Market Trends of Short-acting Insulin Industry
Increase in Type 1 Diabetes Population worldwide during the forecast period.
Diabetes is a chronic, life-threatening disease with no known cure. It has emerged as a global epidemic and affected millions worldwide. Moreover, Type 1 diabetes is caused due to an immune system malfunction. Hence, Type 1 diabetes can be characterized as insulin-requiring. The diabetic population in the United States is expected to cross 40 million by 2045, and in 2022 the United States registered more than 10 million obese population.
Monitoring blood glucose levels is necessary, as poor blood glucose levels result in diabetes-related complications, like diabetic retinopathy, diabetic neuropathy, etc. In the United States, the Type 1 diabetes population is expected to witness a CAGR of 1.01% in the coming years. About 1.75 million US citizens are diagnosed with diabetes every year. The country also has the highest obese population, a prominent cause of Type 1 diabetes.
Due to the early age and longer diabetes duration, the youth is at risk of developing diabetes at a younger age, which lessens their quality of life, shortens life expectancy, and increases healthcare costs to society. Hence, the demand for the short-acting insulin drugs market has been on the rise, and its adoption rate is growing, which has been driving the market. Also, with the increasing awareness among Type-1 diabetes patients worldwide, the demand for the insulin drug market has rapidly risen.
Thus, the above factors are expected to drive market growth over the forecast period.
The United States Held Highest Market Share in current Year.
In the current year, the United States accounted for a majority of the revenue share (about 96%) in the market, mainly due to the increasing diabetic population in the country. According to a recent survey, about 9.4% of the total US population is diabetic, and about 1.75 million Americans are diagnosed with diabetes every year.
The United States accounts for the highest sales of Humalog across the world, with over 56% of the market share in 2021. As a result, most diabetes drug manufacturing companies consider the country a critical market for improving overall global sales. In the United States, Humalog is available in different varieties under names, like Humalog Mix 75/25, Humalog U-100, Humalog U-200, and Humalog Mix 50/50, for the treatment of diabetes.
The United States had no regulations on the price of pharmaceuticals like insulin till now. Furthermore, the government is taking up initiatives, like the Medicare pilot program, to decrease insulin prices in the country, which may boost the growth of the Short-acting Insulin Market during the forecast period.
Thus, the above factors are expected to drive the market growth over the forecast period.
