Artificial Intelligence
Insulin Market to Hit 10.8% CAGR with $111.21 Billion, Globally, by 2028 Driven by Increase of Diabetes | Report by The Insight Partners
Pune, India, July 18, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners new research study on “Insulin Market Size Report, Share, Revenue & Trends Forecast to 2028 – Global Analysis by Type, and Geography,” the insulin market is expected to grow to $111.21 billion by 2028 from $60.18 billion in 2022; it is estimated to grow with a CAGR of 10.8% from 2022-2028. Asia Pacific (APAC) is the fastest-growing regional market for insulins. APAC is segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC.
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Global Insulin Market – Report Scope:
| Report Coverage | Details |
| Market Size Value in | USD 60.18 Billion in 2022 |
| Market Size Value by | USD 111.21 Billion by 2028 |
| Growth rate | CAGR of 10.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 186 |
| No. of Tables | 165 |
| No. of Charts & Figures | 91 |
| Historical data available | Yes |
| Segments covered | Type, and Geography |
Global Insulin Market Analysis: Competitive Landscape and Key Developments
Eli Lily and Company; Novo NordiskA/S; Biocon; Wockhardt; Adocia; GlaxoSmithKline plc; Sanofi; Pfizer; Merck &Co., Inc.; Tonghua Dongbao Pharmaceutical Co., Ltd.; and Bigfoot Biomedical, Inc. are a few of the key companies operating in the insulin market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In January 2022, Novo Nordisk launched today peptide in a pill, oral semaglutide for diabetes management. A GLP-1 receptor analogue (GLP-1 RA), one of the drug classes to treat diabetes, till now was available only in the form of injections. The product is a co-formulation of GLP-1RA semaglutide with an absorption enhancer SNAC which protects semaglutide from undergoing degradation in the stomach like other peptides and enhances its absorption.
In June 2022, Novo Nordisk today announced that the Japanese Ministry of Health, Labour and Welfare has approved Rybelsus, the first and the only glucagon-like peptide-1 receptor agonist (GLP-1 RA) in a tablet, for the treatment of adults with type 2 diabetes. The approval of Rybelsus in Japan is based on results from the PIONEER clinical trial programme, which involved more than 9,500 adults with type 2 diabetes, including approximately 1,300 adults from Japan.
Browse key market insights spread across 186 pages with 165 list of tables & 91 list of figures from the report, “Insulin Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Long Acting Insulin, Rapid Acting Insulins, Short acting Insulins and Traditional Human Insulins, Concentrated Insulins and Combination Insulins, Biosimilar Insulins, Glucagon-like peptide-1 (GLP-1), Pens and Needles, and Others), and Geography” in detail along with the table of contents: https://www.theinsightpartners.com/reports/insulin-market
Regeneration of Diabetic Pancreas with Advanced transplant as a Future Trend for the Global Insulin Market:
Artificial pancreas can control blood sugar levels for people with type 1 diabetes better than the standard treatment. For people with type 1 diabetes (T1D), continuous glucose monitoring (CGM) devices provide around-the-clock information on blood glucose levels, which is then used to determine how much insulin is needed. Insulin pumps allow the insulin doses to be administered subcutaneously throughout the day.
In Jul 2020, Betalin Therapeutics claims its “bio-artificial” pancreas aims to free patients of the need for insulin injections and blood sugar monitoring. It is designed for people with type 1 diabetes, and those with type 2 diabetes who require insulin.
In September 2020, a team led by researchers at the Perelman School of Medicine at the University of Pennsylvania make major advancement in islet cell transplantation for treating type-1 diabetes. A new method is focused on keeping the transplanted insulin-producing cells alive and functional in recipients for long periods even when transplanted underneath the skin.
Cells naturally produce small molecules, hormones, and proteins to keep the body functioning properly. These cells are used to rather rely on injections or pills to replace biomolecules produced by diseased cells, using an encapsulated cell.
Despite frequent monitoring of blood sugar levels and dose adjustments, insulin injections do not ideally recreate the natural waves of insulin released from the pancreas. This leaves patients continually working to avoid chronically high or low blood sugar, which can cause blindness, diabetic coma, or life-threatening insulin shock. Various research groups have been working on regeneration technology with diverse results. This promising technology will help in the removal of diabetes-related problems and is expected to be a prevalent future trend in the insulin market.
