胰岛素行业深度报告：集采出清+出海战略，胰岛素行业迎来新发展

Investment Rating - The report maintains a "Buy" rating for the insulin industry, indicating a positive outlook for stock performance relative to the benchmark index [151]. Core Insights - The diabetes patient population is large and continues to grow, providing a substantial market opportunity for diabetes medications. In 2021, there were approximately 1.41 billion diabetes patients in China, and the global diabetes medication market is projected to reach $184.4 billion by 2029, with a compound annual growth rate (CAGR) exceeding 10% [31][82]. - Insulin is considered the ultimate medication for diabetes treatment, with a long development history and significant market potential. The insulin market in China is expected to recover, with projections of reaching 22.3 billion yuan in 2024 [14][39]. - The penetration rate of insulin usage in China is relatively low at around 7%, compared to over 20% in the United States, indicating significant room for growth in the domestic market [26][39]. Summary by Sections Section 1: Diabetes Patient Population - The number of diabetes patients is on the rise, with global adult diabetes patients reaching 537 million in 2021, projected to increase to 783 million by 2045. In China, the number of adult diabetes patients is expected to grow from 141 million to 174 million by 2045 [59][31]. Section 2: Insulin as the Ultimate Medication - Insulin is crucial for diabetes management, especially for type 1 diabetes patients and many long-term type 2 diabetes patients. The development of insulin has evolved significantly, leading to various formulations that better meet patient needs [23][24]. Section 3: Market Growth and Procurement - The insulin market in China is expanding, with the market size expected to recover to 22.3 billion yuan in 2024 after a decline in 2022 due to centralized procurement policies. The centralized procurement has accelerated the replacement of imported insulin with domestic products, particularly third-generation insulin [39][32]. Section 4: International Expansion - Chinese insulin companies are increasingly focusing on international markets, particularly in Europe and the United States. Companies like Gan Li Pharmaceutical and Tonghua Dongbao are actively registering their products in these regions, which could become significant growth areas [39][98]. Section 5: Key Companies - Gan Li Pharmaceutical is a leading player in the third-generation insulin market, with a strong focus on international expansion. The company has shown significant revenue growth, recovering from the impacts of centralized procurement [112][114]. - Tonghua Dongbao has also demonstrated stable growth and is focusing on innovative research and development to enhance its market position [130][131].