higher risk for developing chronic diseases. The World Bank Group reported that in 2020, the global elderly population was around 727 million, and this figure is anticipated to double over the next thirty years, reaching approximately 1.5 billion by 2050.
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Formulation advancements are another critical factor contributing to the growth of the insulin market. For example, Fiasp, developed by Novo Nordisk, is a formulation of insulin aspart combined with niacinamide (Vitamin B3), designed to enhance the initial absorption of the drug. Afrezza, produced by Mannkind, is the only inhaled insulin available on the market, eliminating the need for traditional needles and syringes. Furthermore, Oramed Pharmaceuticals is currently conducting phase 3 clinical trials for its oral insulin capsule, with plans to submit a Biologics License Application (BLA) by the fourth quarter of 2023. The successful introduction of this product could offer a valuable alternative for patients seeking insulin delivery options.
Product Type Segmentation Insights
The long-acting insulin segment played a significant role in the overall market, contributing an impressive revenue share of 56.53% in 2021. Several key factors are anticipated to further enhance the growth of this segment, including robust patent protection and a strong demand stemming from the prolonged therapeutic effects of these insulins. Prominent products within this category include Toujeo, Levemir, Xultophy, Insulatard, and Lantus, each known for their extended action. In contrast, the rapid-acting insulin segment is characterized by a quicker absorption rate, allowing for more immediate glucose control. Major products in this category include aspart, lispro, and glulisine, with lispro standing out as the leader in sales for 2021.
Looking ahead, the biosimilar insulin segment is projected to experience significant growth, with a compound annual growth rate (CAGR) of 18.3% during the forecast period. This expansion is largely attributed to the expiration of patents on key insulin products, which will facilitate the introduction and adoption of biosimilar insulin options. A notable example of this trend occurred in July 2021 when Semglee, a biosimilar to glargine, received FDA approval. This milestone marked Semglee as the first insulin biosimilar approved in the United States, and it was also designated as an interchangeable biosimilar to Lantus, further indicating its potential impact on the market.
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