Published By : 03 Jun 2016 | Published By : QYRESEARCH
Insulin is considered the gold standard for managing diabetes and is one of the most popular drugs around. As the prevalence of diabetes rises across the globe, the demand for insulin is also rising at a noteworthy pace on a global front and the global insulin market is growing at a flourishing pace.
The market is dominated by a few large multinational pharmaceutical companies such as Novo Nordisk A/S, Eli Lilly and Company, and Sanofi, which have a combined share of over 80% in the global insulin market. Even though the drug is the mainstay of diabetes treatment across the globe, competitors indicate that that the future growth prospects of the market are not very remarkable. Companies such as Novo Nordisk and Sanofi have revealed that the consumer-base is steadily shifting to other therapy options such as the next-generation oral anti-diabetes therapies, which is comparatively easier to use.
The recent slump in stocks of insulin manufacturers mark the rising popularity of this trend, which is expected to have a major impact on the overall development of the global insulin market in the coming years. The recently introduced SGLT2 inhibitors such as the Jardiance produced by Boehringer Ingelheim and Eli Lilly and Company has witnessed acceptance at a remarkably good rate as the drug has showed cardiovascular benefits in trials.
So even though the global insulin market has witnessed healthy and steady growth in the past many years, there are chances that the market’s growth dynamics will see a major change in the near future.
However, the insulin market still has a major share of the overall diabetic patient-base of the globe and will not be phased-out of the market completely any sooner. Countries like China and North America, which have the largest prevalence and highest incidence rate of occurrence of diabetes among young people, are some of the most important markets for insulin and will continue to drive demand for years to come. Innovations and alliances will allow companies in the market to overcome competition and make sure of profits.