Beta cells of the pancreas produce insulin, a hormone that regulates blood glucose levels, by stimulating cells to absorb glucose from the blood. In the cells, glucose is converted into energy, which is used by tissues and muscles to perform their physiological functions. This process is restricted in people with diabetes, resulting in the accumulation of glucose in the blood. This condition is known as hyperglycemia; it damages body tissues over a period, leading to life-threatening health complications such as diabetic retinopathy and diabetic nephropathy. In type 1 diabetes or gestational diabetes, the immune system attacks the pancreatic cells, resulting in little or no insulin production. In type 2 diabetes, the body does not produce sufficient insulin to regulate blood glucose levels. In both type 1 and type 2 diabetes, the individual requires daily doses of insulin along with other medications, depending on the condition. Different types of insulin products, such as human insulin and insulin analogs, are available for insulin replacement therapy.
Technavio’s analysts forecast the insulin market in the US and Europe to grow at a CAGR of 6.17% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the insulin market in the US and Europe for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of drugs that are expected to be launched into the market along with the decline in revenues from the patent expiries of the branded drugs during the forecast period.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Insulin Market in the US and Europe 2016-2020
Technavio recognizes the following companies as the key players in the Insulin Market in the US and Europe: Sanofi, Novo Nordisk, and Eli Lilly.
Other Prominent Vendors in the market are: Adocia, Biocon, Biodel, Biogenomics, Boehringer Ingelheim, Dance Biopharm, Diasome Pharmaceuticals, Exsulin, Generex, Lexicon Pharmaceuticals, Ligand, MannKind, Macrogenics, Merck, Melior Pharmaceuticals, Metabolic Solutions Development Company, NGM Biopharmaceuticals, NuSirt Biopharma, Oramed Pharmaceuticals, PhaseBio Pharmaceuticals, Pfizer, Thermalin Diabetes, Tolerion, VeroScience, vTV Therapeutics, Wockhardt, and XOMA.
Commenting on the report, an analyst from Technavio’s team said: “A trend to note is the rising prices of insulin drugs. Apart from safety and efficacy, the cost of therapy plays a major role in deciding the number of consumers. The cost-effectiveness of a treatment needs to be analyzed while prescribing a therapy. However, due to the lack of alternative therapies, drugs like insulin are the standard treatment options despite their high cost. The insulin market in the US and Europe is expected to grow based on the rising prices of insulin analogs.”
According to the report, a key growth driver is the advances in insulin delivery technology. The development of innovative insulin products and advances in insulin delivery technology have increased the life expectancy of individuals with diabetes. Automated injection devices such as insulin pumps and pens offers a safe and easy drug delivery option, increasing their demand in the market. For instance, NovoPen and FlexTouch by Novo Nordisk are the latest developments in durable insulin delivery devices.
Further, the report states that one challenge that could have an adverse impact on market growth is the complexity of the insulin production process.
Sanofi, Novo Nordisk, Eli Lilly, Adocia, Biocon, Biodel, Biogenomics, Boehringer Ingelheim, Dance Biopharm, Diasome Pharmaceuticals, Exsulin, Generex, Lexicon Pharmaceuticals, Ligand, MannKind, Macrogenics, Merck, Melior Pharmaceuticals, Metabolic Solutions Development Company, NGM Biopharmaceuticals, NuSirt Biopharma, Oramed Pharmaceuticals, PhaseBio Pharmaceuticals, Pfizer, Thermalin Diabetes, Tolerion, VeroScience, vTV Therapeutics, Wockhardt, XOMA.
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