Insufficient Competition from Biosimilar Provides Lucrative Opportunities for Insulin Market:
The dominance of the major players in developed countries such as the US has led to an increase in the global insulin market value. Novo Nordisk A/S, Elli Lily and Company, and Sanofi have a cumulative market revenue of over 90%. This is majorly credited to the evergreening of patents currently held by these dominating players. Additionally, the rising price of insulin in the US is estimated to further boost the growth of the insulin market. According to the Centers for Disease Control and Prevention, US$ 1 out of every US$ 4 in US health care costs is expended on diabetic patients. Moreover, patients’ lack of trust in biosimilar drugs is a significant factor augmenting the insulin market growth. The dearth of biosimilar competition in the market-dominating region of North America is also expected to fuel the market growth. According to a study conducted by Health Action International (2019), states that Eli Lilly and Company, Novo Nordisk, and Sanofi are the only three manufacturers of insulin in the US, and they generate around 90% of revenue in the global market. In contrast, there are more than eight insulin manufacturers in Asia Pacific, according to the above study.
In North America, the U.S. is the largest market for Insulin. The growth of the region is attributed to factors such as rising prevalence of diabetes across the countries, high prevalence of obesity, and increasing awareness regarding diabetes care in the region. Moreover, presence of well-developed healthcare infrastructure and government support are some of the prominent factors propelling the market growth in North America. Diabetes is increasing at an alarming rate in the US. According to the National Diabetes Statistics Report 2020, approximately 30.3 million people in the US have diabetes representing 94% of the total population. Among the diabetic population nearly 5% of the population is diagnosed with type 1 diabetes whereas, 90-95% have type 2 diabetes. Of the more than 30 million Americans with diabetes, approximately 7.4 million rely on insulin to manage their condition. In addition, the data also revealed approximately 86 million adults aged 18 years or above were pre-diabetes and nearly 23.1 million elders above 65 years were pre-diabetes. Across the US, diabetes is the leading cause of blindness and end stage of renal diseases or renal failure among adults.
According to the American Diabetes Association, the estimated total cost of the diagnosed diabetes in 2020 was approximately US$ 322 billion which included US$ 245 billion for the direct medical costs and nearly US$ 69 billion for the reduced productivity. Therefore, increasing acceptability, high health care spending, and awareness regarding insulin indicate the potential growth for growing adoption of the insulin products in the U.S.
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Global Insulin Market: Segmental Overview
Based on type, the insulin market is segmented into long-acting insulin, rapid acting insulins, short acting insulins and traditional human insulins, concentrated insulins and combination insulins, biosimilar insulins, Glucagon-like peptide-1 (GLP-1), pens and needles, and others. The long-acting insulin segment is anticipated to hold the largest market share in 2022 and however, biosimilar insulins segment is expected to register the highest CAGR of 16.0 % during the forecast period. The major driving factors for the growth of the biosimilar insulins segment are increasing applications of inbred mice in cardiovascular & immunology studies and the production of monoclonal antibodies, among others. Basaglar is a long-acting insulin that is only available by prescription. Basaglar treats type 1 and type 2 diabetes mellitus in adults and children. The medicine is contained in the Basaglar KwikPen, which holds 3 milliliters (mL) of solution. And it’s also included in the Basaglar Tempo Pen, a pen that connects to a smartphone app to record your insulin doses.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Insulin Pens Market to 2027 – Global Analysis and Forecasts
Medical Insulin Pumps Market Forecast to 2028 – COVID-19 Impact and Global Analysis
Tubeless Insulin Pumps Market Forecast to 2028 – COVID-19 Impact and Global Analysis
Non-Injectable Insulin Market Forecast to 2028 – COVID-19 Impact and Global Analysis
Insulin Pumps Market Forecast to 2025 – Global Analysis
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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Artificial Intelligence
KMS Lighthouse and lastminute.com Triumph with a Double Win at the Global Sourcing Association (GSA) 2024 Awards
TEL AVIV, Israel, June 17, 2024 /PRNewswire/ — KMS Lighthouse, a global leader in knowledge management, is proud to announce its remarkable achievement of winning two prestigious awards with lastminute.com at the Global Sourcing Association (GSA) 2024 Awards. The brands were honored in the following categories:
Retail Programme of the Year: lastminute.com and KMS Lighthouse LimitedTechnology Enabled Programme of the Year (Automation/AI): lastminute.com and KMS Lighthouse LimitedKMS Lighthouse was also a finalist in the Service Provider of the Year category.
