Report : South America 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 South America Insulin Market is speculated to be worth US$ 8,930.46 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM insulin market was valued at US$ 4,868.81 million in 2022 and is expected to reach US$ 8,930.46 million by 2028, registering an annual growth rate of 10.6% from 2022 to 2028. Increase in incidence of diabetes and rapid technological developments in insulin delivery devices by major players are the critical factors attributed to the market expansion.
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s incapacity to produce or effectively utilize the hormone insulin. This incapacity prevents the body from adequately regulating blood glucose levels. Incidence and prevalence of diabetes are rapidly increasing across the region. Type 2 diabetes is the most prevalent form of diabetes and has grown alongside cultural and societal changes. In high-income countries, up to 91% of adults with the disease have type 2 diabetes. According to the International Diabetes Federation (IDF), approximately 537 million people were living with diabetes in 2021, and it is expected to reach 643 million by 2030 and 783 million by 2045 across the region. Diabetes can lead to complications in many body parts and increase the risk of premature death. Primary complications include heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage. Patients who have diabetes require frequent monitoring and external administration of insulin. Thus, the rising prevalence of diabetes is driving the insulin market.
On the contrary, risks associated with insulin delivery devices hurdles the growth of SAM insulin market.
- Based on type, the SAM 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 27.3% market share in 2022, amassing US$ 1,331.15 million. It is projected to garner US$ 2,446.94 million by 2028 to expand at 10.7% CAGR during 2022–2028.
- Based on long acting insulin, the SAM insulin market is sub-segmented into Levemir, lantus, basaglar, and tresiba. The tresiba segment held 50.7% market share in 2022, amassing US$ 674.48 million. It is projected to garner US$ 1,264.61 million by 2028 to expand at 11.0% CAGR during 2022–2028.
- Based on rapid acting insulins the SAM insulin market is sub-segmented into novolog, humalog, admelog, and others. The humalog segment held 50.4% market share in 2022, amassing US$ 331.82 million. It is projected to garner US$ 609.64 million by 2028 to expand at 10.7% CAGR during 2022–2028.
- Based on short acting insulin and traditional human insulin, the SAM insulin market is sub-segmented into Novolin R, Humalin R, Insuman, others. The insuman segment held 51.9% market share in 2022, amassing US$ 288.30 million. It is projected to garner US$ 480.25 million by 2028 to expand at 8.9% CAGR during 2022–2028.
- Based on concentrated insulin and combination insulin, the SAM insulin market is sub-segmented into novomix, ryzodeg, xultophy, and soliqua/suliqua. The xultophy segment held 49.6% market share in 2022, amassing US$ 145.12 million. It is projected to garner US$ 282.02 million by 2028 to expand at 11.7% CAGR during 2022–2028.
- Based on biosimilar insulin, the SAM insulin market is sub-segmented into insulin glargine biosimilars and human insulin biosimilars. The insulin glargine biosimilars segment held 53.2% market share in 2022, amassing US$ 359.59 million. It is projected to garner US$ 754.65 million by 2028 to expand at 13.2% CAGR during 2022–2028.
- Based on country, the SAM insulin market is segmented into Brazil, Argentina, and Rest of SAM. Our regional analysis states that Rest of SAM captured 38.0% market share in 2022. It was assessed at US$ 1,851.61 million in 2022 and is likely to hit US$ 3,331.96 million by 2028, exhibiting a CAGR of 10.3% during the forecast period.
Key players dominating the SAM insulin market are 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, Viatris launched a non-interchangeable Semglee in 2020 at a WAC price of $99, marking a steep discount off Lantus' WAC of $284.
- 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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