North America Rapid Acting Insulin Market By Product Type (Insulin Lispro, Insulin Aspart and Insulin Glulisine), By Indication (Type 2 Diabetes and Type 1 Diabetes), By Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies and Online Providers), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the North America Rapid Acting Insulin Market
Market Report Description
The North America Rapid Acting Insulin Market would witness market growth of 4.9% CAGR during the forecast period (2021-2027). The geriatric population across the world has witnessed a substantial increment over the last several years. With the increasing geriatric population, the number of diabetic patients is also rising. In addition to it, the growth of the global rapid insulin market would be supplemented by some of the factors like growing awareness among the individuals about right diabetic care and technological developments in delivery devices of insulin.
As per the Centers for Disease Control and Prevention (CDC), 84.1 million people in America have prediabetes, condition if not treated will result in type 2 diabetes within the span of 5 years. With the growing number of diabetic patients across the world, the demand for rapid acting insulin is set to increase in order to regulate blood glucose levels. Without insulin, the patients are expected to suffer from blurred vision, weight loss, and intolerable thirst. Ultimately, unregulated diabetes can result in blindness, kidney failure, loss of limbs, gangrene, and eventually death. Therefore, these severe medical conditions necessitate the adoption of insulin as an effective method to treat diabetes and its consequent symptoms. Therefore, the market would witness bright growth prospects due to these reasons.
The onset of the COVID-19 pandemic is from the Wuhan City of China and it is now spread across the globe. Almost every country is grappling with the acute suffering of the pandemic. In addition, due to the lockdown restrictions imposed by numerous governments around the world, the majority of the markets have witnessed a sharp decline in their growth rate. Though, the global COVID-19 pandemic would bring growth possibilities for industries in which the management and treatment of chronic diseases are performed. As per the article by the American Diabetes Association in 2020, individuals suffering from diabetes are more prone to develop severe complications from the coronavirus.
The US market dominated the North America Insulin Aspart Market by Country in 2020, thereby, achieving a market value of $1,003.9 Million by 2027. The Canada market is experiencing a CAGR of 6.6% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 6.3% during (2021 - 2027).
Based on Product Type, the market is segmented into Insulin Lispro, Insulin Aspart and Insulin Glulisine. Based on Indication, the market is segmented into Type 2 Diabetes and Type 1 Diabetes. Based on Distribution Channel, the market is segmented into Hospital Pharmacies, Drug Stores & Retail Pharmacies and Online Providers. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Merck & Co., Inc., Sanofi S.A., Novo Nordisk A/S, Eli Lilly and Company, Adocia SA, Biocon Limited, Gan & Lee Pharmaceuticals, Geropharm LLC, Wockhardt Ltd., and MannKind Corporation.
Scope of the Study
Market Segments Covered in the Report:
By Product Type
- Insulin Lispro
- Insulin Aspart
- Insulin Glulisine
- Type 2 Diabetes
- Type 1 Diabetes
By Distribution Channel
- Hospital Pharmacies
- Drug Stores & Retail Pharmacies
- Online Providers
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Merck & Co., Inc.
- Sanofi S.A.
- Novo Nordisk A/S
- Eli Lilly and Company
- Adocia SA
- Biocon Limited
- Gan & Lee Pharmaceuticals
- Geropharm LLC
- Wockhardt Ltd.
- MannKind Corporation
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