Insulin is a hormone produced by beta cells in the pancreas which regulates the metabolism of carbohydrates & fats in the body. The main function of insulin is to enable the entry of glucose in the cells and to maintain the blood glucose level. The high prevalence of diabetes drives the growth of the insulin market. Governments in various countries have taken the initiative to reduce the price of insulin and make it more affordable. For instance Ukraine and the Indar government have collaborated to make insulin more affordable for citizens; this might fuel the growth of the CIS insulin market.
The CIS insulin market is segmented based on its application into type I Diabetes and Type II Diabetes. Type II Diabetes holds a dominant share, accounting for approximately 90% of the CIS insulin market. The presence of a wide range of products in the Type II Diabetes segment and the high prevalence of Type II Diabetes supplements the growth of this market. The CIS insulin market is further classified based on product types into rapid acting, long acting, short acting, intermediate acting and premixed. Long acting insulin accounts for the largest share in the CIS insulin market. The rapid acting insulin market is expected to grow faster in the near future. The CIS insulin market is also segmented on the basis of insulin sources into Analogs and Human Recombinant. The Analogs segment holds the dominant share in the CIS insulin market due to its high level of efficacy. The introduction of cutting edge products such as ultra fast analog and ultra long acting analog accelerates market growth. According to a geographic analysis of the CIS market, Russia is the largest market for insulin and accounted for 69.2% of the revenue generated in 2013. Ukraine is expected to grow faster due to untapped opportunities present in the region and the increasing number of government initiatives.
The CIS insulin market is segmented based on its application, product type, source, and geography
By Product type