Rise in availability of continuous glucose monitoring, surge in investments in R&D for human recombinant insulin, and increase in government expenditure on healthcare drive the growth of the global rapid acting insulin market. However, adverse effects associated with use of rapid acting insulin hinder the market growth. On the contrary, undiagnosed population in developing region is estimated to open lucrative opportunities for market players in the future.
According to the report published by Allied Market Research, the global rapid acting insulin industry was accounted for $7.10 billion in 2019, and is estimated to reach $8.92 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, the growth of the global rapid acting insulin market is driven by increase in prevalence of diabetes, surge in geriatric population who are susceptible to develop diabetes, and surge in adoption of sedentary lifestyle. These factors contribute to the growth of the industry during the forecast period .
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. These analogs are frequently chosen over regular insulin due to their faster response, which allows diabetes patients to take it intravenously before any meal. It is usually taken post meals as it functions like natural insulin by reducing the risk of low blood glucose. Some of the rapid acting insulin available in the market are Humalog, Fiasp, NovoRapid, Apidra and others. Rapid acting insulin is usually preferred in pumps that deliver small amounts of insulin into the body every few minutes.
Covid-19 scenario:
- The patients suffering from respiratory diseases and diabetes are at higher risk of getting infected by Covid-19 virus. Thus, the demand for rapid acting insulin has increased during the pandemic.
- However, the prolonged lockdown across various countries have disrupted the supply chain and increased the prices of raw materials.
- The pandemic and restriction on international trade has created challenges for manufacturing and distribution of rapid acting insulin.
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North America held the largest share
By region, the market across North America held the largest share in 2019, contributing to nearly half of the market, due to rise in incidences of diabetes, high number of geriatric population, and favorable government policies. However, the global rapid acting insulin market across Asia-Pacific is estimated to register the highest CAGR of 5.8% during the forecast period, owing to westernized lifestyle behaviors and the increased prevalence of obesity.
Major market players
- Biocon Limited
- ADOCIA SAS
- Gan & Lee Pharmaceuticals
- Eli Lilly and Company
- Mannkind Corporation
- Geropharm LLC
- Sanofi S.A.
- Novo Nordisk A/S
- Wockhadt Ltd.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.