Rapid Acting Insulin Market

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. 

Patients with different health issues such as respiratory disease and diabetes are at higher risk of getting affected by this covid-19 virus. It is found that the mortality rate is high in a patient with diabetes compared to the general population. Without or irregular supply of rapid acting insulin a person with diabetes will die within a few days. To overcome this situation the insulin manufacturing companies are taking different steps to make the product available to the patients, which drives the market growth in near future. On the side, there is no supply shortage of rapid acting insulin but the use of insulin is get reduced.

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. Some of the rapid acting insulin available in the market are Humalog, Fiasp, NovoRapid, Apidra and others. 

The COVID-19 outbreak that started from Wuhan city of China has now wide spread globally. Almost every nation is dealing with the outbreak. Furthermore, most of the markets have observed a drop down, owing to the lockdown situation declared by the government of various countries. However, the outbreak of COVID-19 is expected to contribute to the growth opportunities for industries wherein the treatment and management of chronic conditions are carried out. According to an article by the American Diabetes Association in 2020, people with diabetes are more likely to have serious complications from COVID-19. Furthermore, having heart disease or other complications in addition to diabetes could worsen the chance of getting seriously ill from COVID-19 as more than one condition makes it harder for patients to fight the infection. This helped major players to adopt various strategies to gain maximum share during the COVID-19 outbreak. For instance, in April 2020, in response to the emergency caused by COVID-19, Eli Lilly and Company introduced the Lilly Insulin Value Program. This program allows anyone with commercial insurance and those without insurance at all to fill their monthly prescription of Lilly insulin for $35. Furthermore, the program became effective from the given date and covered most Lilly insulin, including all Humalog (insulin lispro injection 100 units/mL) formulations. On the side, there is no supply shortage of rapid acting insulin.

The growth of the global rapid acting insulin market is majorly driven by the surge in prevalence of diabetes worldwide, 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. Furthermore, sedentary & unhealthy lifestyles double 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. 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.

The global rapid acting insulin market is segmented on the basis of product type, indication, distribution channel, and region. By product type, the market is segregated into insulin lispro, insulin aspart, and insulin glulisine. Depending on indication, it is fragmented into type 1 diabetes and type 2 diabetes. Furthermore, the market is divided on the basis of distribution channel into hospital pharmacies, drug stores & retail pharmacies, and online providers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Segmental review

By product type, the insulin lispro segment is anticipated to grow with the largest rapid acting insulin market share over the forecast period. This is attributed to better advantages posed by the product, which include faster subcutaneous absorption, earlier & greater insulin peak, and shorter duration of action. This contributes to help the industry generate higher revenue through insulin lispro.

By indication, the type 2 diabetes segment occupied the largest share of the market, owing to rise in urbanization, unhealthy diet, and reduced physical activity leads to rise in the number of people with type 2 diabetes which will further boost the rapid acting insulin market growth.

By distribution channel, the drug stores & retail pharmacies segment occupied the largest share of the market, owing to availability of drug store & retail pharmacy stores everywhere. In addition these pharmacies provide alternate options for insulin, if the ones prescribed are not available. 

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 geriatric population, 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 obesity. This is expected to boost the rapid acting insulin market over the forecast period.

Some of the key players operating in the rapid acting insulin market 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 Benefits For Stakeholders

• This report entails a detailed quantitative analysis along with the current global rapid acting insulin market trends from 2020 to 2027 to identify the prevailing opportunities along with the strategic assessment.
• The rapid acting insulin market forecast is studied from 2020 to 2027.
• The rapid acting insulin market size and estimations are based on a comprehensive analysis of key developments in the industry.
• A qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
• Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the global rapid acting insulin market.

 Rapid Acting Insulin Market Report Highlights