Global Insulin Market Size, Share and Growth 2032

Global insulin market is projected to witness a CAGR of 3.43% during the forecast period 2025-2032, growing from USD 19.42 billion in 2024 to USD 25.45 billion in 2032 owing to the rising prevalence of diabetes globally, which is expanding the pool of patients requiring insulin therapy, driving market demand. Technological advancements in insulin analogs and smart delivery systems are improving patient adherence and treatment outcomes. Supportive government policies capping insulin costs and expanding healthcare access are enhancing affordability, particularly in emerging economies.

For instance, Novo Nordisk completed the COMBINE 3 phase 3a trial in January 2024, assessing IcoSema, a once-weekly combination of semaglutide and basal insulin icodec. According to the study, IcoSema was similar to daily insulin glargine U100 and insulin aspart in its ability to lower HbA1c levels. Significant weight loss and a decrease in hypoglycemic episodes were further outcomes of the treatment. This implies that IcoSema could simplify diabetes treatment by substituting a weekly dose for daily injections. Later in the year, more results from the larger COMBINE program are anticipated.

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Rising Global Diabetes Burden Driving Insulin Demand

The global insulin market is being propelled by the alarming increase in diabetes prevalence, especially type 2 diabetes mellitus. Sedentary lifestyles, unhealthy diets, obesity, and increasing life expectancy are major contributing factors. According to the International Diabetes Federation, over 537 million adults were living with diabetes in 2021, and this figure is projected to reach 783 million by 2045. This sharp rise translates to an ever-increasing demand for effective glucose management therapies such as insulin. Governments and healthcare organizations are expanding access to insulin as a part of universal healthcare strategies, especially in low- and middle-income countries. Additionally, early detection programs and improved diagnostic rates are bringing more diabetic patients into treatment earlier, further expanding the consumer base for insulin therapy. The growing diabetic population requires not just insulin but also easier-to-administer and more effective variants, paving the way for continual product evolution in the global market. For instance, in March 2023, Eli Lilly announced a major price reduction of 70% for its most commonly prescribed insulins and also introduced a USD 35 cap on out-of-pocket costs for patients, aiming to improve access and affordability.

Technological Advancements and Innovation in Insulin Delivery

Rapid innovation in insulin formulations and delivery methods is playing a pivotal role in market growth. The development of ultra-rapid acting insulins, smart insulin pens, wearable injectors, and implantable insulin pumps is improving patient convenience and adherence. These advances are being tailored to enhance pharmacokinetics, minimize hypoglycemia risk, and provide real-time glucose management. Companies are investing in digital insulin management ecosystems that combine mobile apps, continuous glucose monitors (CGMs), and data-sharing platforms for optimized dosing and outcomes. Additionally, smart pens with Bluetooth integration and automatic logging capabilities are gaining ground, especially among younger diabetic patients. These innovations not only improve treatment accuracy but also reduce the burden on healthcare systems. The increasing consumer preference for advanced, user-friendly insulin therapies is creating a significant competitive advantage for companies offering such options, thereby intensifying R&D investments and product launches in this space. For instance, in 2025, Novo Nordisk launched the NovoPen 6 and NovoPen Echo Plus app for android software in multiple global markets—smart insulin pens that store insulin dosing data and wirelessly transfer it to compatible digital health apps. With this we can continuously keep track of our health and this solution being accessible to everyone now boosts its demand.

Biosimilar Insulin Segment Gaining Traction

The biosimilar insulin segment is gaining momentum as governments and healthcare payers seek cost-effective alternatives to branded biologics. As patent protections for major insulin products expire, biosimilar manufacturers are entering the market with more affordable yet clinically comparable options. These biosimilars significantly reduce the financial burden on both patients and public healthcare systems, especially in developing economies. Regulatory authorities across the globe have streamlined approval pathways to ensure biosimilar uptake, improving their availability in the market. Furthermore, awareness and acceptance among prescribers have improved, helping biosimilars capture a larger market share. The affordability and growing distribution of biosimilar insulin, coupled with rising demand from underserved populations, are expected to make this one of the fastest-growing segments over the forecast period.

For instance, Biocon Biologics Ltd (BBL), a division of Biocon Ltd, announced in April 2025, that Jobevne™ (bevacizumab-nwgd), a biosimilar to bevacizumab, has received FDA approval for intravenous usage. The reference product Avastin® (bevacizumab) is biosimilar to JOBEVNE, a recombinant humanized monoclonal antibody used to treat various cancers. To prevent angiogenesis and fight cancer by limiting the blood supply to the tumor, JOBEVNE, a vascular endothelial growth factor (VEGF) inhibitor, interacts with VEGF and prevents its interaction with its receptors.

North America Holds the Largest Market Share

North America dominates the global insulin market owing to its high diabetes prevalence, strong reimbursement structures, and presence of leading insulin manufacturers. The region also benefits from greater awareness, early diagnosis, and widespread adoption of innovative insulin delivery systems. The United States, in particular, accounts for a significant share due to advanced healthcare infrastructure, strong R&D investments, and a proactive regulatory environment. Moreover, the increasing implementation of value-based care and initiatives to improve insulin affordability are strengthening market dynamics. Strategic collaborations, product launches, and pricing reforms are making insulin more accessible, contributing to continued dominance in this region. Rising numbers of people who are suffering from diabetes also gives a benefit to this industry in this region. According to a 2024 report by the CDC, over 38 million Americans are living with diabetes, and insulin remains a cornerstone therapy for many patients. Policy reforms like Medicare’s insulin cap are driving patient access.

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Future Market Scenario (2025-2032F)

The global insulin market is set to expand as diabetes prevalence rises worldwide, particularly in emerging economies. Advances in insulin analogs and biosimilars, coupled with digital delivery and monitoring systems, will improve patient outcomes and adherence. Government initiatives to cap insulin costs and broaden healthcare access will enhance affordability. Additionally, personalized insulin regimens guided by AI and telemedicine integration are expected to drive market growth over the next decade. For instance, in order to deliver reasonably priced insulin throughout Africa, Novo Nordisk partnered with South Africa in September 2023 to increase human insulin production. By 2026, the program hopes to reach 4.1 million people with Type 1 and Type 2 diabetes. This initiative, which addresses the growing need for diabetes care over a continent where 24 million adults have the disease, is in line with the African Union’s Pharmaceutical Manufacturing Plan. With emphasis on boosting local production, distribution, and fair access to treatment, insulin will be provided to health authorities through the iCARE program at a cost of USD 3 per vial.

Report Scope

“Insulin Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global insulin market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

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