According to a new report published by Allied Market Research, titled, “Rapid Acting Insulin Market by Product Type, Indication, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020-2027,”
The global rapid acting insulin market size was valued at $7,100 million in 2019, and is projected to reach $8,925 million by 2027 at a CAGR of 4.1% from 2020 to 2027.
Rapid acting insulin is one of the fastest acting insulin that starts working within 15 minutes of its introduction. Action of this insulin is supposed to last for 5 hours. These analogs are frequently chosen over regular insulin due to their faster response, which allows diabetes patients to take it intravenously before any meal. It is usually taken post meals as it functions like natural insulin by reducing the risk of low blood glucose. Some of the rapid acting insulin available in the market are Humalog, Fiasp, NovoRapid, Apidra and others. Rapid acting insulin is usually preferred in pumps that deliver small amounts of insulin into the body every few minutes.
Furthermore, most of the markets have observed decrease due to the lockout situation declared by governments of various countries. According to several statistics from around the global scientific community, it is observed that there has been a direct proportionality in the increase of COVID-19 in type 2 diabetes (T2D) patients. In addition, viral infections are commonly known to be associated with the development & progression of pancreatic autoantibodies. The complications caused due to coronavirus on the development of diabetes include pneumonia, diabetic ketoacidosis, dehydration, and high blood sugar.
Rise in prevalence of diabetes worldwide is the major factor that contributes toward growth of the rapid acting insulin market. Furthermore, sedentary & unhealthy lifestyles increase the risk of diabetes, because of overweight or obesity, an unhealthy diet and physical inactivity, which account for about 80% of the increase in prevalence of diabetes. Moreover, increase in investment in research and development (R&D) for human recombinant insulin is expected to drive the need for insulin used in management of diabetes thereby boosting the growth of the market. In addition increase in government expenditure on healthcare also propel the market growth. However, the reluctance in adoption of rapid acting insulin due to the side effect, such as hypoglycemia, may hinder the growth of the industry. Conversely, untapped market and undiagnosed population in developing regions are expected to provide lucrative growth opportunities for the rapid acting insulin market growth.
By product type, the insulin lispro segment is anticipated to grow with the largest rapid acting insulin market share over the forecast period, owing to faster subcutaneous absorption, earlier & greater insulin peak, and shorter duration of action, further boosting the market growth. These factors are expected to contribute to help the industry generate higher revenue through insulin lispro.
The key companies profiled in the report include ADOCIA SAS, Biocon Limited, Eli Lilly and Company, Gan & Lee Pharmaceuticals, Geropharm LLC, Mannkind Corporation, Novo Nordisk A/S, Sanofi S.A., and Wockhadt Ltd.
Key Findings Of The Study
- By product type, the insulin lispro segment occupied nearly half share of the global rapid acting insulin market in 2019.
- On the basis of indication, the type 2 diabetes segment is anticipated to grow with the highest CAGR over the forecast period.
- Region-wise, the Asia-Pacific rapid acting insulin market is anticipated to exhibit CAGR of 5.8% during the forecast period.
North America accounted for the largest share of revenue in 2019, and is anticipated to maintain its dominance from 2020 to 2027 due to increasing incidences of diabetes and higher number of geriatric population and favorable government policies thereby driving the region’s rapid acting insulin market. On the other side, Asia-Pacific is expected to register the highest CAGR in the rapid acting insulin market in future, owing to westernized lifestyle behaviors and the increased prevalence of diabetes. This is expected to boost the rapid acting insulin market over the forecast period.