human insulin market Size, Share, Demand and Growth By 2030
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Human Insulin Market
Overview
Market Research Future (MRFR) has
announced a new release on the market. The report talks about the future growth
prospects of the global human insulin market on the basis of the historical
statistics of the market and the market’s key growth drivers and restraints.
The report estimates the the human insulin market to attain a 11.91% CAGR
between 2022 and 2030. The market size could touch USD 156478.39 Million by
2030..
Human insulin is a form of
synthetic insulin that is grown to mimic human insulin. Before the development
of human insulin, which was first approved for pharmaceutical use in 1982, pig
insulin was the most common solution in use. Human insulin is generated by
growing insulin proteins within the E.
coli bacteria. The growing development of the medical research sector has
proven highly beneficial for the global human
insulin market, as increasing efforts have been made for the development of
highly sophisticated human insulin products.
The growing prevalence of
diabetes is likely to be the major driver for the market over the forecast
period. The threat of diabetes has grown in developed countries as a result of
the increasing consumption of sugar-rich, unhealthy foods, allied to a mostly
sedentary lifestyle. The increasing Westernization of the dietary patterns in
developing countries has also led to a significant growth in the prevalence of
diabetes in emerging regions such as Asia Pacific, which is likely to drive the
market over the forecast period.
Market Segmentation
The global human insulin market is segmented on the basis
of type and region. By type, the market is segmented into modern human insulin
and traditional human insulin. Modern human insulin is likely to dominate the
global human insulin market over the forecast period due to its higher efficacy
and less risk of side effects. The modern human insulin segment is further
sub-segmented into long-acting human insulin, rapid-acting human insulin, and
premixed human insulin, whereas the traditional human insulin segment is
further categorized into short-acting and intermediate-acting human insulin.
Regional Analysis
Regionally, the Global Human Insulin Market is segmented
into North America, Latin America, Europe, Asia Pacific, and the Middle East
and Africa. North America is expected to remain the leading contributor to the
market over the forecast period due to the growing prevalence of diabetes in
the region and the presence of advanced research avenues responsible for
creating the most modern and sophisticated versions of human insulin. The
growing obesity problem in North America has also played its part in the growth
in the prevalence of diabetes in the region and is likely to remain a major
driver for market in the region over the forecast period.
Europe is also likely to remain a major regional market
for human insulin over the forecast period and is expected to take up the
second position in the global market charts. Developed Western European
countries such as Germany, France, and the UK are the leading regional markets
for human insulin, as these countries have witnessed the highest prevalence of
diabetes in Europe and are likely to remain major consumers of human insulin
products over the forecast period.
The Asia Pacific market for
human insulin is expected to grow spectacularly over the forecast period due to
the growing prevalence of diabetes and increasing awareness about the
availability and benefits of human insulin. The increasing popularity of
Western food products in Asia Pacific countries such as China, Japan, Korea,
and India has led to a rising prevalence of obesity and consequently diabetes,
which is likely to drive the market in the region over the forecast period. As
of January 2019, anti-diabetes medications had witnessed a 12.9% y-o-y growth
in India and accounted for close to a fifth of the overall pharmaceutical
market in the country, illustrating the rising need to check the spread of diabetes.
Competitive Analysis:
human
insulin market Players include Biocon Ltd., Adocia, Julphar,
GlaxoSmithKline PLC, Novo Nordisk A/S, Oramed Pharmaceuticals Inc.,
Bristol-Myers Squibb Company, Merck & Co., and Tonghua Dongbao
Pharmaceuticals Co. Ltd.
Industry Updates:
In January 2019, Sanofi and Novo
Nordisk, two of the three leading players in the U.S. insulin market, raised
the prices of their insulin products by between 4.4% and 5.2%, resulting in the
overall pricing reaching USD 300-400. The price rise has faced significant
political as well as populist backlash due to the essential nature of insulin
for diabetes patients.
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