The short-acting insulin market comprises human insulin, insulin lispro, insulin aspart, and insulin glulisine. Short-acting insulin helps patients with diabetes to manage their blood sugar level within a few hours after injection. It is commonly used before or during meals or when blood sugar level is high. The increasing prevalence of diabetes worldwide has significantly boosted the demand for short-acting insulin for effective management and treatment of the disease.
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.
Key Takeaways
Key players operating in the short-acting insulin are Eli Lilly and Company, Novo Nordisk, Sanofi, Biocon, and Adocia.
Eli Lilly and Company is a global leader in diabetes care with prominent products such as Humalog and Admelog. Novo Nordisk is one of the leading pharmaceutical companies in diabetes care with short-acting insulin products such as NovoRapid and Fiasp.
The growing incidence of diabetes due to obesity, lack of physical activity, and unhealthy lifestyles has spurred the demand for short-acting insulin worldwide. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021, and the number is expected to rise to 643 million by 2030 and 784 million by 2045.
Technological advancements in drug delivery systems have led to the development of novel short-acting insulin formulations for improved efficacy and patient compliance. For instance, Fiasp by Novo Nordisk is an ultra-fast-acting insulin aspart indicated for adults with diabetes.
Market Trends
Growing popularity of pre-filled insulin pens - Pre-filled insulin pens offer convenience of use and accurate dose delivery compared to vials and syringes. This is encouraging more patients and healthcare providers to shift from conventional vials to pre-filled insulin pens.
Growing demand for human insulin analogs - Second-generation human insulin analogs mimicking rapid-acting insulin have demonstrated faster absorption and onset of action. Hence, they are gaining traction over conventional human insulins.
Market Opportunities
Smart insulin delivery devices - Integration of connectivity features in insulin pumps and pens can help synchronize insulin delivery with daily activities and meals. This represents a lucrative avenue.
Emerging economies in Asia - Countries like China, India, Indonesia, and Vietnam are expected to fuel future demand growth owing to increasing diabetes prevalence and enhanced access to treatment options.
In conclusion, the Short-Acting Insulin Market is expected to grow notably in the forecast period owing to the rising prevalence of diabetes worldwide along with technological developments for convenient and more efficient insulin therapies.
Impact Of COVID-19 On Short-Acting Insulin Market Growth
The COVID-19 pandemic has significantly impacted the growth of the Short-Acting Insulin Market. During the initial months of the pandemic, several nations imposed strict lockdowns and social distancing measures to curb the spread of the virus. This led to disruptions across the healthcare sector and supply chain networks. Many diabetic patients faced challenges in regularly accessing insulin therapy and management services during this period. It became difficult for patients to physically visit hospitals or clinics for insulin injections or consultations with doctors. Telehealth and remote monitoring emerged as viable options to ensure continuity of care. However, not all patients had access to these virtual healthcare platforms.
With lockdowns being gradually lifted in many countries post mid-2020, the short-acting insulin market is recovering. Healthcare systems have implemented new protocols and guidelines to minimize infection risks while delivering services. Insulin manufacturers ramped up production to meet any surge in demand. Governments also focused on strengthening supply chains and ensuring uninterrupted availability of diabetes treatment and management products. The COVID-19 pandemic highlighted the need for innovative insulin delivery methods like pens, pumps and wearable devices. It also emphasized the importance of personalized therapy and glucose monitoring technology. In the coming years, the market is expected to grow backed by increasing diagnosis rates, growing awareness about diabetes self-management, and advances in insulin therapy products.
Geographical Regions With Highest Short-Acting Insulin Market Value
North America represented the largest short-acting insulin market in terms of value in 2024. This is attributed to the rising prevalence of diabetes, growing obesity rates, availability of advanced treatment options and high healthcare spending in the US and Canada. Europe held the second position driven by increasing government focus on noncommunicable diseases and presence of major market players. Asia Pacific is projected to be the fastest growing regional market between 2024-2031 backed by growing awareness, expanding patient reach of key players and rising healthcare investments in countries like China and India.
Fastest Growing Regional Market For Short-Acting Insulin
Asia Pacific is poised to be the fastest growing regional market for short-acting insulin during the forecast period from 2024 to 2031. This can be attributed to factors like rising diabetes prevalence, growing medical expenditures, increasing focus on prevention and management of chronic diseases, improving access to diagnosis and treatment services, and expansion initiatives by leading manufacturers. Furthermore, adoption of technologies like smartphones and smart insulin pens is supporting diabetes care in the region. Asia Pacific countries such as China, India and Indonesia offer lucrative growth opportunities for market players due to rising healthcare infrastructure, surge in medical tourism and rapidly increasing patient pool.
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Author Bio:
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, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163 )
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?
Q.6 How are market types and applications and deals, revenue, and value explored?
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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
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