Insulin Market Share, Size and Growth Analysis By 2029

The insulin market is anticipated to expand significantly, with projections indicating growth from US$ 54,611.42 million in 2021 to US$ 111,213.73 million by 2028. This growth is expected to occur at a compound annual growth rate (CAGR) of 10.8% from 2022 to 2028.

One of the primary drivers of this market expansion is the rising prevalence of diabetes, coupled with rapid advancements in insulin delivery technologies by leading companies. Furthermore, innovative approaches such as the regeneration of the diabetic pancreas through advanced transplant techniques are likely to become prominent trends in the insulin market during the forecast period from 2022 to 2028. However, the potential risks associated with insulin delivery devices may pose challenges to overall market growth.

In individuals with diabetes, the pancreas either fails to produce sufficient insulin or the body does not respond effectively to insulin, leading to elevated blood glucose levels. Insulin is a crucial hormone that facilitates the reduction of blood sugar levels. Insulin therapy is often a vital component of diabetes management. It is synthesized by the beta cells in the pancreas and released into the bloodstream in response to rising glucose levels, such as after meals. Insulin enables glucose to enter body cells, where it can be utilized for energy or stored for later use. Various types of insulin are available, differing in their onset and duration of action. Notably, insulin cannot be administered in pill form, as it would be degraded by the digestive system before exerting its effects. Although insulin therapy can be demanding, it remains an effective method for managing blood sugar levels.

The demand for advanced insulin technologies that offer enhanced benefits is critical for effective diabetes management. Recent years have witnessed significant advancements in diabetes treatment, driven by the increasing global prevalence of the condition. Consequently, the insulin market is poised for growth, fueled by strategic initiatives from industry players. These companies actively collaborate with public and private research institutions to enhance research activities.

Several notable developments in insulin technology have emerged recently:

• May 2022: Eli Lilly and Company received approval from the US FDA for its Mounjaro (tirzepatide), a once-weekly injection that acts as a Glucose-Dependent Insulinotropic Polypeptide (GIP) and GLP-1 receptor agonist for adults with type 2 diabetes. This product will be available in six different doses (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg) using an auto-injector pen with a concealed needle.


• April 2022: Abbott formed a partnership with CamDiab and Ypsomed to create and market an integrated automated insulin delivery (AID) system aimed at continuous diabetes management.


• October 2021: Tonghua Dongbao Pharmaceutical Co., Ltd. received approval from the National Medical Products Administration (NMPA) for clinical trials of its ultra-rapid-acting insulin lispro injection, BC Lispro, which is currently undergoing phase III trials in China.


• May 2021: Bigfoot Biomedical obtained 510(k) clearance from the US FDA for its Bigfoot Unity Diabetes Management System, which includes smart pen caps that provide insulin dosing recommendations for patients using multiple daily injections (MDI) therapy.

These rapid technological advancements in insulin delivery systems are significantly contributing to the growth of the global insulin market.

The insulin market can be categorized by type and geography. In terms of type, the global insulin market is divided into long-acting insulin, short-acting insulin, traditional human insulin, biosimilar insulin, pen and needle, rapid-acting insulin, concentrated insulin, combination insulin, glucagon-like peptide-1 (GLP-1), and others. The long-acting insulin segment is projected to hold the largest market share from 2022 to 2028. Long-acting insulin analogs are genetically modified to provide a steady release of insulin, mimicking the pancreas's natural insulin production to maintain healthy blood sugar levels throughout the day and night.

Opportunities within the insulin market are bolstered by the strong presence of major players in developed regions, particularly the United States, where companies like Novo Nordisk A/S, Eli Lilly and Company, and Sanofi collectively account for over 90% of market revenue. This dominance is largely attributed to the ongoing patent protections held by these key players. Additionally, the rising costs of insulin in the US are expected to further stimulate market growth. According to the Centers for Disease Control and Prevention, approximately 25% of US healthcare expenditures are directed towards diabetes management.

Moreover, the prevailing skepticism among patients regarding biosimilar medications is significantly influencing the insulin market. The limited competition from biosimilars in North America is anticipated to further drive market growth. A study by Health Action International (2019) highlighted that Eli Lilly, Novo Nordisk, and Sanofi are the only three insulin manufacturers in the US, generating around 90% of global market revenue, while the Asia Pacific region boasts over eight insulin manufacturers.

Key organizations such as the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), Occupational Safety and Health Administration (OSHA), Food and Drug Administration (FDA), Centers for Personalized Medicine (CPM), and the Organization for Economic Co-operation and Development (OECD) have been referenced in the preparation of this report on the insulin market.