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The global Insulin Lispro Market provides fast acting insulin analog that is commonly prescribed for the treatment of type 1 and type 2 diabetes. Insulin Lispro is a genetically engineered version of human insulin that is quickly absorbed by the body and works faster than regular insulin to control blood sugar levels. The growing prevalence of diabetes across the world due to obesity, unhealthy lifestyle and lack of physical activity is fueling the demand for effective drugs like Insulin Lispro for diabetes management. The global Insulin Lispro Market is estimated to be valued at US$ 7.32 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The growing prevalence of diabetes has led to rising demand for fast acting insulin analogs like Insulin Lispro. As per WHO data, the total number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. This is expected to further increase to 629 million by 2045. Since Insulin Lispro provides faster glucose control compared to regular insulin, its demand is significantly driven by increasing diabetic population globally. The drug development and research in advanced drug delivery system is also contributing to the growth of Insulin Lispro Market. Companies are focusing on developing innovative insulin formulations like ultra-rapid Lispro for better management of post-prandial blood glucose in diabetes patients.
SWOT Analysis
Strength: Insulin Lispro provides better control over diabetes compared to regular insulin. It also has a faster absorption and onset of action.
Weakness: Insulin Lispro is more expensive than regular human insulin. It also requires refrigeration and has a shorter shelf-life.
Opportunity: Growing diabetic population globally due to sedentary lifestyles and obesity provides significant market opportunity. Increasing awareness about advanced treatment options also boosts the market.
Threats: Entry of bioequivalent biosimilars erodes brand loyalty and increases competition. Stringent regulatory processes for drug approval also delay market entry of new players.
Key Takeaways
The global Insulin Lispro market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 7.32 Bn by 2024, expanding at a CAGR of 6.2% during the forecast period.
Regional analysis: North America currently dominates the global market owing to the high percentage of diabetics in the US. However, Asia Pacific is projected to witness the fastest growth due to increasing penetration of medical insurance and rising healthcare expenditure in developing countries like India and China.
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., 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., Gan & Lee Pharmaceuticals and Ypsomed AG. Eli Lilly, the pioneer of insulin lispro, dominates the global market space. Sanofi and Novo Nordisk also have a significant market share with their diversified insulin lispro product portfolios.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
