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Insulin Industry Overview   The global insulin market size was estimated at USD 20.35 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 1.5% from 2022 to 2030. The insulin market is witnessing growth due to factors such as the increasing incidence of diabetes and formulation advancements. However, the increasing prescription of drugs such as GLP-1 RAs to treat type 2 diabetes can slow down market growth. It is an oligopolistic space dominated by companies like Novo Nordisk A/S, Sanofi, and Eli Lilly and Company. Diabetes is one of the fastest-growing chronic diseases in the world. Its prevalence has increased steadily over the past few decades. The World Health Organization estimates that 537 million adults worldwide affected by diabetes in 2021, and one in ten experienced other diabetes.   In addition, geriatric and obese populations are more susceptible to chronic diseases. According to the World Bank Group, in 2020, the global elderly population was around 727 million, which is expected to double over the next three decades, reaching approximately 1.5 billion in 2050.   Gather more insights about the market drivers, restrains and growth of the Insulin Market   Detailed Segmentation:   Product Type Insights   The long-acting insulin segment contributed a substantial revenue share of 56.53% in 2021. Factors such as patent protection and high demand due to long-term effects are expected to drive the segment. Toujeo, Levemir, Xultophy, Insulatard, and Lantus are among the major products in this segment. In comparison, rapid-acting insulin results in faster absorption. Key products in this segment include aspart, lispro, and glulisine. Among them, Lispro dominated, with the highest sales in 2021.   Application Insights   In 2021, the largest segment by application is type 1 diabetes mellitus, due to the high insulin dependency of these patients. It is a more severe condition than type 2 diabetes. According to the International Diabetes Federation, around 10% of all individuals with diabetes have type-1 diabetes.   Type Insights   The analog insulin segment dominated the market with a share of 86.58% in 2021. Its dominance can be attributed to the higher efficacy of insulin and minimal adverse effects, such as hypoglycemic attacks and lower weight gain, as compared to conventional therapy. Long-acting insulin products dominate the market. Long-acting insulin analogs like glargine, detemir, and degludec are developed by companies Eli Lilly, Novo Nordisk A/S, and Sanofi, respectively. These products have a high market share, and their demand is expected to drive the market.   Distribution Channel Insights   The retail pharmacy segment dominated the overall market in 2021, owing to the rising burden of disease, the feasibility of home care patients, and various discounts offered by retail pharmacies. The market has witnessed consolidation in retail pharmacy chains in the United States. Furthermore, the hospital pharmacy segment is expected to grow moderately. This segment is driven by factors such as the rising hospitalization of diabetic patients.     Regional Insights   North America dominated the space in terms of revenue in 2021, mainly due to the dominance of branded products and the increasing prevalence of disease in the region. According to the CDC, approximately 37.3 million people in the United States had diabetes in 2020, with 28.7 million diagnosed and 8.5 million undiagnosed cases. Furthermore, about 96 million people aged 18 years and older have prediabetes. Some of the major players currently operating in this region include Novo Nordisk A/S, Eli Lilly and Company, and Sanofi. However, the U.S. FDA has approved two new insulin biosimilars, Semglee and Rezvoglar, from Mylan/Biocon and Eli Lilly and Company, respectively. The entry of these biosimilars is expected to drive down the price of insulin in the U.S. market and intensify the competition.     Browse through Grand View Research's Category Pharmaceuticals Industry Research Reports.   The global herbal supplements market size was valued at USD 39.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2030. The global breakthrough therapy designation market size was valued at USD 97.4 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2030.   Key Insulin Companies:   Many companies are rapidly opting for geographical expansion, strategic collaborations, and partnerships in emerging and economically favorable regions through mergers and acquisitions.   Some of the prominent key players in the global insulin market include:   Novo Nordisk A/S Eli Lilly and Company Sanofi Biocon Ltd Wockhardt Boehringer Ingelheim International GmbH Julphar United Laboratories International Holdings Limited Tonghua Dongbao Pharmaceutical Co. Ltd.     Insulin Market Segmentation   Grand View Research has segmented the global Insulin market based on product type, application, type, distribution channel, and regions:     Insulin Product Type Outlook (Revenue, USD Million, 2018 - 2030)   Rapid-Acting Insulin Long-Acting Insulin Combination Insulin Biosimilar Others   Insulin Type Outlook (Revenue, USD Million, 2018 - 2030)   Human Insulin Insulin Analog   Insulin Application Outlook (Revenue, USD Million, 2018 - 2030)   Type 1 Diabetes Mellitus Type 2 Diabetes Mellitus   Insulin Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)   Hospitals Retail Pharmacies Others   Insulin Regional Outlook (Revenue, USD Million, 2018 - 2030)   North America U.S. Canada Europe Germany UK France Italy Spain Asia Pacific Japan China India Australia South Korea Latin America Brazil Mexico Argentina Middle East and Africa (MEA) South Africa Saudi Arabia UAE     Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.