The Latin America insulin market size was valued at USD 1.53 Billion in 2022 and is anticipated to reach USD 3.19 Billion by 2031, expanding at a CAGR of 8.5% during the forecast period,2023 – 2031. The growth of the market is attributed to the rising prevalence of diabetes along with the increasing geriatric population.
Insulin is a hormone secreted by pancreas, produced by a number of cells called as the islets of Langerhans. The function of this hormone is to enable the access the glucose into the cells and induce energy to help regulate blood glucose levels at proper levels. Insulin is induced in patients who suffers from type I and type II diabetes. Type I diabetes is also referred to as insulin-dependent diabetes. A human with this type is not able to produce insulin. Patients with type II diabetes also demands insulin where the body demands for more insulin compared to the insulin which is already present in the body.
The International Diabetes Federation reported that the worldwide prevalence of diabetes is expected to increase from 364 million in 2011 to 552 million by the year 2030 and this rapid growth in incidence is expected to have a positive impact on the market growth in the coming years. The introduction of guidelines in favor of insulin manufacturers by government encouraged various multinational companies to enter into the market.
Insulin Market Trends, Drivers, Restraints, and Opportunities
- Entry of new multinational players and increasing competitive scope in the market is expected to boost the growth of the market in the coming years.
- Rising prevalence of lifestyle induced disorders such as obesity, unusual diet habits, and consumption of unhealthy food products is further estimated to drive the market growth.
- R&D initiatives focusing at developing new products and presence of favorable government policies are the key factors that can fuel the market growth in the projected timeline.
Scope of Insulin Market Report
The report on the Latin America insulin market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Insulin Market - Latin America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Premixed Analog, Premixed Insulin, Rapid Acting Analog, Intermediate Insulin, Short-Acting Insulin, And Long-Acting Analog), Sources (Human Recombinant Insulin and Analogs), and Applications (Type I and Type II Diabetes)
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Geographical Scope
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Brazil, Argentina, Chile, Mexico, Colombia, Venezuela, and Peru
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Eli Lilly and Company; Novo Nordisk; Sanofi Aventis; Oramed Pharmaceuticals; Takeda Pharmaceuticals Company Ltd.; Nanjing Xinbai Pharmaceutical Company Ltd.; Merck & Co. Inc.; Boehringer Ingelheim; and Biocon Ltd.
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Insulin Market Segment Insights
Rapid-acting analog segment is expected to grow at a rapid pace
Based on products, the market is divided into premixed analog, premixed insulin, rapid acting analog, intermediate insulin, short-acting insulin, and long-acting analog. The rapid acting analog segment is anticipated to account for a key share of the market owing to presence of large products in pipeline in various countries in the region. However, the short-acting insulin segment is anticipated to expand at a rapid pace during the forecast period due to its patent expiration.
The Analogs segment is projected to expand at a considerable CAGR
On the basis of sources, the Latin America insulin market is divided into human recombinant insulin and analogs. The analogs segment to hold a significant market share owing to increasing market penetration of various new products. On the other hand, the human recombinant insulin segment is estimated to grow at a rapid pace during the forecast period due to increasing adoption rate in emerging economies.
Type I segment is expected to expand at a robust growth rate
In terms of applications, the market is divided into type I and type II Diabetes. The type I segment to account for a key share of the market owing to increasing usage of insulin for type I. Conversely, the type II segment is anticipated to expand at a rapid pace during the forecast period due to new product launches and rising prevalence of this type in the region.
Brazil is anticipated to constitute a large market share
Based on geography, the market is classified as Brazil, Argentina, Chile, Mexico, Colombia, Venezuela, and Peru. Brazil to account for a large share of the market owing to the various relaxations provided by the Brazil government to make the medicines affordable to the citizens.
Segments
The global Latin America insulin market has been segmented on the basis of
Products
- Premixed Analog
- Premixed Insulin
- Rapid Acting Analog
- Intermediate Insulin
- Short-Acting Insulin
- Long-Acting Analog
Sources
- Human Recombinant Insulin
- Analogs
Applications
- Type I Diabetes
- Type II Diabetes
Geography
- Brazil
- Argentina
- Chile
- Mexico
- Colombia
- Venezuela
- Peru
Key Players
Competitive Landscape
Key players competing in the Latin America insulin market are Eli Lilly and Company; Novo Nordisk; Sanofi Aventis; Oramed Pharmaceuticals; Takeda Pharmaceuticals Company Ltd.; Nanjing Xinbai Pharmaceutical Company Ltd.; Merck & Co. Inc.; Boehringer Ingelheim; Biocon Ltd.
- In February 2021, Biocon entered the generic drugs market in Latin America.
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