Insulin Market Expected to Reach USD 32,346.7 Million in 2018 - Transparency Market Research
Albany, New York (PRWEB) July 05, 2013 -- According to a new market report published by Transparency Market Research "Insulin Market - Global and China Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2011 - 2018" the global insulin market was worth USD 12,476.3 million in 2011 and is expected to reach USD 32,346.7 million in 2018, growing at a CAGR of 12% from 2011 to 2018. In the global market, China is expected to increase its share in the global insulin market to 10.2% by 2018.
The global insulin market is driven by rise in diabetic population worldwide. The world diabetes population was estimated at 366 million in the year 2011, and is expected to reach 552 million in 2030. It is estimated that diabetes accounts for 4.6 million deaths, with cases of people dying due to lack of insulin and not even being diagnosed.
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This however, presents a huge supply demand deficit for insulin, with high growth potential in developing markets. The factors contributing to the insulin market growth also includes increase in global expenditure on healthcare, strong distribution network, and high scope in developing economies such as China and India.
It is estimated that worldwide, by year 2030, one in ten people will suffer from diabetes, giving rise to huge demand for insulin. China, being the most populous nation in the world, accounts for the largest share of the global diabetic population and eventually turns out as the most lucrative market for insulin manufacturers.
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The China insulin market is projected to grow at a CAGR twice that of the global insulin market. It was estimated at USD 723.8 million in 2011, and is projected to reach USD 3,299.1 million in the year 2018, growing at a CAGR of 24.6%. Currently, China accounts for 6.1% of the global insulin market in terms of volume, which was estimated at 22.4 tMU in 2011. The global insulin market by volume is projected to grow at a CAGR of 7.9% from 2012 - 2018.
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The global insulin market has continuously witnessed new advanced product types being introduced in the market by insulin manufacturers. The recent product type is modern insulin, which is a genetically engineered version of human insulin, and has been selectively modified to counter the issues associated with human insulin. Currently, modern insulin accounts for more than 76% of the global insulin market.
To meet the rising demand, global insulin manufacturers are not only augmenting existing production facilities, but also expanding their global presence to meet the supply demand gap. Leading insulin manufacturers are now focusing on reinforcing their market leadership in China. It includes key global and China insulin market players such as Novo Nordisk, Sanofi-Aventis, and Eli-Lilly. Together they account for more than 90% of the global insulin market share.
Browse the full report with TOC at http://www.transparencymarketresearch.com/insulin-market.html
This research is specially designed to estimate and analyze the demand and performance of the global and China insulin market in the current market scenario. This research provides in-depth analysis of insulin manufacturers, product sales, trend analysis by segments, and demand by geography. The report covers all the major product segments of the global and China insulin market and provides in-depth analysis, historical data and statistically refined forecast for the segments covered.
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Sheela AK, Transparency Market Research, http://www.transparencymarketresearch.com, +1-518-618-1030, [email protected]
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