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Insulin Market in China Predicted to Grow Steadily in Future

Date:11-12-2013

With rise in the number of people suffering from diabetes, the market for insulin has increased worldwide. In China, the demand for insulin has grown at a rapid rate, mostly due to the increase in the number of diabetic patients. Currently, China has the largest number of diabetics in the world with 98.4 million patients suffering from this disease. China accounts for 25.8% of the total diabetic population in the world. As insulin is the most important medication for diabetes, increase in the number of patients is fueling the growth in the insulin market. The progressive nature of the disease and growing prevalence of diabetes will contribute to the growth in the market in the coming years.

Market Overview
Globally, the insulin market reached a value of 20.8 billion USD in 2012, with an annual growth rate of 12.9%. In China, the insulin market had a compound annual growth rate of 25.4% from 2007 to 2012 which is well over that of the global insulin market. In the next few years, the insulin market in China is expected to have a growth rate of around 15% annually.

The Chinese insulin market is dominated by foreign multinational pharmaceutical companies such as Novo Nordisk, Eli Lilly and Company and Sanofi S.A. Of these, Novo Nordisk is the market leader in the country accounting for nearly 60.3% of the overall insulin market. Domestic Chinese enterprises such as Tonghua Dongbao Pharmaceutical Co., Ltd., Xinbai Phramaceutical and Wanbang Biopharmaceuticals are also present in the market. The dominance in the Chinese market by foreign pharmaceutical companies is due to greater technological advancement of foreign companies and barriers to entry for new entrants.

Buoyed by the growth potential of the Chinese insulin market, multinational pharmaceutical giants like Bayer AG and United Laboratories and domestic enterprises such as Hisun Pharmaceuticals are planning to expand in the market. It is predicted that by year 2030, one in ten people in the world will suffer from diabetes. This will give rise to a huge demand in insulin products. As China is the most populous nation in the world, the diabetic population in China will also be large, which will fuel the growth of the insulin market. With greater investment in research and development of new products, the Chinese insulin market is expected to grow steadily in the coming years.

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