How big is Human Insulin Market ?
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 was valued at USD 1.93 billion in 2022 and is projected to grow from USD 1.98 Billion in 2023 to USD 2.55 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2023 – 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.
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.
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.
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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