July 24, 2024

Transitioning Lifestyles To Boost The Growth Of Insulin Lispro Market

The global Insulin Lispro Market is estimated to be valued at Us$ 4.09 Bn in 2023 and is expected to exhibit a CAGR Of 4.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Insulin lispro is a fast-acting insulin analogue used in the treatment of diabetes mellitus. It works by facilitating the absorption of glucose from the bloodstream into the body’s cells. Insulin lispro injections are used by diabetics to control their blood sugar levels, especially before or after meals. Its quicker absorption profile compared to regular human insulin makes it suitable for pre-meal injections. Insulin pens and insulin pump devices are commonly used to administer insulin lispro injections in a precise manner. Insulin lispro plays a vital role in managing diabetes and helping patients lead healthier lifestyles.

Market key trends:

One of the key trends driving the insulin lispro market is the growing prevalence of diabetes worldwide attributed to increasing obesity levels and sedentary lifestyles. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Additionally, the market is witnessing an increased adoption of insulin pen devices owing to their effectiveness, convenience and precision in delivering small insulin doses as compared to vials and syringes. Manufacturers are also focusing on the development of advanced insulin delivery technologies including implantable insulin pumps and inhalable insulin formulations to improve patient compliance.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as the insulin lispro market requires high R&D investments and regulatory approvals to enter.

Bargaining power of buyers: The bargaining power of buyers is moderate as the diabetes drugs market has the presence of few global players. However, buyers can choose substitutes if pricing is high.

Bargaining power of suppliers: The bargaining power of suppliers is low as the raw material suppliers do not influence the pricing.

Threat of new substitutes: The threat of new substitutes is moderate as alternative insulin analogs are available in the market.

Competitive rivalry: High as key players continuously invest in R&D activities to develop new formulations.

Key Takeaways

The Global Insulin Lispro Market Size is expected to reach US$ XX Bn by 2030, exhibiting a CAGR of 4.4% during the forecast period due to the increasing prevalence of diabetes across all regions.

Regional analysis:

 

North America dominated the global market in 2023 and is expected to remain the highest revenue generator during the forecast period. Availability of advanced healthcare facilities and growing diabetes prevalence are some factors responsible for its dominance. Asia Pacific is expected to grow at the fastest pace during the forecast period due to the increasing patient pool, healthcare spending, and growing awareness regarding diabetes management.

Key players:

 

Key players operating in the insulin lispro market are Eli Lilly and Company, Sanofi, Novo Nordisk A/S, Merck & Co., Inc., Pfizer Inc., F. Hoffmann-La Roche Ltd., AstraZeneca PLC, Johnson & Johnson Services, Inc., Biocon Limited, Mylan N.V., Boehringer Ingelheim International GmbH, Wockhardt Ltd., Lupin Pharmaceuticals, Inc., Bioton S.A., Ypsomed AG. Eli Lilly and Company dominates the overall market due to its robust product portfolio and strong distribution channel.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it