Insulin Drugs Market Report 2021: COVID-19 Growth And Change To 2030

Mylan Pharmaceuticals’ Semglee, the first interchangeable biosimilar insulin product for treating diabetes, approved by the US FDA

LONDON, GREATER LONDON , UK, August 12, 2021 /EINPresswire.com/ -- On July 28, 2021, the United States Food and Drug Administration approved Mylan Pharmaceuticals’ Semglee (insulin glargine), the first interchangeable biosimilar insulin product for treating diabetes. Semglee is a biosimilar that is interchangeable with its reference product, Lantus (insulin glargine), a long-acting insulin analog. This biosimilar may be substituted for the reference product (at the pharmacy level) and does not require the intervention of a prescriber. This approval of the first interchangeable biosimilar product by the FDA is aimed to support a competitive marketplace for biological products, increasing access to affordable insulin and thereby reducing the healthcare costs & burden associated with diabetes.

According to the Global Market Model competitive intelligence platform, the insulin drugs market has recovered to its pre-COVID levels and will have stable growth in the next 5 years. The global insulin drugs market size is expected to grow from $25.88 in billion 2020 to $27.2 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The growth is mainly due to the gradual recovery of base clinical procedures as the severity of COVID-19 decreases. The insulin drugs market is expected to reach $32.05 billion in 2025 at a CAGR of 4%.

Changing lifestyles are leading to a higher prevalence of diabetes. According to a World Health Organization (WHO) report, 74% of men and 64% of women in the UK, for instance, are expected to be overweight by 2030, and people suffering from obesity are up to 80 times more likely to develop type 2 diabetes. More than 34 million people in the U.S. today have been diagnosed with diabetes. This is expected to drive the demand for diabetes drugs during the forecast period.

The insulin drugs market covered in this report is segmented by product type into basal or long-acting insulins, bolus or fast-acting insulins, traditional human insulins, combination insulins, biosimilar insulins. The insulin drugs market is also segmented by application into type II diabetes, type I diabetes, gestational diabetes, prediabetes, by drug classification into branded drugs, generic drugs, and by distribution channel into hospital pharmacies, retail pharmacies, drugs stores, others.

The Insulin Drugs Global Market Report is one of a series of new reports from The Business Research Company that provides insulin drugs market overviews, analyzes and forecasts insulin drugs market size, share, insulin drugs market players, insulin drugs market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

Methodology
The company revenues are captured from the latest annual reports available at the time of publishing and other publicly available sources and allocated to specific markets based on the relevant companies’ divisions and analyst estimates based on secondary research, industry knowledge, and expert interviews carried out by The Business Research Company Consultants.
Research is sourced from TBRC’s Global Market Model and the FDA
The forecasted revenue of the company is calculated based on the assumption that the company’s market share will remain the same during the forecast period.

Here are some related reports:

Metabolic Disorders Drugs Global Market Report 2021
https://www.thebusinessresearchcompany.com/report/metabolic-disorders-drugs-global-market-report-2020-30-covid-19-impact-and-recovery

Insulin Drugs Global Market Report 2021
https://www.thebusinessresearchcompany.com/report/insulin-drugs-global-market-report

Insulin Pens, Syringes, Pumps And Injectors Market - By Devices (Pens, Injectors And Pumps, Syringes), By End-User (Homecare, Hospitals And Others), By Expenditure (Private, Public Healthcare), And By Region, Opportunities And Strategies – Global Forecast To 2030
https://www.thebusinessresearchcompany.com/report/insulin-pens-syringes-pumps-and-injectors-market

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