According to a report,” Latin America (Brazil, Argentina, Chile, Mexico, Colombia, Venezuela) Insulin Market (Rapid Acting, Short Acting, Pre-Mixed, Long Acting, Type I & II Diabetes, Analogs, Recombinant) Analysis And Segment Forecasts To 2020 ” published by Grand View Research, Inc. 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.
Key Takeaways from the report:
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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.
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In 2013, Analog was a dominant insulin source and is expected to grow at a CAGR of 17.7 % from 2014 to 2020.
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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.
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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.
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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.
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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.
Grand View Research has segmented the Asia Pacific Insulin market on the basis of product, application, source and region:
Insulin Product Outlook
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Rapid acting
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Long acting
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Premixed
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Premixed analog
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Short acting
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Intermediate acting
Insulin Application Outlook
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Type II and Other Diabetes
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Type I Diabetes
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Insulin Source Outlook
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Human Recombinant
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Analogs
Insulin Regional Outlook
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Brazil
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Argentina
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Chile
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Mexico
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Colombia
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Venezuela
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Peru
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Rest of Latin America
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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