CIS Insulin Market Expected To Be Worth $3,008.5 Million By 2020 - Report by Grand View Research
The CIS market for insulin and insulin products is expected to reach USD 3,008.5 million by 2020 growing at a CAGR of 15.0%, according to a new study by Grand View Research, Inc. The presence of an extensive pipeline portfolio of products exhibiting higher efficacies and their subsequent commercialization over the next six years is expected to serve this market as a high impact rendering driver. The introduction of government initiatives aimed at improving the affordability of insulin via price reduction, such as the collaboration between the government of Ukraine and Indar to reduce the price of insulin by 20% in 2013 is expected to have positive influence on demand. Some of the other drivers of this market include increasing attempts made by manufacturers to capitalize on the untapped opportunities by opening new manufacturing units to improve the supply of insulin and growing incidence rates of type II diabetes are some of the factors expected to fuel future market growth.
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Further key findings from the study suggest:
• Regionally, Russia occupied the largest share of the market, accounting for 69.2% of the revenue. Its large share is majorly attributed by the subsidies that Russian government provides to make insulin more affordable for patients.
• Ukraine is expected to register the fastest CAGR of 15.6% during the forecast period due to the presence of high untapped opportunities and encouraging government initiatives.
• In addition, Poland is expected to grow at a lucrative rate during the forecast period majorly owing to the presence of high diabetes prevalence coupled with increasing healthcare expenditures.
• Long acting insulin accounted for the largest share of the market, at over 39.0% in 2013, owing to the higher preference given to long acting insulin therapy for diabetes which results in lesser episodes of low blood sugar. It is also expected that this product segment will grow at the fastest CAGR of over 18.0% during the next six years.
• Application of insulin for control of type II diabetes occupied for over 90.0% of the market owing to the presence of larger portfolio of products catering to this segment and a relatively larger prevalence base
• Analogs accounted for over 80.0% of the revenue owing to their relatively higher prices and better efficacy levels. In addition, this segment is expected to exhibit the fastest CAGR during the forecast period on account of the introduction of technologically advanced products such as ultra-long and ultra-fast acting analogs.
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
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