Demand for Latin America Insulin and Impact of COVID-19……..


The Latin America Insulin market is expected to reach USD 3,760.7 million by 2020, according to a new study by Grand View Research, Inc. Growing prevalence of diabetes (type I and type II) coupled with government initiatives to develop insulin in markets such as Brazil by providing medical and financial aid to the population in the form of subsidies and the entrance of multinational companies such as Novo Nordisk, Sanofi Aventis, etc is expected to drive regional insulin market. Affordability of medicines is perceived to be a key challenge for market development, as a significant part of the population may not be able to afford the product.
Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.
In 2013, Type II applications lead the regional market, with revenue of USD 1,183.7 million and are expected to grow at a CAGR of 15.8 % from 2014 to 2020. Type I applications are expected to have faster growth, at an estimated CAGR of 20.3 % from 2014 to 2020.
The Latin America insulin market is oligopolistic in nature and is dominated by players such as Novo Nordisk, Eli Lilly and Company and Sanofi Aventis. Some of the other market players include Takeda Pharmaceuticals, Oramed Pharmaceuticals, Nanjing Xinbai Pharmaceutical Co. Ltd., Boehringer Ingelheim, Merck & Co. Inc., Biocon, along with various local companies  producing biosimilars   such as Sandoz, Amega Biotech, Biosidus, Sinergium Biotech, Probiomed and EMS Farma.
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Insulin is a body hormone and is an internal secretion of the pancreas formed by a group of cells referred to as the islets of Langerhans. The primary functions of this hormone are to enable the entry of glucose into the cells and provide energy and to help maintain blood glucose levels at appropriate levels. Insulin is administered to patients suffering from type I and type II diabetes. Type I diabetes was previously known as juvenile or insulin-dependent diabetes and is marked by the body’s inability to produce insulin. Patients with type II diabetes may also use insulin in cases where the body’s demand for insulin surpasses insulin production. Latin America insulin market is growing at a significant rate and is expected to capture largest market share in global insulin market in terms of revenue. Increasing ubiquity of diabetes (both type I and type II) is expected to be the primary driver of this market during the forecast period. According to the estimates of International Diabetes Federation, the global prevalence of diabetes is expected to increase from 366 million in 2011 to 552 million by 2030 and such a rapid growth in prevalence is expected to have a high impact on market growth over the forecast period. The introduction of regulations in favour of insulin manufacturers in Latin America region has encouraged various multinational companies to enter into Latin America for establishing production units, which has significantly helped the market growth. Some of the other drivers of this market include growing prevalence of lifestyle induced disorders such as obesity, increasing global base of geriatric population and R&D initiatives aimed at developing new products.    
Further key findings from the study suggest:
·         Long acting products dominated insulin demand in Latin America, with estimated revenue of USD 548.6 million in 2013. Other leading products include rapid acting and premixed analogs, with the latter expected to grow at a CAGR of 14.3 % from 2014 to 2020.
·         In 2013, Analog was a dominant insulin source and is expected to grow at a CAGR of 17.7 % from 2014 to 2020.
·         R&D initiatives, changing lifestyle affecting health of people specially children and growing rate of old aged (above 40) population are also expected to have a positive influence on market demand.
·         In 2013, Brazil was the largest regional insulin market in terms of revenue, accounting for 38.0% share of Latin American demand, followed by Mexico and Argentina. Brazil insulin demand is estimated to grow at a fastest CAGR of 18.2 % from 2014 to 2020.
·         Some of the key manufacturers in Latin American insulin market include Sanofi Aventis, Novo Nordisk, Nanjing Xinbai Pharmaceutical Co. Ltd, Takeda Pharmaceuticals, Eli Lilly and Company.
Key product segments analysed in this report include premixed insulin, premixed analog, rapid acting analog, long-acting analog, short-acting insulin and intermediate insulin. Insulin acting analog retained the maximum market share in terms of revenue share in 2013 as high prices of long-acting analogs contributed maximum towards revenue and launch of new products in various Latin American markets has captured the market. Lantus by Sanofi Aventis influenced the overall long-acting market in 2013, however, a setback is expected due to its patent expiration in 2015.
Various insulin products are derived from different sources. Insulin market can be categorized on the basis of source of the product as human recombinant insulin and analogs. Analogs possess a maximum market share in terms of revenue in 2013 due to deeper market penetration of various new products such as Tresiba by Novo Nordisk.
Key applications of insulin include type I and other diabetes and type II diabetes. Type I diabetes, previously known as juvenile or insulin-dependent diabetes has grabbed maximum market share in terms of revenue in 2013. Increasing usage of insulin for treatment of type I diabetes along with the launch of new drugs has helped this segment to capture large market share.
Browse Press Release of this report:                                                                  
https://www.grandviewresearch.com/press-release/latin-america-insulin
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
·         Premixed analog
·         Short acting
·         Intermediate acting
Insulin Application Outlook
·         Type II and Other Diabetes
·         Type I Diabetes
·         Insulin Source Outlook
·         Human Recombinant
·         Analogs
Insulin Regional Outlook
·         Brazil
·         Argentina
·         Chile
·         Mexico
·         Colombia
·         Venezuela
·         Peru
·         Rest of Latin America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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