The short-acting insulin market has witnessed significant growth over the past few years owing to the rising prevalence of diabetes worldwide. Short-acting insulin helps manage blood glucose levels in diabetes patients immediately after a meal. The most commonly used short-acting insulin products include insulin lispro, insulin aspart, and insulin glulisine. These synthetic insulin analogs work faster as compared to regular human insulin and have a shorter duration of action.
The Short-Acting Insulin Market is estimated to be valued at US$ 9.5 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Advancements in drug delivery technologies are aiding the growth of the market. The rising geriatric population burdened with diabetes and growing cases of type 1 diabetes are the key factors driving the demand for short-acting insulin globally.
Key Takeaways
Key players operating in the short-acting insulin market are Eli Lilly and Company, Novo Nordisk, Sanofi, Biocon, and Adocia.
Growing awareness regarding diabetes management and favorable reimbursement policies are expected to create growth opportunities in the market.
Advanced drug delivery systems like injectable pens and wearable insulin patches are enabling better insulin therapy management for diabetes patients.
Market Drivers
The rising prevalence of diabetes due to obesity, sedentary lifestyles, and poor dietary habits has increased the patient pool requiring insulin therapy. As per International Diabetes Federation, over 537 million adults were living with diabetes in 2021 worldwide. Short-acting insulin remains the primary therapeutic option for glycemic control in both type 1 and type 2 diabetes patients. Favorable regulatory environment and drug approvals are also fueling market expansion.
Current Challenges In Short-Acting Insulin Market
The short-acting insulin market faces challenges in terms of inconsistent and incomplete treatment of diabetes patients across various regions. Achieving optimal blood glucose control remains difficult for many patients. The need for frequent self-monitoring of blood glucose levels and multiple daily insulin injections also present compliance challenges. Additionally, the risk of hypoglycemia from incorrect or missed dosages is a constant concern. Product innovation is important to address these issues through more user-friendly delivery systems and drugs with enhanced pharmacokinetic properties.
SWOT Analysis
Strength: Short-acting insulin provides effective control over blood glucose spikes after meal intake. These insulins have rapid onset and short duration of action.
Weakness: Short-acting insulin needs to be taken several times a day to mimic the body’s natural insulin response. This regimen can be difficult for some patients to adhere to strictly.
Opportunity: Advancements in diabetes management technology including smart insulin pens and pumps present an opportunity to simplify treatment with short-acting insulin. The rising global prevalence of diabetes also accelerates market growth.
Threats: Intense competition exists from the long-acting and pre-mixed insulin drug categories that offer more convenient once-daily dosing. Potential biosimilar competition can erode pricing of originator short-acting insulin products in future.
North America currently accounts for the largest regional market for short-acting insulin in terms of value, with the US market holding the major share. This is attributed to the high penetration of intensive insulin therapy protocols and a sizable diabetic population in need of basal-bolus regimens. Asia Pacific region is poised to grow at the fastest rate during the forecast period, driven by economic development, increasing healthcare expenditure, and rising prevalence of diabetes especially in China and India.
Europe is another major regional market for short-acting insulin characterized by established healthcare systems and reimbursement structures across countries for diabetes management. Meanwhile, the Middle East and Africa region shows high unmet needs for insulin therapy amid limited access and affordability issues. Collaborations to expand diabetes care in lower resource settings could unlock new opportunities over time.
What Are The Key Data Covered In This Short-Acting Insulin Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Short-Acting Insulin Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Short-Acting Insulin Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Short-Acting Insulin Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Short-Acting Insulin Market vendors
FAQ’s
Q.1 What are the main factors influencing the Short-Acting Insulin Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Short-Acting Insulin Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Short-Acting Insulin Market’s distributors, traders, and dealers?
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile