Human Recombinant Insulin Market Is Estimated To Witness High Growth Owing To Increasing Diabetes Prevalence
The Human Recombinant Insulin Market is estimated to be valued at Us$ 41602.7 Mn in 2023 and is expected to exhibit a CAGR Of 11.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Human recombinant insulin is a biosynthetic human insulin protein produced by recombinant DNA technology, which is used for the treatment of diabetes. It is nearly identical to regular human insulin produced in the pancreases. Recombinant DNA technology is used to transfer the human insulin gene into non-human hosts such as bacteria or yeast, so that they produce human insulin. This insulin is then extracted and purified from the culture of these host cells for therapeutic use.
Market Dynamics:
The growth of the human recombinant insulin market is attributed to the rising prevalence of diabetes globally. According to the International Diabetes Federation (IDF), approximately 537 million adults aged between 20 and 79 years suffered from diabetes in 2021 and this number is estimated to rise to 643 million by 2030 and 784 million by 2045. Moreover, sedentary lifestyle and obesity are increasing the risk of diabetes, thereby supporting market growth. Changing dietary patterns and physical inactivity is also contributing significantly to the diabetes epidemic. Recombinant insulin offers advantages over animal insulins such as shorter duration of action, which gives flexibility to patients for adjusting insulin dosages based on physical activities and food intake. These factors are expected to boost market growth over the forecast period.
SWOT Analysis
Strength:
- Human recombinant insulin offers highly effective treatment for diabetes with reduced side effects compared to animal insulin.
- Rising demand for biosimilar insulin drugs due to their cost-effectiveness.
- Availability of several innovator and biosimilar insulin treatment options providing effective glycemic control.
Weakness:
- High development costs associated with human recombinant insulin production results in relatively higher drug prices.
- Stringent regulations for the development and production of human recombinant insulin products.
Opportunity:
- Growing global diabetes patient pool, especially in developing nations, increases the market potential.
- Increasing focus on development of wearable insulin delivery devices for improved patient compliance.
Threats:
- Presence of alternative diabetes treatment options such as glucagon-like peptide-1 receptor agonists.
- Threat of new entrants into the market introducing biosimilar competition.
Key Takeaways
The Global Human Recombinant Insulin Market Size is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing prevalence of diabetes worldwide. Factors such as rising obese and geriatric populations, sedentary lifestyles, and unhealthy dietary habits are fueling the incidence of diabetes.
Regional analysis:
North America dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to rising diabetes patient pool and growing demand for insulin analogs and biosimilar insulin drugs in the region. Asia Pacific exhibits the fastest growth due to enormous diabetic population, rising healthcare awareness, and increasing healthcare spending in major Asian countries.
Key players:
Key players operating in the human recombinant insulin market are Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Julphar Gulf Pharmaceutical Industries, Biocon Limited, Bioton S.A., Gan & Lee Pharmaceuticals, Ltd., Zhuhai United Laboratories Co., Ltd., Wanbang Biopharmaceuticals Co., Ltd., and Dongbao Enterprise Group Co., Ltd.
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