Report : Europe Insulin Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Long Acting Insulin, Rapid Acting Insulins, Short acting Insulins and Traditional Human Insulins, Concentrated Insulins and Combination Insulins, Biosimilar Insulins, Glucagon-like peptide-1 (GLP-1), Pens and Needles, and Others)
At 10.6% CAGR, the Europe Insulin Market is speculated to be worth US$ 38,279.77 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe insulin market was valued at US$ 20,823.35 million in 2022 and is expected to reach US$ 38,279.77 million by 2028, registering an annual growth rate of 10.6% from 2022 to 2028. Rapid technological developments in insulin delivery devices by major players and increase in incidence of diabetes are the critical factors attributed to the market expansion.
Products with advanced insulin technology with more effective benefits are a major requirement in the treatment of diabetes. There has been a rise in advancements in diabetes treatment over the past few years. As the prevalence of diabetes is increasing across region, the demand for more advanced products is also boosting. The insulin market is expected to grow owing to an increase in the strategic efforts made by the industry players. The market players actively support their public and private research and academic institutes for increasing research activities.
A few of the recent developments related to rapid technological advancement in the insulin market are mentioned below:
• In October 2021, Tonghua Dongbao Pharmaceutical Co., Ltd. received approval from the National Medical Products Administration (NMPA) for the clinical trial of its ultra-rapid-acting insulin lispro injection, BC Lispro. Currently, the drug is under phase III clinical trial initiated in China.
• In May 2021, Bigfoot Biomedical received 510(k) clearance by USFDA for its Bigfoot Unity Diabetes Management System, which features connected smartpen caps that recommend insulin doses for people using multiple daily injections (MDI) therapy.
Thus, rapid technological advancements in insulin delivery devices are boosting the growth of the Europe insulin market.
On the contrary, risks associated with insulin delivery devices hurdles the growth of Europe insulin market.
- Based on type, the Europe insulin market is segmented into long acting insulin, rapid acting insulin, short acting insulin & traditional human insulin, concentrated insulin & combination insulin, biosimilar insulin, glucagon-like peptide-1 (GLP-1), pen & needle, and others. The long acting insulin segment held 26.8% market share in 2022, amassing US$ 5,572.01 million. It is projected to garner US$ 10,347.48 million by 2028 to expand at 10.9% CAGR during 2022–2028.
- Based on long acting insulin, the Europe insulin market is sub-segmented into levemir, lantus, basaglar, and tresiba. The tresiba segment held 49.3% market share in 2022, amassing US$ 2,748.44 million. It is projected to garner US$ 5,221.51 million by 2028 to expand at 11.3% CAGR during 2022–2028.
- Based on rapid acting insulins the Europe insulin market is sub-segmented into novolog, humalog, admelog, and others. The humalog segment held 48.1% market share in 2022, amassing US$ 1,582.93 million. It is projected to garner US$ 2,928.32 million by 2028 to expand at 10.8% CAGR during 2022–2028.
- Based on short acting insulin and traditional human insulin, the Europe insulin market is sub-segmented into Novolin R, Humalin R, Insuman, others. The insuman segment held 47.9% market share in 2022, amassing US$ 1,751.97 million. It is projected to garner US$ 3,064.88 million by 2028 to expand at 9.8% CAGR during 2022–2028.
- Based on concentrated insulin and combination insulin, the Europe insulin market is sub-segmented into novomix, ryzodeg, xultophy, and soliqua/suliqua. The xultophy segment held 42.9% market share in 2022, amassing US$ 379.11 million. It is projected to garner US$ 679.67 million by 2028 to expand at 10.2% CAGR during 2022–2028.
- Based on biosimilar insulin, the Europe insulin market is sub-segmented into insulin glargine biosimilars and human insulin biosimilars. The insulin glargine biosimilars segment held 63.3% market share in 2022, amassing US$ 615.15 million. It is projected to garner US$ 1,563.73 million by 2028 to expand at 16.8% CAGR during 2022–2028.
- Based on country, the Europe insulin market is segmented into UK, Germany, France, Italy, Spain, and Rest of Europe. Our regional analysis states that Germany captured 29.5% market share in 2022. It was assessed at US$ 6,132.48 million in 2022 and is likely to hit US$ 11,020.74 million by 2028, exhibiting a CAGR of 10.3% during the forecast period.
Key players dominating the Europe insulin market are Adocia; Biocon; Eli Lilly and Company; GlaxoSmithKline plc.; Merck & Co., Inc.; Novo Nordisk A/S; Pfizer Inc.; Sanofi; Tonghua Dongbao Pharmaceutical Co., Ltd.; and Wockhardt among others.
- In 2021, Adocia announced today that its partner Tonghua Dongbua Pharmaceutical Co. Ltd. received the clearance from the Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA) to conduct the Phase 3 clinical trial of BioChaperone Lispro, and Ultra-Rapid Insulin for the treatment of Type 1 and Type 2 diabetes.
- In 2020, Pfizer showcased Phase I data from a study assessing PF-06882961, an oral small molecule glucagon-like peptide - 1 receptor (GLP-1 R) agonist in type 2 diabetes patients that showed significant promise in the reduction of glucose levels and body weight.
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