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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

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

Latin America Insulin Vials  | Coherent Market Insights

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.

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Latin America Insulin Vials Market Report Coverage

Report Coverage Details
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
Geographies covered:
  • Latin America: Brazil, Mexico, Argentina, Colombia, Peru, Venezuela, Chile, Ecuador, and Rest of Latin America
Segments covered:
  • By Type of Insulin: Rapid Acting, Short-acting, Intermediate-acting, Long-acting, Ultralong-acting, Mixtures
  • By Indication: Type 1 Diabetes, Type 2 Diabetes
  • By Concentration: 100 units/ml, 300 units/ml, Others (Others include 200 units/ml and 500 units/ml)
  • By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
Companies covered:

Sanofi S.A, Novo Nordisk A/S, and Eli Lilly and Company

Growth Drivers:
  • Increasing prevalence of diabetes in Latin America
  • Rising product launches and regulatory approvals
Restraints & Challenges:
  • High cost of insulin products
  • Side effects related to the use of insulin

Figure 2. Latin America Insulin Vials Market Value (US$ Mn), By Type of Insulin, 2021

Latin America Insulin Vials  | Coherent Market Insights

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.

Key Players

Major players operating in the Latin America insulin vials market include Sanofi S.A, Novo Nordisk A/S, and Eli Lilly and Company

Diabetes, also known as Diabetes mellitus is a condition, wherein the concentration of glucose increases in the blood due to shortage of insulin or insulin resistance. Some of the commonly experienced symptoms of diabetes include increased thirst, frequent urination, and increased appetite. Diabetes can be classified into two major types: Type 1 Diabetes and Type 2 Diabetes. Type 1 diabetes, also known as insulin-dependent diabetes is a chronic condition, wherein the body’s immune system destroys insulin producing cells or beta cells of the pancreas. Insulin is required in the body to help in absorption of glucose from the blood into body’s cell for energy. Type 2 diabetes also known as non-insulin dependent diabetes is a chronic condition, wherein the body is unable to use insulin in spite of having sufficient quantity of insulin in the body. Patients suffering from diabetes need to administer insulin externally, in order to maintain their blood glucose levels. Various types of insulin available in the market include rapid acting, short-acting, intermediate-acting, long-acting, ultralong-acting, and mixtures.

Market Dynamics

The increasing incidence of diabetes, rising research and development activities for the treatment of diabetes, and growing diabetes care health expenditure are the major factors that are expected to drive growth of the Latin America insulin vials market over the forecast period. Moreover, increasing adoption of inorganic growth strategies such as partnership, acquisitions, collaborations, and others by key players operating in the market is expected to further fuel growth of the market over the forecast period.

For instance, according to the Pan American Journal of Public Health, the number of people living with type 1 diabetes in the Americas is expected to increase from 35 million in 2000 to 64 million in 2025, out of which Latin America and Caribbean region would account for 62% or 40 million people in 2025.

Key features of the study:

  • This report provides in-depth analysis of the Latin America insulin vials market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the Latin America insulin vials market based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include Sanofi S.A, Novo Nordisk A/S, and Eli Lilly and Company
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The Latin America insulin vials market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Latin America insulin vials market

Detailed Segmentation:

  • Latin America Insulin Vials Market, By Type of Insulin:
    • Rapid Acting
    • Short-acting
    • Intermediate-acting
    • Long-acting
    • Ultralong-acting
    • Mixtures
  • Latin America Insulin Vials Market, By Indication:
    • Type 1 Diabetes
    • Type 2 Diabetes
  • Latin America Insulin Vials Market, By Concentration:
    • 100 units/ml
    • 300 units/ml
    • Others (Others include 200 units/ml and 500 units/ml)
  • Latin America Insulin Vials Market, By Distribution Channel:
    • Hospital Pharmacies
    • Retail Pharmacies
    • Online Pharmacies
  • Latin America Insulin Vials Market, By Country:
    • Brazil
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
    • Mexico
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
    • Argentina
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
    • Colombia
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
    • Peru
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
    • Venezuela
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
    • Chile
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
    • Ecuador
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
    • Rest of Latin America
      • By Type of Insulin
        • Rapid Acting
        • Short-acting
        • Intermediate-acting
        • Long-acting
        • Ultralong-acting
        • Mixtures
      • By Indication
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Concentration
        • 100 units/ml
        • 300 units/ml
        • Others (Others include 200 units/ml and 500 units/ml)
      • By Distribution Channel
        • Hospital Pharmacies
        • Retail Pharmacies
        • Online Pharmacies
  • Company Profiles
    • Sanofi S.A*
      • Company Overview
      • Material Portfolio
      • Financial Performance
      • Key Highlights
      • Market Strategies
    • Novo Nordisk A/S
    • Eli Lilly and Company

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Type of Insulin
      • Market Snippet, By Indication
      • Market Snippet, By Concentration
      • Market Snippet, By Distribution Channel
      • Market Snippet, By Country
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • Market Trends
    • Regulatory Scenario
    • Reimbursement Scenario
    • Epidemiology
    • PEST Analysis
  4. Latin America Insulin Vials Market – Impact of Coronavirus (Covid-19) Pandemic
    • Economic Impact
    • Impact on Clinical Trials and Drug Development
    • Government Initiatives
  5. Latin America Insulin Vials Market, By Type of Insulin, 2017 – 2028, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2021 and 2028 (%)
      • Y-o-Y Growth Analysis, 2018 – 2028
      • Segment Trends
    • Rapid Acting
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Short-acting
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Intermediate-acting
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Long-acting
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Ultralong-acting
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Mixtures
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
  6. Latin America Insulin Vials Market, By Indication, 2017 – 2028, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2021 and 2028 (%)
      • Y-o-Y Growth Analysis, 2018 – 2028
      • Segment Trends
    • Type 1 Diabetes
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Type 2 Diabetes
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
  7. Latin America Insulin Vials Market, By Concentration, 2017 – 2028, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2021 and 2028 (%)
      • Y-o-Y Growth Analysis, 2018 – 2028
      • Segment Trends
    • 100 units/ml
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • 300 units/ml
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Others (Others include 200 units/ml and 500 units/ml)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
  8. Latin America Insulin Vials Market, By Distribution Channel, 2017 – 2028, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2021 and 2028 (%)
      • Y-o-Y Growth Analysis, 2018 – 2028
      • Segment Trends
    • Hospital Pharmacies
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Retail Pharmacies
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
    • Online Pharmacies
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Mn)
  9. Latin America Insulin Vials Market, By Country, 2017 – 2028, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Country, 2021 and 2028 (%)
      • Y-o-Y Growth Analysis, For Country, 2018–2028
      • Country Trends
    • Brazil
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
    • Mexico
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
    • Argentina
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
    • Colombia
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
    • Peru
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
    • Venezuela
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
    • Chile
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
    • Ecuador
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
    • Rest of Latin America
      • Overview
      • Market Size and Forecast, and Y-o-Y Growth, By Type of Insulin, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Indication , 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Concentration, 2017–2028, (US$ Million)
      • Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel, 2017–2028, (US$ Million)
  10. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis
      • Sanofi S.A
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Novo Nordisk A/S
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Eli Lilly and Company
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
    • Analyst Views
  11. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 52 market data tables and 26 figures on "Insulin Vials Market” – Latin America forecast to 2028

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