Presence of a strong pipeline product portfolio coupled with the presence of unmet medical needs in emerging market is expected to propel demand
San Francisco, California (PRWEB) May 31, 2014
The Asia Pacific market for Insulin is expected to reach USD 15.04 billion by 2020, according to a new study by Grand View Research, Inc. Growing regional prevalence of diabetes, increasing market penetration rates of modern insulin products in emerging markets such as India and China is expected to drive market growth during the forecast period. Furthermore, patent expiration of key products such as Lantus is expected to trigger the manufacturing of biosimilars from local manufacturers such as Biocon.
Long acting analog dominated the overall market in terms of revenue share in 2013, with revenue estimated at USD 2,051.9 million. High prices coupled with relatively higher efficacies exhibited by these products account for its large share. Rapid acting analogs followed the long acting segment in 2013 accounting for a revenue share of over 25.0% on account of their high market penetration rates in developed markets such as Australia and Japan.
The report “Asia Pacific (India, China, Australia, South Korea & Others) Insulin Market (Rapid Acting, Short Acting, Pre-Mixed, Long Acting, Type I & II Diabetes, Analogs & Recombinant Insulin) Analysis And Segment Forecasts To 2020,” is available now to Grand View Research at http://www.grandviewresearch.com/industry-analysis/asia-pacific-insulin-market.
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Further key findings from the study suggest:
- The analogs source segment accounted for the largest revenue share in 2013 was valued at USD 3,441.7 million. Growing demand for analogs in emerging markets with high unmet medical needs such as China and India is one of the major factors attributing to its large share.
- Japan, on behalf of its sophisticated healthcare infrastructure, high patient awareness and disposable income levels dominated the market in 2013 with a revenue share of over 38.0%.
- China on the other hand is expected to register the highest CAGR of 21.1% during the forecast period owing to the growing prevalence of type I and type diabetes and the expected decline in insulin prices as a result of continued initiatives to improve healthcare access.
- The Asia Pacific insulin market is oligopolistic in nature and is dominated by three key players including Novo Nordisk, Eli Lilly and Sanofi Aventis.
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For the purpose of this study, Grand View Research has segmented the Asia Pacific Insulin market on the basis of product, application, source and region:
- Insulin Product Outlook
• Rapid acting
• Long acting
• Premixed analog
• Short acting
• Intermediate acting
- Insulin Application Outlook
• Type I and Other Diabetes
• Type II Diabetes
- Insulin Source Outlook
• Human Recombinant
- Insulin Regional Outlook
• New Zealand
• South Korea
• Rest of Asia Pacific
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