Rapid Technological Developments in Insulin Delivery Devices by Major Players Drive Insulin Market

According to our latest study on "Insulin Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by type and geography," the global insulin market is expected to grow from US$ 54,611.42 million in 2021 to US$ 111,213.73 million by 2028. It is estimated to grow at a CAGR of 10.8% from 2022 to 2028. The increasing prevalence of diabetes due to sedentary lifestyles, unhealthy dietary patterns, and high-stress levels has aided the insulin market. Moreover, the rising geriatric population susceptible to such ailments and growing public awareness about the benefits of insulin are expected to boost the market growth in the coming years. However, risks associated with insulin delivery devices are hampering the market to some extent.

Products with advanced insulin technology with more benefits are a major requirement in treating diabetes. There has been a rise in advancements in diabetes treatment over the past few years. As the prevalence of diabetes is increasing worldwide, the demand for advanced products is also boosting. The insulin market is expected to grow in the near future due to an increase in the strategic efforts made by industry players. Market players actively support their public and private research and academic institutes for increasing research activities.

A few of the recent developments related to rapid technological advancement in the insulin market are mentioned below:

- In May 2022, Eli Lilly and Company received USFDA approval for its Mounjar (tirzepatide) once-weekly Glucose-Dependent Insulinotropic Polypeptide (GIP) and GLP-1 Glucagon-like Peptide-1 (GLP-1) receptor agonist for the treatment of adults with type 2 diabetes. The injection is decided to be available in six doses (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg) as an auto-injector pen with a preattached hidden needle.

- In April 2022, Abbott partnered with CamDiab and Ypsomed to develop and commercialize an integrated automated insulin delivery (AID) system for around-the-clock diabetes management.

- In October 2021, Tonghua Dongbao Pharmaceutical Co., Ltd. received approval from the National Medical Products Administration (NMPA) for the clinical trial of its ultra-rapid-acting insulin lispro injection and BC Lispro. Currently, the drug is under phase III clinical trial in China.

- In May 2021, Bigfoot Biomedical received 510(k) clearance by USFDA for its Bigfoot Unity Diabetes Management System, which features connected smartpen caps that recommend insulin doses for people using multiple daily injections (MDI) therapy.

Thus, rapid technological advancements in insulin delivery devices are boosting the growth of the global insulin market.

Eli Lilly and Company; Novo Nordisk A/S; Biocon; WOCKHARDT; Adocia; GlaxoSmithKline plc.; Sanofi; Pfizer Inc.; Merck & Co., Inc.; Tonghua Dongbao Pharmaceutical Co., Ltd.; BIGFOOT BIOMEDICAL, INC. are a few leading companies operating in the global insulin market.

The report segments the insulin market as follows:

The insulin market is bifurcated into type and geography. Based on type, the global insulin market is segmented into long-acting insulin, short-acting insulin and traditional human insulin, biosimilar insulin, pen and needle, rapid-acting insulin, concentrated insulin and combination insulin, glucagon-like-peptide-1 (GLP-1), and others. Based on geography, the insulin market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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