VANCOUVER, BC, Dec. 31, 2014 (GLOBE NEWSWIRE) -- via PRWEB - According to a report by iData Research [http://www.idataresearch.com, the leading global authority in medical device and pharmaceutical market research, the US modern insulin market is expected to reach over $17 billion by 2020. The modern insulin market includes long-acting insulin, rapid-acting insulin and premixed modern insulin. Market growth is attributed to the increased popularity of insulin pens and the growing number of diagnosed diabetics.
The Center for Disease Control and Prevention (CDC) reported there were over 29 million diabetics in the US in 2014; of this population 21 million people were diagnosed. Market predictions estimate that 52% of the U.S. population could have diabetes or prediabetes by 2020.
One of the key reasons behind the rise of modern insulin is the increasing penetration of insulin pens "The US has lagged behind Europe and other developed countries in adopting pens," says Dr. Kamran Zamanian, CEO of iData. "Now catching-up, the country is experiencing both high growth rates of pen sales, and of modern insulin, the more common insulin type used with pens. "
US modern insulin market is led by Sanofi. Sanofi has experienced a significant increase in market share due to their nearly 25% price surge of Lantus® in one year. Other key and notable competitors include Novo Nordisk and Eli Lilly.
In the next few years, several modern insulin brands will go through patent expiry, opening the way for new competitors. Companies such as Pfizer and Biocon already started working on biosimilars and will join a meeting with the FDA to talk about the guidelines for the approval process. They intend to immediately apply for approval after the first patent expiries starting in 2015.
Other Key Market Developments within the Diabetes Treatment Industry
Sanofi and Medtronic Form an Strategic Alliance
This alliance will have two priorities, develop drug-device combinations and delivery of care management services to simplify insulin treatment.
Medtronic completed its study of first predictive low glucose management technology for people with diabetes
This trial evaluated the safety of its next-generation integrated insulin pump and continuous glucose monitoring (CGM system), which automatically stops insulin delivery when sensors measure glucose level approaching the predetermined lowest limit, and resume delivery after glucose levels recover. Manufacturing has started, and product introduction in select countries is scheduled for early 2015.
Novo Nordisk gets postivie CHMP opinion for expanded use of Tresiba® (insulin degludec) in children with diabetes
Once the European Commission approves the licence extension, physicians in the European Union will be able to prescribe Tresiba® insulin degludec to children and adolescents aged 1 to 17 with type 1 and type 2 diabetes.
For more information
The modern insulin market segment is part of the U.S. diabetes diagnosis, treatment and drug delivery market report. The report series on the markets for diabetes diagnosis, treatment and drug delivery covers the U.S. and 15 counties in Europe.
The full reports provides a comprehensive analysis including units sold, market value, forecasts, as well as a detailed competitive market shares and analysis of major players' success strategies in each market and segment.
The U.S. diabetes diagnosis, treatment and drug delivery market covers traditional blood glucose meters, continuous glucose monitoring systems, blood glucose test strips, lancets and lancing devices, insulin, insulin syringes, insulin pens and insulin pumps as well as emerging technologies
About iData Research
iData Research (http://www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Diabetes Drugs, Diabetes Devices, Pharmaceuticals, Anesthesiology, Wound Management, Orthopedics, Cardiovascular, Dental, Endoscopy, Gynecology and more.
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