LONDON, Jan. 11, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the insulin drugs market, companies in the market are investing in technologies such as artificial intelligence (AI), smart-device integration, and the usage of 3D-printed organs for the development of insulin drugs. Adoption of advanced technologies saves time and reduces research and development costs. AI is being used by pharmaceutical companies to read and review scientific articles, summarize them, and analyze large sets of chemical and biological data to identify better drugs dosage.
For example, Sanofi, a French pharmaceutical company, uses AI to automate medical literature reviews on type 2 diabetes. With the help of AI, the company reduced the review time from 13 minutes per paper to around one second per paper. Similarly, device integration of insulin enables the user to effectively keep track of drug delivery. With a rise in human insulin market size, Insulet Corporation launched its smart connected drug delivery device Omnipod Dash in Canada in January 2023. Omnipod Dash is an insulin management system that allows users to wirelessly control the pods to deliver and track their insulin therapy. In addition, 3D-printed organs mimic the human body to test new drugs. For instance, in June 2023, Readily3D SA, a Switzerland-based volumetric 3D bioprinter manufacturer, started to develop a 3D bio-printed mini pancreas for efficient diabetes drug testing.
The global insulin drugs market size was expected to grow from $25.88 in billion 2020 to $27.2 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The growth was mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The insulin drugs market share is expected to reach $32.05 billion in 2025 at a CAGR of 4%.
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The insulin drugs industry is highly concentrated, and the market has limited number of large players. The top ten competitors in the market made up to 75.32% of the total market in 2020. This can be due to high entry barriers along with high research and development costs associated with drug development, licensing and commercialization Novo Nordisk was the largest competitor with 36.71% of the market, followed by Sanofi S.A, Eli Lilly and Company with, Biocon Ltd with, Gan & Lee Pharmaceuticals with, Bioton, Wockhardt Ltd, Julphar, Tonghua Dongbao Pharmaceutical and AstraZeneca.
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The insulin drugs market is segmented by product type into basal or long-acting insulins, pre-mixed, bolus or fast-acting insulins and intermediate and short acting; by source type into insulin analogs and human Insulin; by application into type 1, type 2 and gestational; by drug classification into branded drugs and generic drugs; by distribution channel into retail pharmacies, hospital pharmacies and online.
The anti-diabetic drugs market growth has witnessed the launch of many new products, either to increase the company’s product offerings or to gain competitive advantage. The introduction of new product into the market can increase revenue streams, drive momentum in the brand image, and thereby increase the company’s market share. For instance, in August 2020, the Indian biopharmaceutical company, Biocon Biologics, and Mylan, a US-based pharmaceutical company, launched Semglee in the US. It is a new insulin glargine injection that controls high blood sugar in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes.
North America is the largest region in the insulin drugs market, accounting for 42.0% of the total in 2023. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the insulin drugs market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 8.7% and 7.1% respectively. These will be followed by North America and Middle East.
Insulin Drugs Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide insulin drugs market overviews, insulin drugs market analyze and forecast market size and growth for the whole market, insulin drugs market segments and geographies, insulin drugs market trends, insulin drugs market drivers, insulin drugs market restraints, insulin drugs market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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