South America Insulin Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Long Acting Insulin, Rapid Acting Insulins, Short acting Insulins and Traditional Human Insulins, Concentrated Insulins and Combination Insulins, Biosimilar I

South America Insulin Market Forecast to 2028 – COVID-19 Impact and Regional 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)   

The insulin market in SAM is expected to grow from US$ 4,868.81 million in 2022 to US$ 8,930.46 million by 2028. It is estimated to grow at a CAGR of 10.6% from 2022 to 2028.
Rapid Technological Developments in Insulin Delivery Devices by Major Players
Products with advanced insulin technology with more effective benefits are a major requirement in the treatment of diabetes. There has been a rise in advancements in diabetes treatment over the past few years. As the prevalence of diabetes is increasing across region, the demand for more advanced products is also boosting. The insulin market is expected to grow owing to an increase in the strategic efforts made by the industry players. The market players actively support their public and private research and academic institutes for increasing research activities.
A few of the recent developments related to rapid technological advancement in the insulin market are mentioned below:
In October 2021, Tonghua Dongbao Pharmaceutical Co., Ltd. received approval from the National Medical Products Administration (NMPA) for the clinical trial of its ultra-rapid-acting insulin lispro injection, BC Lispro. Currently, the drug is under phase III clinical trial initiated in China.
In May 2021, Bigfoot Biomedical received 510(k) clearance by USFDA for its Bigfoot Unity Diabetes Management System, which features connected smart pen caps that recommend insulin doses for people using multiple daily injections (MDI) therapy.
Thus, rapid technological advancements in insulin delivery devices are boosting the growth of the SAM insulin market.

Market Overview

The SAM insulin market is segmented into Argentina, Brazil, and the Rest of SAM. The market growth is attributed to the increasing occurrence of diabetes (both type I and type II) in the region. Furthermore, regulatory frameworks favoring the operations of insulin manufacturers encourage various multinational companies to establish their production units in SAM countries. According to International Diabetes Federation, 33 million adults (20–79 years) were living with diabetes in SAM in 2021. The figure is estimated to rise to 40 million by 2030 and 49 million by 2045. Per the report, 15.7 million adults are living with diabetes in Brazil, representing 1 in 10 adults. The increasing incidence of diabetes is leading to the degradation of the quality of life of patients. According an article published in the Annals of Global Health, in November 2019, the diabetes epidemic affects most countries across the world and has alarming infection rates in Latin American countries. ~12 million individuals have diabetes in Brazil, with the current prevalence ranging from 6.3% to 13.5%. The rising diabetes prevalence has further translated into a 60% growth in the related risk ratio for cardiovascular diseases associated with diabetes.
Exhibit: SAM Insulin Market Revenue and Forecast to 2028 (US$ Million)

SAM Insulin Market Segmentation

The SAM insulin market is segmented into type and country. Based on type, the market is segmented into long acting insulin, rapid acting insulin, short acting insulin & traditional human insulin, concentrated insulin & combination insulin, biosimilar insulin, glucagon-like peptide-1 (GLP-1), pen & needle, and others. The long acting insulin segment registered the largest market share in 2022.
Based on long acting insulin, the SAM insulin market is sub-segmented into Levemir, lantus, basaglar, and tresiba. The tresiba segment registered the largest market share in 2022. Based on short acting insulin and traditional human insulin, the SAM insulin market is sub-segmented into Novolin R, Humalin R, Insuman, others. The insuman segment held the largest market share in 2022.
Based on concentrated insulin and combination insulin, the SAM insulin market is sub-segmented into novomix, ryzodeg, xultophy, and soliqua/suliqua. The xultophy segment held the largest market share in 2022. Based on biosimilar insulin, the SAM insulin market is sub-segmented into insulin glargine biosimilars and human insulin biosimilars. The insulin glargine biosimilars segment held the largest market share in 2022. Based on country, the market is segmented into Brazil, Argentina, and Rest of SAM. Rest of SAM dominated the market share in 2022. Biocon; Eli Lilly and Company; GlaxoSmithKline plc.; Merck & Co., Inc.; Novo Nordisk A/S; Pfizer Inc.; Sanofi; Tonghua Dongbao Pharmaceutical Co., Ltd.; and Wockhardt are the leading companies operating in the insulin market in the region.

Reasons to buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the SAM insulin market.
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Scrutinize in-depth SAM market trends and outlook coupled with the factors driving the insulin market, as well as those hindering it
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