The short-acting insulin market has been growing steadily over the past few years. Short-acting insulin also known as fast-acting insulin refers to insulin analogs like insulin lispro, insulin aspart and insulin glulisine which starts working within 15 minutes of injection and has a shorter duration of action of 3-5 hours. These fast-acting insulin analogs are predominantly used to manage post-meal blood glucose levels in diabetic patients. They are usually prescribed to type 1 diabetes patients who require insulin administration before each meal. The need for short-acting insulin has been increasing due to the rising prevalence of diabetes globally. As per International Diabetes Federation estimates, around 537 million adults aged 20-79 years were living with diabetes in 2021 and this number is projected to rise to 643 million by 2030.
The Short-Acting Insulin Market is estimated to be valued at US$ 9.5 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the short-acting insulin market are Eli Lilly and Company, Novo Nordisk, Sanofi, Biocon, and Adocia.
The Short-Acting Insulin Market is witnessing several growth opportunities such as advancement in insulin analog formulations, development of ultra-rapid human insulins, dual and multi-hormone artificial pancreas systems. Companies are investing heavily in development of concentrated modern and smarter insulin delivery methods like insulin patches, inhalable insulins and artificial pancreas systems which are expected to improve patient adherence and compensate challenges related to current needle-based delivery methods.
Key players are actively expanding their geographic footprint in emerging markets of Asia, Middle East, Africa and Latin America. Growth opportunities in these regions are higher owing to increasing incidence of diabetes and improving access to diagnosis and treatment. Regional and country level collaborations are enabling players to localize manufacturing and launch affordable insulin products in low and middle-income countries.
Market Drivers
- Rising prevalence of diabetes globally due to sedentary lifestyle, obesity and genetic predisposition is the key driver. Growth in diabetic population will directly increase insulin usage.
- Advancements in insulin analogs and their ease of use compared to human insulin is a major demand driver for fast acting insulin analogs. New analog formulations with more rapid onset and shorter duration are being developed.
Market Restrains
- High cost of branded insulin analogs especially in developing countries restricts their widespread adoption and puts financial burden on patients. Availability of affordable biosimilars is still limited.
- Fear of needles and insulin injections leads to non-adherence to insulin therapy especially in type 2 diabetes patients. Alternative non-invasive delivery modes are needed to improve adherence.
Segment Analysis
The short-acting insulin market can be segmented based on product type and distribution channel. By product type, rapid-acting insulin dominates the market. Rapid-acting insulin starts to reduce blood glucose levels within 15 minutes of administration and has the shortest duration of action among available insulins of about 3-5 hours. Rapid-acting insulin is recommended for pre-meal administration to keep blood glucose levels under control between meals and overnight. By distribution channel, retail pharmacies hold the largest share as most patients get short-acting insulin prescribed by their doctors and purchase them from retail stores near their home for convenience.
Global Analysis
North America is the fastest growing and dominating region in the short-acting insulin market. This is due to the high prevalence of diabetes in the region coupled with advanced healthcare facilities and greater access to novel treatment options. According to International Diabetes Federation estimates, over 37 million Americans had diabetes in 2021 which is expected to further increase the demand. Besides, presence of major players along with favorable reimbursement policies are some factors supporting the growth in this region. Asia Pacific also shows high promises for the market with rapidly developing economies, growing medical needs of large population and increasing health awareness.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163 )
What Are The Key Data Covered In This Short-Acting Insulin Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Short-Acting Insulin Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Short-Acting Insulin Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Short-Acting Insulin Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Short-Acting Insulin Market vendors
FAQ’s
Q.1 What are the main factors influencing the Short-Acting Insulin Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Short-Acting Insulin Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Short-Acting Insulin Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it