Major players in the insulin drugs market are Apidra, Eli Lilly, Humalog, Humulin, Insuman, Lantus, Levemir, Novo Nordisk, Novomix, and NovoRapid/Novolog. The global insulin drugs market is expected to grow from $25.
New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insulin Drugs Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151550/?utm_source=GNW
88 in billion 2020 to $27.2 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%.The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $32.05 billion in 2025 at a CAGR of 4%.
The insulin drugs market consists of manufacturers’ sales of insulin drugs and types of Insulin by entities (organizations, sole traders and partnerships) which are used to treat diabetes.Insulin is a medication prescribed to treat type 1 diabetes and type 2 diabetes mellitus.
There are several types, preparations, and dosage amount of insulin.Insulin is a hormone that is produced naturally in our bodies.
Its main role is to allow cells throughout the body to uptake glucose (sugar) and convert it into a form that can be used by these cells for energy. The market covered in this report does not include non-insulin drugs and other antidiabetic drugs or medicine.
The insulin drugs market covered in this report is segmented by product type into basal or long acting insulins, bolus or fast-acting insulins, traditional human insulins, combination insulins, biosimilar insulins. It is also segmented by application into type II diabetes, type I diabetes, gestational diabetes, prediabetes.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
High costs and long payback periods for investment in new diabetes drugs negatively impacted the market during the forecast period.The costs for drug approval processes that include multiple phases of clinical trials and screening processes with regulatory bodies such as the US FDA are very high.
According to a study published in the journal JAMA, the cost of bringing a new drug from its conception to shelves was about $2.8 billion in 2020. These high costs and uncertainty regarding return on investments for drug development limited the investments by pharmaceutical companies in the development of new diabetic drugs, thus limiting the growth of the market during the historic period.
In September 2019, Vertex Pharmaceuticals, an America based Biopharmaceutical company acquired Semma Therapeutics for $950 million.Through this acquisition Vertex has turned to potentially curative technologies like CRISPR genome editing and synthetic messenger RNA for its next generation of products.
Semma Therapeutics, a USA based company that develops transformative therapies for Type 1 diabetes patients.
Changing lifestyles are leading to a higher prevalence of diabetes.This is expected to drive the demand for diabetes drugs during the forecast period.
Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of diabetes.According to a study conducted in 2018, there was a high prevalence of diabetes in people with sedentary lifestyles.
Additionally, people suffering from obesity are up to 80 times more likely to develop type 2 diabetes.According to a World Health Organization (WHO) report, 74% of men and 64% of women in the UK, for instance, are expected to be overweight by 2030.
These factors are expected to increase the patient pool of diabetes, thereby likely to drive the diabetes therapies market during the forecast period.
There is an increased trend of mergers and acquisitions for the new formulations in Insulin market and the companies are investing in development of new medicines in Insulin drugs market.For example, researchers at Lund University Diabetes Centre in Sweden, worked on CRISPR, a genome modification tool.
This resulted in turning off of one of the genes which was responsible for causing diabetes.This effectively decreased beta cell death and increased insulin production in the pancreas.
Insulin maker, Novo Nordisk has developed a diabetes pill and it is expected to be launched in 2020.This pill belongs to a blockbuster class of drugs, glucagon like peptide-1 (GLP-1s) that stimulate insulin production.
The new drug is expected to generate about $5 billion in annual sales.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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