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Insulin is an important drug used to treat used to treat patient who have diabetes. It is used to treat patients with type 1 and type 2 diabetes where type 1 diabetes is a condition in which body does not product insulin and type 2 diabetes results from the body’s ineffective use of insulin and therefore unable to control the amount of sugar in blood. In 2018,as per BMJ Global Health, around 100 million people need insulin worldwide. The growing production of insulin to meet the demand of diabetic people and increase in the product development are the major factors estimated to contribute in the inslulin API market etc.
The rising prevalence of diabetes among the population worldwide is estimated to drive the market in the coming years. For instance, according to WHO, diabetes prevalence has been rising more speedily in low and middles income class countries and it is the seventh leading cause of death. In 2019, around 1.5 million deaths were caused by diabetes. Additionally, Biocon company has successfully taken a range of novel biologics and affordable recombinant human insulin and insulin analogs from ‘Lab to Market’
However, the high cost for insulin create a barrier for the insulin API market as major population are from low and middle income countries. Type 1 diabetic people need insulin for survival but as per WHO, low and middle income countries are not receiving it due to high prices and supply challenges. Major problem with insulin cost is that few companies are controlling control 96% of the global market, setting prices that are prohibitive for many countries thus restraining the growth of insulin API market in the coming years.
Key Market Driver -
Rising prevalence of Diabetes
Key Market Restraint -
High price for insulin pose a barrier for people living with diabetes
Globally, the Insulin API market can be categorized into type, application and region. Based on type, the market can be segmented into regular human Insulin, insulin Analogue and others. Based on application segmentation, the market can be categorized into fast-acting, long-acting and premix.
Geographically, the Insulin API market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Some of the major companies that are present in the Insulin API market are Novo Nordisk A/S, Biocon, Julphar, Torrent Pharmaceuticals Ltd., Eli Lilly and Company., Tonghua Dongbao, Ganlee, other prominent players.
Based on region segmentation, the Insulin API market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to dominate the market in 2020 and is estimated to retain its dominating position during the forecast period. Factors such as increasing prevalence of diabetes in north America. In 2018, as per American diabetes association, there were 34.2 million Americans have diabetes which is nearly 10.5% of the population. Along with this the surge in the demand for generic insulin is boosting the growth of the market. In Europe, the market is stirred by factors such as expansion of business and customer base of the major players. For example, in 2020, Novo Nordisk had announced their plan of investment of USD 117million in upgrading and expanding facilities at its production site in Denmark. The market growth in the Asia Pacific is supplemented by increasing disposable incomes and rising geriatric populations in countries such as India, Japan, and China. Additionally, the existence of key insulin manufacturer and robust competition among them is the driving force. The market in Latin America and Middle East countries, and Africa is expected to grow slower than other regions.
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