The awards were presented on June 11, 2024, at a glittering ceremony held at Richmond Hill Hotel, as part of the GSA Festival of Sourcing. Celebrating its 21st year, the GSA Awards recognize organizations that demonstrate exceptional best practices in strategic sourcing.
Sagi Eliyahu, CEO of KMS Lighthouse Limited commented “We are absolutely delighted to have won these two esteemed awards. This recognition underscores the tireless dedication and innovation of our teams in delivering exceptional knowledge management solutions to our clients. I would like to extend my heartfelt gratitude to our partners at lastminute.com. The synergy and true partnership we have formed exemplify the collaborative spirit needed to drive outstanding results.”
“We are thrilled to celebrate these award wins with KMS Lighthouse,” said Walter Di Lello, Knowledge Manager & Procedure Team Leader at lastminute.com. “This achievement is a testament to the hard work and dedication of both our teams. The collaborative partnership approach we have fostered with KMS Lighthouse has been pivotal in delivering innovative and impactful solutions. Thank you to everyone involved for their relentless commitment and excellence.”
This double accolade highlights KMS Lighthouse’s unwavering commitment to excellence, innovation, and effective collaboration. The successful partnership with lastminute.com has not only enhanced the retail sector’s capabilities but also set new standards in automation and AI-driven solutions.
About KMS Lighthouse:
KMS Lighthouse is a global leader in knowledge management solutions, providing innovative platforms that enhance organizational knowledge sharing and decision-making. Through advanced AI and automation technologies, KMS Lighthouse enables businesses to improve customer service, streamline operations, and achieve higher efficiency.
About lastminute.com
lastminute.com is the European Travel-Tech leader in Dynamic Holiday Packages. Our mission is to simplify, personalise, and enhance our customers’ travel experience by leveraging technology. Thanks to the iconic brand lastminute.com and a rich portfolio of vertical brands, we meet the most diverse needs of travellers across the entire holiday experience. As one of the few fully licensed European tour operators, we offer unlimited real-time travel combinations thanks to our proprietary Dynamic Holiday Packaging engine, providing additional customer protection and exclusive deals. lastminute.com N.V. is a publicly traded company listed under the ticker symbol, LMN on the SIX Swiss Exchange.
Media Contact:KMS Lighthouse [email protected] [email protected]://www.linkedin.com/company/kms-lighthouse/https://kmslh.com/
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Artificial Intelligence
CluePoints Continues ‘Turning Artificial Intelligence into Human Intelligence’ by Launching Two New Innovations
Site Profile & Oversight Tool (SPOT) and Intelligent Medical Coding (IMC) unveiled by RBQM innovator at DIA Global Annual Meeting 2024
KING OF PRUSSIA, Pa., June 17, 2024 /PRNewswire/ — CluePoints, provider of leading statistical and AI-driven software solutions, will unveil two of its latest advanced, deep learning technology innovations at the DIA Global Annual Meeting 2024. Both solutions deliver groundbreaking enterprise platform transformations providing Sponsors and CROs with a smarter way to conduct clinical research and detect and manage risks that could impact clinical trial outcomes.
Taking RBQM to a new level, CluePoints’ Site Profile & Oversight Tool (SPOT) delivers adaptive site monitoring, enabling teams to swiftly pinpoint anomalies and translate insights into strategies and actions. Sponsors and CROs can improve their ability to evaluate the performance of clinical trial sites and adjust site visit plans more effectively and efficiently while accurately balancing risk and resource workload.
Further streamlining processes, CluePoints’ Intelligent Medical Coding solution harnesses advanced deep learning technology to enhance the accuracy and efficiency of coding in clinical trials. It seamlessly integrates with existing systems to offer precise, AI-generated coding suggestions, drastically reducing the need for manual dictionary searches and costly coding reviews, freeing up valuable resources and ensuring uniformity across all coded data.
Andy Cooper, CEO of CluePoints, said: “DIA offers the perfect opportunity to share with the industry our latest disruptive and innovative solutions that address key challenges within traditional clinical research methods. Unveiling two new products that leverage next generation AI will transform how CluePoints is viewed in the industry, as we enhance our enterprise-wide solutions to reach new levels of accuracy and efficiency to both improve clinical trial performance and deliver greater insights to further mitigate risk. Our early adopters are already raving about how valuable they are finding both product offerings and we are excited to showcase how they will shape future processes and embody our brand promise to ‘turn artificial intelligence into human intelligence.”
