This market research analysis presents a detailed segmentation of the insulin market in the US and Europe by drug class (fast-acting, intermediate-acting, and long-acting), by application (type 1 and type 2 diabetes), by delivery technologies (injectable insulin, insulin pumps, oral insulin, inhaled insulin, and others), and by geography (Europe and the US). Key vendors in the market include Sanofi, Novo Nordisk, and Eli Lilly.
The market research analysts at Technavio estimate the insulin market in the US and Europe to grow at CAGR of over 6% between 2016 and 2020. The growing incidence of type 1 and 2 diabetes and a rise in the number of obese individuals, as well as the aging population, are factors that are propelling the market. Market penetration, marketing approvals, patent protection, and regulatory designation are also expected to have a positive influence on the market during the forecast period. The US dominated the insulin market by accounting for around 77% of the overall market share. The accessibility to treatment therapies by reimbursement programs is the primary driver for the market in this region.
The new market research report from Technavio presents a breakdown and analysis of insulin segments by type.
“The increase in investment for research and development is expected to boost the market over the next four years. Manufacturers are focusing on developing drugs based on different therapeutic approaches to treat diabetes in addition to insulin-based products. For instance, Prochymal by Osiris Therapeutics is a mesenchymal stem cells-based drug candidate that releases biologically active factors to suppress inflammation and repair damaged tissues,” says Barath Palada, Lead Analyst, Pharma, Technavio Research.
In 2015, type 2 diabetes accounted for the majority share of the insulin market in the US and Europe. Brought on by lifestyle and genetic factors, in the case of type 2 diabetes the body cannot produce abundant insulin, there is insulin resistance, or both. The inhibition of glucose absorption into the cells increases blood glucose levels, triggering progressive damage to nerves and blood vessels and resulting in the starvation of the cells.
The key vendors in the insulin market in the US and Europe include Sanofi, Novo Nordisk, and Eli Lilly. This market is primarily dominated by the large multinational players who account for a major part of the total market share. Vendors are undergoing strategic alliances to promote and manufacture their drug offerings. New players are expected to enter this market during the forecast period as the market is witnessing patent expiries of drugs.
A more detailed analysis is available on the Technavio report, Insulin Market in the US and Europe 2016-2020.
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