Human Insulin Drug Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Diabetes
The Human Insulin Drug Market is estimated to be valued at Us$ 49411.32 Mn in 2023 and is expected to exhibit a CAGR Of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Human insulin drugs are used to treat diabetes. They are produced through recombinant DNA technology where the insulin gene is inserted into yeast or bacteria so that they can produce human insulin. These human insulin drugs help in controlling blood sugar levels in diabetic patients and come in various forms like injections, pens and pumps.
Market Dynamics:
Rising prevalence of diabetes across the globe is a key factor driving growth of the human insulin drug market. According to the International Diabetes Federation, approximately 537 million adults aged 20-79 years were living with diabetes in 2021 worldwide and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Additionally, advancements in drug delivery systems are also fueling market growth. Growing preference for human insulin drugs over conventional animal insulin owing to advantages like more control over blood sugar levels and fewer side-effects is positively impacting the market. However, availability of alternative treatment options may restrain the market to a certain extent.
SWOT Analysis
Strength:
- Rising prevalence of diabetes globally is expected to drive the demand for Human Insulin Drugs over the forecast period.
- Strong research and development activities by major pharmaceutical companies to develop more effective human insulin drugs.
- Growing awareness about diabetes management and treatment compliance is increasing the adoption of insulin therapy.
Weakness:
- High costs associated with human insulin drugs can limit their adoption in low and middle-income countries.
- Stringent regulatory approvals and clinical trials for new insulin drugs increase time to market.
Opportunity:
- Growth opportunities in emerging markets of Asia Pacific and Latin America owing to increasing diabetes patient pool.
- Development of affordable biosimilar insulin drugs provide new opportunities.
Threats:
- Intense competition from alternative diabetes management drugs and therapies such as GLP-1 analogues.
- Potential side effects and risks associated with long term insulin therapy restrict the market growth.
Key Takeaways
The global Human Insulin Drug Market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of diabetes globally.
Regional analysis:
North America is expected to dominate the global human insulin drug market over the forecast period. This is attributed to rising diabetic population, strong reimbursement structure, and availability of advanced treatment options in the region. Asia Pacific region is anticipated to exhibit fastest growth rate owing to growing cases of diabetes, rising healthcare spending, and increasing focus of major players.
Key players analysis:
Key players operating in the human insulin drug market include Novo Nordisk AS, Eli Lilly, Sanofi Aventis, and Wockhardt. Novo Nordisk AS holds the leading market share owing to its strong product portfolio and global sales network. Eli Lilly is another major player focusing on development of affordable biosimilar insulin drugs to strengthen its position in emerging markets.
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