With over 9,500 users engaged with CluePoints’ enterprise platform, to date over 1,600 studies have been de-risked and over 142,000 issues detected.
Visitors to the CluePoints’ DIA Global exhibition booth #1301 will have the opportunity to meet with subject matter experts and see demonstrations of both new platform solutions.
CluePoints also invites DIA attendees to join them at 3pm on Tuesday, June 18th, for a special toast at their booth to celebrate the latest innovations.
To learn more about CluePoints’ award-winning solutions, please visit www.cluepoints.com.
About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. We are leveraging the potential of artificial intelligence using advanced statistics and machine learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.
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Artificial Intelligence
ComplyCube Launches Trust Center with the Most Complete Compliance Posture in the Market
LONDON, June 17, 2024 /PRNewswire/ — ComplyCube, a RegTech100 global leader in identity verification and compliance solutions, proudly announces the launch of its comprehensive Trust Center. This new initiative emphasizes ComplyCube’s unrivaled compliance posture, redefining security and privacy for IDV, KYC, and AML platforms. With over fifty continuously monitored controls, the AI-powered SaaS leads the way in ensuring clients stay ahead of international regulations and standards.
The Trust Center provides real-time updates on security measures, compliance statuses, and operational transparency, empowering clients to meet regulatory requirements confidently and allowing them to view ComplyCube’s compliance posture on demand. This platform is engineered to enhance transparency, build trust, and streamline compliance processes for organizations worldwide.
ComplyCube unveils its unrivaled compliance posture, redefining security and privacy for IDV, KYC, and AML platforms. With over fifty continuously monitored controls, ComplyCube leads the way in ensuring clients stay ahead of international regulations and standards.
Key Features of the Trust Center:
Real-Time Compliance Dashboard: Live updates on compliance metrics and security statuses.Comprehensive Resource Hub: Access to essential documents, certifications, and regulatory guidelines.Incident Reporting and Tracking: Full transparency in reporting and monitoring security incidents.Tarek Nechma, CEO of ComplyCube, remarked, “The launch of the Trust Center marks a pivotal milestone in our mission to build trust at scale and deliver state-of-the-art compliance solutions. This platform will empower our clients to navigate the complexities of regulatory landscapes with confidence.”
Non-compliance costs are 2.71 times higher than the costs of maintaining or meeting compliance requirements. Another study indicates that companies with strong compliance programs can reduce incident costs by up to 30%. On top of this, 84% of businesses encounter compliance challenges that can lead to significant financial and reputational damage. ComplyCube’s Trust Center aims to further mitigate these risks by providing tools that help businesses maintain and improve their compliance posture.
Mohamed Alsalehi, CTO of ComplyCube, stated, “We design our systems to be compliant by design with the stringent laws and regulations. This proactive approach ensures our clients can meet and exceed compliance requirements effortlessly.”
Joshua Dent, Business & Partnerships Manager, added, “The Trust Center showcases ComplyCube’s adherence to a multitude of globally recognized standards and data protection regulations. Clients and partners can find answers to many of their data protection questions, view active controls, and request documents to fulfill due diligence. It’s fantastic to see this go live following our latest certifications, such as UK DIATF, ISO 9001, PAD Level 2, and ISO 27001:2022 upgrade.”
ComplyCube continues to set industry standards with its innovative solutions, and the Trust Center’s launch underscores its mission to support businesses in achieving compliance excellence.
For more information about the Trust Center, visit ComplyCube Trust Center.
About ComplyCubeComplyCube is a leading provider of identity verification and compliance solutions, helping organizations across various sectors secure their operations and meet regulatory requirements. With a focus on innovation and customer satisfaction, ComplyCube delivers reliable and efficient services that empower businesses to thrive in a complex regulatory environment.
About VantaVanta is a leading trust management platform that automates compliance and streamlines security reviews for SaaS businesses. It helps companies manage risk and prove security in real-time, ensuring adherence to global standards and data protection regulations. With Vanta’s Trust Center, businesses can efficiently manage compliance processes and demonstrate their commitment to security and trust.
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