The global insulin market is expected to reach $32 billion by 2018, increasing at a compound annual growth rate (CAGR) of 12 percent from its 2011 market value of $12.4 billion, according to a new report from Transparency Market Research.
In its report, "Insulin Market - Global and China Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2011 – 2018,” researchers said the market growth is driven by a rise in the 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.
“Currently 5.1 percent of the world population suffers from diabetes, and this is expected to rise to 6.4 percent by year 2030,” said Shashi Kumar, director, strategy and research, at Transparency Market Research.
The rising general awareness of the illness and the increased rates of diagnosis and treatment are also contributing to the market growth, said Kumar.
According to Kumar, China has the most potential for growth in the market because it is predicted that 130.1 million people in China will have diabetes by 2030.
“China, being the most populous nation, holds a significant share of world insulin market,” he said. “China is considered to have huge growth potential for the insulin market in the near future because around 10 percent of its population is above 65 years of age, and nearly 100 million people are obese and overweight, which is expected to increase the growth of the diabetic population.”
China's insulin market is projected to grow at a CAGR twice that of the global insulin market. It was estimated at $723.8 million in 2011, and is projected to reach $3.3 billion in 2018, growing at a CAGR of 24.6 percent. Currently, China accounts for 6.1 percent of the global insulin market in terms of volume.