New York, United States, July 06, 2022 (GLOBE NEWSWIRE) -- The market for short-acting insulin is highly consolidated, with Sanofi, Novo Nordisk, and Eli Lilly serving as the three most important players in the industry. Every one of these companies has done an excellent job of establishing its name and reputation in the industry. However, due to the intense level of competition in the local markets, these manufacturers will need to put in a significant amount of effort in order to break into those markets.
As a result, in order to bolster their position in the market, they make use of effective competitive strategies. The high profitability of the market is one of the driving forces behind the efforts of a large number of major corporations and numerous generic insulin (biosimilars) producers to introduce innovative products. Due to this, major business people are keeping a close eye on the market for short-acting insulin as they are interested in breaking into the aforementioned market segment in order to make enormous profits.
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Initiatives Taken by the Government to Prevent the Spread of Diabetes Driving Market Growth
At the federal, state, and local levels of government, policies are a key part of improving the quality and safety of health care. A long-term plan to prevent chronic diseases must include changes in policy, systems, and the environment (PSE). The goal of government policies and changes to the environment is to make healthy behaviors easier to do or more appealing and to make unhealthy exposures harder to do or illegal.
Interventions at the system level try to improve how an agency or organization works and how its services are given to the community. Diabetes is a long-term illness that affects more than 30 million people around the world. The Affordable Care Act (ACA) of 2010 set up a system of shared responsibility between the government, employers, and individuals to make sure that everyone has free access to affordable, high-quality health insurance in their area.
According to the World Health Organization, more than 400 million people around the world have diabetes, and its treatment costs about 12 percent of all health care costs around the world. In 2018, the American Diabetes Association (ADA) reported an increase in newly diagnosed cases of Type 1 and Type 2 diabetes in the United States, with nearly 40,000 new cases of Type 1 diabetes being reported each year.
As the patents for major brand-name insulin products are set to expire in the next ten years, diabetes monitoring and prevention groups like the ADA are putting a lot of money into the research and development of biosimilars or generic insulins to improve the quality of medical care and the effectiveness of treatments. In 2018, the American Diabetes Association (ADA) gave money to 318 new and ongoing projects that used a wide range of scientific methods to study all types of diabetes and its many complications. In December 2019, the US Food and Drug Administration (FDA) released new draft guidance that allows the development of insulin biosimilars.
This could mean cheaper versions of these biological drugs that are almost identical to the original and could be used instead of the original. It explained when developers of insulin biosimilars might not have to do comparative clinical immunogenicity studies. With these two main things pushing the short-acting insulin market forward, this market segment is moving in the direction of growth and creating a lot of opportunities in the global health care sector.
Rapid Technological Developments in Insulin Manufacturing and Research Create a Wide Range of Opportunities
Even though the number of people who need insulin is growing around the world, only a small number of companies can meet this need in most places. So, only the people who make insulin have the power to set prices. Even end-users like the government have little or no control over prices. Since patents and other legal violations make it hard for new companies to make similar drugs before the patent expires, insulin production is highly regulated.
This shows that a small number of market players have a lot of power and are using their technological skills to make as much money as possible. In the past, there were no good alternatives to insulins that worked quickly. Recent efforts to make cheaper biosimilars have changed the way the market works, which is why there is a chance to make new types of insulins. But the development of biosimilars is still in its early stages, and there are only a few of these drugs on the market right now.
People expect that the recently written FDA resolution will encourage research and development (R&D) of biosimilars and encourage their use as less expensive ways to treat diabetes. Major players like Sanofi, Novo Nordisk, and Lilly have created a monopoly in the market through their established supply chains and brands. This has led to a large amount of global market penetration. These companies work with a number of administrative and health agencies to come up with and implement competitive strategies. This gives both newcomers to the industry and professionals in the field a good chance to get some business through this market segment.
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Impact of Covid- 19 on the Global Short-acting Insulin Market
The only bad thing that happened in the short-acting insulin market was a break in the global supply chain that made it hard to get raw materials for manufacturing and production in every industry. As insulins are related to public health, and due to the pandemic, the healthcare industry was at its best, which made it easier to get insulins in some places.
