Global Insulin Market Overview:
A peptide hormone, the insulin is responsible for regulating the fat and carbohydrate in the body. It is secreted by the pancreas and regulates the level of glucose in the body. And with the onset of more evolving, strong viruses and dangerous diseases, the study on insulin has become more and more focussed. A major factor that has driven the growth of the insulin market is the prevalence of diabetes and changing lifestyle. Statistics says that the number of diabetic people has been on a rise since 1980 from 108 million to 422 million in 2014 and is expected to reach around 590 million by 2035. The disease itself is not restricted to gender or locality. And the medication for them all is the humble insulin. Today, there are a variety of insulin being used on human bodies such as Traditional and Modern. Modern, being the fastest growing segment in the world.
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The global insulin market was valued at $40.9 billion in 2017 and is expected to grow at a CAGR of 7.8% up until 2023. The drug and the delivery device make up the market of insulin with the drug accounting for about 70.5% of the market share by revenue. These drugs can be analogues and biologics and bring about $30.1 billion by revenue. Geographically, the global market leader is North America with 35.2% market share owing to the high technological advancement, favourable medical reimbursements and the prevalence of diabetes. Closely followed by Asia pacific and LAMEA regions that are growing because of the government push on the healthcare system and the growing urbanization. However, cost of production and regulatory standards, have been factors that have controlled the growth of the global market. On the flip side, extensive research, newer insulin products, and emerging economies are pushing the global market forward.
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List of Key Players in Global Insulin Market Overview:
Key players in the insulin market are Sanofi Aventis, SemBioSys, Novo Nordisk, Eli Lilly, Biocon, Wockhardt, Julphar and GSK. Because of their huge stature, huge investments are made to better the available research about insulin.
Of course, the world has a long way to go to make insulin available easily and be administered in easy-delivery devices. Companies like Eli Lilly are focussing on creating the pen that administers the right dosage to patients. The US FDA had approved of their invention and the process is underway. Similarly, Biocon has created the Semglee, which is also a pen that administers the drug. Sanofi recently came out with a rapid action insulin that manages blood sugar levels at meal times. Therefore, a strong competitive market means, the insulin market is on a boom with the focus being patient care all the way.
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