Global Insulin Market: A Vital Component in the Fight Against Diabetes
—— Exploring the Dynamics, Challenges, and Promising Innovations in the Diabetes Treatment Landscape
27 August 2023 Monica Cai monica.cai@crm.szc-group.com
Introduction: The Diabetes Epidemic and Its Escalating Impact
In a world grappling with pressing health concerns, diabetes stands as a formidable global challenge, ranking among the top three killers worldwide. The 2019 Global Diabetes Atlas from the International Diabetes Federation (IDF) paints a startling picture – approximately 463 million individuals aged 20 to 79 are afflicted by diabetes. This staggering statistic emphasizes the urgent need to address this pandemic. Even more alarming is the projection that one person succumbs to diabetes-related complications every 8 seconds, indicating a troubling future where the number of diabetes patients is estimated to rise to a staggering 700 million by 2045.
Image: IDF
The Nexus of Diabetes, Urbanization, and Aging: A Multi-Billion-Dollar Burden
As populations worldwide age and urbanize at an unprecedented pace, diabetes has risen to the forefront of global health challenges. More than one-third of diabetes cases are attributed to these demographic shifts. The data from IDF indicates that diabetes-related healthcare expenses caused at least USD 966 billion dollars annually in health expenditure – a 316% increase over the last 15 years, making it the second-largest contributor to the world’s healthcare expenditure. The rapidity at which diabetes-related spending has grown, with a compound annual growth rate (CAGR) of 10.21% from 2006 to 2019, foreshadows a future marked by increasing economic strain on healthcare systems.
Insulin: A Key Player in Diabetes Management and Market Dynamics
Central to the diabetes treatment landscape is the insulin market, representing a cornerstone in addressing this chronic condition. Globally, the insulin market is valued at over $35 billion, a testament to the critical role insulin plays in managing diabetes. Notably, China has emerged as a significant player, recording an impressive $10.9 billion in insulin sales in 2019, only second to the United States.
* Top 10 Countries or regions in terms of Healthcare-related Expenditures for Adults (aged 20-79) with Diabetes (2019)
Source: Global Insulin Industry Market Status Research Report 2019
A Holistic Approach to Diabetes Care: The Crucial Role of Insulin
Managing diabetes involves a comprehensive approach encompassing patient education, dietary modifications, regular exercise, medication, glucose monitoring, and addressing cardiovascular risk factors. The three primary categories of diabetes medications are insulin, GLP-1 receptor agonists, and oral hypoglycemic drugs. The effective management of type 2 diabetes hinges on personalized treatments tailored to individual needs and circumstances.
Opportunities and Challenges Ahead
The global diabetes drugs market reached a substantial valuation of $70.73 billion in 2022, driven by the escalating prevalence of diabetes worldwide. Projections anticipate the market to maintain a robust growth trajectory, with a CAGR of 5.3% from 2023 to 2031, resulting in an anticipated market worth of $112.58 billion by 2031. However, within the industry’s growth lies the challenge of market concentration, epitomized by the dominance of three industry giants: Eli Lilly, Novo Nordisk, and Sanofi.
As the insulin market steers toward an estimated $90.1 billion valuation by 2030, these industry behemoths continue to play a pivotal role. This dynamic brings both innovative advancements and concerns regarding accessibility and affordability. The juxtaposition of the altruistic origins of insulin’s discovery with the present-day complex market dynamics underscores the pressing need for an equitable and sustainable approach to diabetes treatment on a global scale.
Reference:
- Global Insulin Market – Industry Trends and Forecast to 2029: https://www.databridgemarketresearch.com/reports/global-insulin-market
- Global Diabetes Drugs Market Outlook: https://www.expertmarketresearch.com/reports/diabetes-drugs-market#:~:text=The%20global%20diabetes%20drugs%20market%20value%20was%20USD,a%20value%20of%20USD%20112.58%20billion%20by%202031.
- DF Diabetes Atlas 2022 Reports: https://diabetesatlas.org/#:~:text=Diabetes%20caused%20at%20least%20USD%20966%20billion%20dollars,a%20316%25%20increase%20over%20the%20last%2015%20years.
- IDF Atlas 9th Edition 2019: https://www.researchgate.net/publication/337253094_IDF_Atlas_9th_Edition_2019#:~:text=The%20latest%20edition%20of%20the%20International%20Diabetes%20Federation,by%202030%2C%20and%20700%20million%20by%202045%20%281%29.
- The diabetes review: A guide to the basics. Updated December 2020: https://diabetesonthenet.com/wp-content/uploads/pdf/dotnae85b2894f3f106434cffd9fb60f261a.pdf
- Global Human Insulin Market is estimated to be US$ 35.01 Billion in 2030 at a CAGR 4.3% during the forecast period – By PMI: https://www.globenewswire.com/en/news-release/2022/04/05/2416818/0/en/Global-Human-Insulin-Market-is-estimated-to-be-US-35-01-Billion-in-2030-at-a-CAGR-4-3-during-the-forecast-period-By-PMI.html#:~:text=The%20Global%20Human%20Insulin%20Market%20accounted%20for%20US%24,is%20anticipated%20to%20register%20a%20CAGR%20of%204.3%25.
- Global Insulin Market $90 Billion by 2029: https://www.ihealthcareanalyst.com/global-human-insulin-market/
Bonus! 1. Insulin Market Size, Share & Growth Analysis Report, 2030: https://www.grandviewresearch.com/industry-analysis/insulin-market-report
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