Due to differences in the supply chain and a lack of raw materials, there were not enough of these insulins in many parts of the world. This made it hard for doctors and patients. As there are not enough supplies, the prices of insulin have gone through the roof. This made insulin out of reach for poor people and caused some people to die as they could not get insulin.
Regional Analysis of the Global Short-acting Insulin Market –
The global market for short-acting insulin is divided into North America, Europe, and Asia-Pacific. With a market value of USD 482 million in 2021 and expected to reach USD 589 million by 2030 at a CAGR of 2.25%, North America is the market leader. North America has the best health care facilities being the most developed and the largest economy in the world.
The Asia-Pacific region is second on the list, with a market value of USD 48 million in 2021 at a CAGR of 4%. It is expected to reach USD 69 million in 2030. The fast growth of the healthcare industry in the Asia-Pacific region has led to the growth and development of the market for short-acting insulin in that region.
Europe is third on the list, with a market value of USD 9 million in 2021 at a CAGR of 4%, which will bring it to USD 13 million by 2030. Europe has a number of large manufacturers and research institutes that help bring in money for the whole region.
Key Highlights –
- The global short-acting insulin market to grow at USD 10288 million by 2030 at a CAGR of 2% from the early figures of USD 9257 million in 2021.
- Based on drugs, the Novolog drug segment dominates the global short-acting insulin market with a market share of USD 2651 million in 2021 and is expected to be at USD 2694 million by 2030 at a CAGR of 0.18%.
- Considering the regional segmentation, North America has the major market share, which accounts for a market value of USD 482 million in 2021 and is expected to reach USD 589 million by 2030 at a CAGR of 2.25%.
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The major players in the global short-acting insulin market are –
- Novo Nordisk AS,
- Eli Lilly & Company,
Global Short-Acting Insulin Market: Segmentation
- North America
TABLE OF CONTENT
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Short-Acting Insulin Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
22.214.171.124 North America
126.96.36.199 Central and South America and the Caribbean
188.8.131.52 The Middle East and Africa
5 Drug Overview
5.1.1 Market Size & Forecast (Value & Volume)
5.2.1 Market Size & Forecast (Value & Volume)
5.3.1 Market Size & Forecast (Value & Volume)
5.4.1 Market Size & Forecast (Value & Volume)
6 Regional Overview
6.1.1 Market Size & Forecast (Value & Volume)
6.2 North America
6.2.1 Economic Overview
6.2.2 Market Scenario
6.3 Central and South America and the Caribbean
6.3.1 Economic Overview
6.3.2 Market Scenario
6.3.6 Rest of Central and South America and the Caribbean
6.4.1 Economic Overview
6.4.2 Market Scenario
6.4.5 The U.K.
6.4.7 The Rest Of Europe
6.5 Asia-Pacific (APAC)
6.5.1 Economic Overview
6.5.2 Market Scenario
6.5.7 South Korea
6.5.8 Rest Of APAC
6.6 Middle East
6.6.1 Economic Overview
6.6.2 Market Scenario
6.6.3 South Arabia
6.6.4 The UAE
6.6.8 The Rest Of Middle East
6.7.1 Economic Overview
6.7.2 Market Scenario
6.7.4 South Africa
6.7.5 The Rest Of Africa
7 Competitive Landscape — Manufacturers & Suppliers
7.1 Competition Dashboard
7.2 Industry Structure
7.3 Novo Nordisk AS
7.3.1 Business Overview
7.3.2 Financial Performance
7.3.3 Recent Developments
7.5 Eli Lilly and Company
8 Conclusion & Recommendation
9 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/short-acting-insulin-market/toc
Market News -
- In January 2020, the Ozempic- a once-weekly type 2 diabetes medicine developed by Novo Nordisk, was approved to be consumed by the type 2 diabetes patients globally.
- In June 2020, Eli Lilly and Company announced their expansion to enhance its manufacturing capabilities with an investment of USD 400 million.
- In September 2019, Sanofi announced its partnership with Verily and Sensile Medical to develop an all-in-one insulin patch pump.
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