Insulin is a peptide hormone required in the body for normal carbohydrate, protein, and fat metabolism. Insulin is produced in the pancreas by the beta cells in specialized areas of pancreas called islets of Langerhans. Insulin promotes glucose uptake in the body cells, thus helps in controlling glucose level in the blood. People suffering from type 1 or type 2 diabetes experience high glucose level in their blood due to damaged pancreatic cells or insulin resistance in the body. Hence, diabetic people require an exogenous source of insulin to maintain their blood glucose levels. Some of the types of insulin include rapid acting, short-acting, intermediate-acting, long-acting, ultralong-acting, and mixtures. 100 units/ml or U-100 concentration strength of insulin means that 1 ml of aqueous solution contain 100 units of insulin. Usually, all traditional insulin are available in the concentration of 100 units/ml, wherein 1 unit equals to around 36 μg of insulin. Insulin can be administered into the patient either intravenously or subcutaneously with the help of syringe. Insulin syringes are marked in insulin units and most of the available insulin syringes have 100 units/ml marking. Insulin is most commonly available in concentration of 100 units/ml. Moreover, insulin is also available in concentration: 200 units/ml, 300 units/ml, and 500 units/ml.
Latin America insulin vials market is estimated to be valued at US$ 1,416.4 million in 2021 and is expected to exhibit a CAGR of 8.5% over the forecast period (2021-2028).
Figure 1. Latin America Insulin Vials Market Share (%), By Region, 2021
The increasing incidence of diabetes is expected to drive growth of the Latin America insulin vials market over the forecast period.
For instance, according to the International Diabetes Federation report 2019, the prevalence of diabetes in Costa Rica is expected to increase from 9.1% in 2019 to 10.3% in 2030 and estimated to reach 11.0% in 2045. Moreover, the same source states that the prevalence of diabetes in Paraguay is expected to increase from 9.6% in 2019 to 10.9% in 2030, and 11.6% in 2045.
Latin America Insulin Vials Market Report Coverage
|Base Year:||2020||Market Size in 2021:||US$ 1,416.4 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||8.5%||2028 Value Projection:||US$ 2,499.7 Mn|
Sanofi S.A, Novo Nordisk A/S, and Eli Lilly and Company
|Restraints & Challenges:||
Figure 2. Latin America Insulin Vials Market Value (US$ Mn), By Type of Insulin, 2021
The increasing research and development activities for the development of more effective insulin for the treatment of diabetes is expected to drive the market growth over the forecast period.
For instance, in July 2019, Sanofi S.A., a France-based pharmaceutical company announced positive results for the Phase 3 clinical trial of its new drug Zynquista (sotagliflozin), which is used with insulin to treat adults suffering from type 2 diabetes. Sanofi S.A. also operates in Latin America and new developments of the company in the field of diabetes therapeutics associated with use of insulin are expected to fuel the growth of insulin vial market in Latin America.
The rising diabetes related healthcare expenditure is expected to drive the market growth over the forecast period.
For instance, according to the International Diabetes Federation report 2019, total diabetes related health expenditure in Brazil increased from US$ 4,296.7 million in 2010 to US$ 52,300.2 million in 2019, and is further expected to increase to US$ 60,336.8 million by 2030.
Latin America Insulin Vials Market – Impact of Coronavirus (Covid-19) Pandemic
Government of various countries are focusing on initiatives to fight against the COVID-19 pandemic and stop the spread of the coronavirus infection by implementing various measures in the countries. The Latin American countries such as Brazil have implemented some measures and guidelines such as remote working to reduce the spread of COVID-19 in the country.
Supply chain and manufacturing activities in Latin American countries such as Brazil, Argentina, and others have been disrupted due to lockdowns implemented by governments since the past few months, while countries such as Mexico, Chile, Nicaragua, and others are facing problems with regards to transportation of medical products such as biosimilars, medical devices, and drugs used for treatment of diabetes. This is expected to hamper the growth of Latin America insulin vials market during the COVID-19 pandemic.
For instance, according to the Brazilian National Regulatory Authority, ANVISA (Agência Nacional de Vigilância Sanitária) report 2020, in February 2020, Brazil declared national emergency due to the outbreak of COVID-19 pandemic and later implemented stringent measures and guidelines such as lockdown, social-distancing, remote working, and others. These guidelines will be followed by the pharmaceutical industries, automobile industries, and others, in order to reduce the spread of COVID-19 in Brazil. Thus, COVID-19 pandemic is expected to have a negative impact on the growth of Latin America insulin vials market, owing to lack of labor and restricted supply of goods and materials related to manufacturing and distribution of insulin vials.
Latin America Insulin Vials Market: Restraint
The high cost of insulin products and side effects such as hypoglycemia and weight gain related to the use of insulin are the factors that are expected to hinder growth of the Latin America insulin vials market over the forecast period. For instance, according to the Daily Chronicle report 2019, the price of Lantus, a long-acting insulin manufactured by Sanofi S.A. (operates in Latin America) raised from US$ 289 per vial in 2013 to US$ 431 per vial in year 2019.
Major players operating in the Latin America insulin vials market include Sanofi S.A, Novo Nordisk A/S, and Eli Lilly and Company
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