by The short-acting insulin market has gained significant prominence over the past few years owing to the rising prevalence of diabetes across the world. Short-acting insulin refers to fast-acting insulin that starts working within 15 minutes of administration and provides effective control over blood glucose levels for a period of 3 to 5 hours. It plays a crucial role in managing post-meal blood sugar spikes. Features like fast onset of action and shorter duration make short-acting insulin ideal for pre-meal administration, pre-travel, and pre-exercise use. Increasing health expenditure, favorable reimbursement policies, technological advancements in insulin delivery devices are some of the key factors driving the demand for short-acting insulin solutions in both developed and emerging economies.
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 of 2024-2031.
Key Takeaways
Key players operating in the short-acting insulin market are Eli Lilly and Company, Novo Nordisk, Sanofi, Biocon, and Adocia. Eli Lilly and Company and Novo Nordisk collectively account for over 70% of the global market share.
Key opportunities in the market include new product launches with improved features, pen devices with advanced functionality, partnerships with accessory device manufacturers to provide integrated solutions for diabetes management.
Growing diabetes burden in Asia Pacific along with strengthening healthcare infrastructure in regional economies like China and India is expected to drive the global expansion plans of major insulin players in the coming years. Growing knowledge and awareness about diabetes treatment options and availability of affordable short-acting insulin products will aid market growth in the region.
Market Drivers
Rise in global diabetes prevalence rates is considered as a major market driver. According to the International Diabetes Federation, around 537 million adults globally suffered from diabetes in 2021 and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Higher diabetes prevalence rates directly translate to increased demand for advanced treatment solutions like short-acting insulin.
PEST Analysis
Political: Regulations surrounding the approval and accessibility of insulin products influence the market. Stringent guidelines ensure patient safety.
Economic: Healthcare expenditures and income levels determine affordability of insulin therapy. National insurance schemes provide coverage.
Social: Growing prevalence of diabetes drives demand. Awareness programs encourage treatment adherence.
Technological: Advances in drug delivery systems improve efficacy and patient comfort. Digital platforms aid remote monitoring.
Geographical Regions Of Concentration
North America accounts for a major share of the Short-Acting Insulin Market value owing to the rising geriatric population with diabetes. According to statistics, over 37 million Americans suffered from diabetes in 2020, with over 10.5% of the population diagnosed. Patient awareness and strong reimbursement frameworks have made insulin readily available.
Fastest Growing Geographical Region
The Asia Pacific region is projected to experience the highest CAGR during the forecast period. Rapid economic development has led to lifestyle changes and rising obesity in nations like China and India. This has significantly increased the incidence of diabetes. At the same time, growing medical infrastructure and expanding healthcare penetration are enhancing access to insulin therapies in the area.
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?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.
