The insulin market in North America is expected to grow from US$ 23,946.85 million in 2022 to US$ 43,517.93 million by 2028. It is estimated to grow at a CAGR of 10.5% from 2022 to 2028.
Rapid Technological Developments in Insulin Delivery Devices by Major Players Boosts
As the prevalence of diabetes is increasing across North America, the demand for more advanced therapeutic products is on the rise. Companies in the insulin market actively support public and private research and academic institutes for encouraging research activities. A few of the recent developments related to rapid technological advancements 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 injection, BC Lispro. Currently, the drug is in phase III clinical trial initiated in China.
• In May 2021, Bigfoot Biomedical received 510(k) clearance from the USFDA for its Bigfoot Unity Diabetes Management System offered with connected smart pen caps that recommend insulin doses for people using the multiple daily injections (MDI) therapy.
Such technological advancements in insulin delivery devices are boosting the growth of the North America insulin market.
Market Overview
The North America insulin market has been segmented into the US, Canada, and Mexico, wherein the US accounts for a maximum share. The market growth in the region is attributed to the rising prevalence of diabetes and obesity, coupled with the increasing awareness about diabetes care. According to the National Diabetes Statistics Report 2020, ~30.3 million people in the US have diabetes, representing 94% of the total population. Among the diabetic population, ~5% are diagnosed with type 1 diabetes while 90–95% have type 2 diabetes. From more than 30 million Americans with diabetes, ~7.4 million rely on insulin to manage their condition. In addition, data also revealed ~86 million adults aged 18 or above and ~23.1 million elders of age 65 were prediabetic. Diabetes is also a leading cause of blindness and end-stage renal diseases or renal failure among adults.
North America Insulin Market Segmentation
The North America insulin market is segmented into type and country. Based on type, the market is segmented into long acting insulin, rapid acting insulin, short acting insulin and traditional human insulin, concentrated insulin and combination insulin, biosimilar insulin, glucagon-like peptide-1 (GLP-1), pen and needle, and others. The long acting insulin segment accounted for the largest market share in 2022.
The North America insulin market for the long acting insulin segment is subsegmented into Levemir, lantus, basaglar, and tresiba. The tresiba segment held the largest market share in 2022.
The North America insulin market for the short acting insulin and traditional human insulin segment is subsegmented into Novolin R, Humalin R, Insuman, and others. The insuman segment held the largest market share in 2022.
The North America insulin market for the concentrated insulin and combination insulin segment is further segmented into novomix, ryzodeg, xultophy, and soliqua/suliqua. The xultophy segment held the largest market share in 2022.
The North America insulin market for the biosimilar insulin segment is further segmented into insulin glargine biosimilars and human insulin biosimilars. The insulin glargine biosimilars segment accounted for a larger market share in 2022.
Biocon; Eli Lilly and Company; GlaxoSmithKline plc.; Merck & Co., Inc.; Novo Nordisk A/S; Pfizer Inc.; Sanofi; Tonghua Dongbao Pharmaceutical Co., Ltd.; and Wockhardt are the leading companies operating in the insulin market in the region.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 23,946.85 Million |
| Market Size by 2028 | US$ 43,517.93 Million |
| CAGR (2022 - 2028) | 10.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Insulin Market is valued at US$ 23,946.85 Million in 2022, it is projected to reach US$ 43,517.93 Million by 2028.
As per our report North America Insulin Market, the market size is valued at US$ 23,946.85 Million in 2022, projecting it to reach US$ 43,517.93 Million by 2028. This translates to a CAGR of approximately 10.5% during the forecast period.
The North America Insulin Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Insulin Market report:
The North America Insulin Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Insulin Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Insulin Market value chain can benefit from the information contained in a comprehensive market report.
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