Propelled By Growth In Diabetes Population The Global Human Insulin Drug Market Is Estimated To Show Significant Growth
Human insulin drugs are medications used to treat diabetes by replacing or supplementing insulin that is insufficiently produced by the body. They are manufactured synthetically to be nearly identical to the endogenous insulin produced in humans. With the continuously rising prevalence of diabetes globally, the demand for effective management of the disease through human insulin drugs has increased substantially.
The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the human insulin drug market is majorly driven by the increasing population suffering from diabetes. According to the International Diabetes Federation, around 537 million adults aged between 20-79 years were living with diabetes in 2021 globally and the number is expected to rise to 643 million by 2030 and 783 million by 2045. This is attributed to the rising risk factors of diabetes such as obesity, sedentary lifestyle and unhealthy diet. The increasing incidences of diabetes has fueled the need for effective management of the disease through insulin treatment, propelling the demand for human insulin drugs over the forecast period.
SWOT Analysis
Strength: Human insulin drugs have been in use for long time and are well established. They offer targeted treatment with minimal side effects for controlling blood glucose levels.
Weakness: High costs associated with human insulin drugs limit their access and affordability. Frequent insulin injections can cause patient non-compliance.
Opportunity: Rising incidence of diabetes globally presents major market potential. Increasing healthcare expenditures in emerging nations boost adoption.
Threats: Entry and availability of cheaper biosimilar insulins threaten market share of established players. Stringent regulations delay new product approvals.
Key Takeaways
The Global Human Insulin Drug Market Size is expected to witness high growth. The market size is projected to reach US$ 49411.32 Mn by 2023 from US$ 36763.01 Mn in 2018, expanding at a CAGR of 8.1% during the forecast period. North America currently dominates the market owing to high prevalence of diabetes and presence of major players. However, Asia Pacific is poised to emerge as the fastest growing regional market led by rising healthcare spending and large diabetic patient pool in China and India.
Key players operating in the human insulin drug market are Wockhardt, SEDICO, Exir, Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Eli Lilly and Novo Nordisk are the market leaders with wide portfolio of human insulin drugs. Manufacturers are engaged in new product launches and partnerships to strengthen market position. For instance, Biocon launched Insugen in 2017, a human insulin to expand product offerings.
Regional analysis comprises North America dominates with the largest market share currently. In the U.S, over 30 million people suffer from diabetes creating high demand for insulin therapies. However, Asia Pacific poised to witness fastest growth during forecast period led by China and India. Rapid economic development and improving access to healthcare driving insulin usage. China has over 100 million diabetic patients presenting massive opportunities in the region.
Key players operating in the human insulin drug market are focusing on expansion in high growth Asian countries. Regulatory approvals and strategic collaborations with regional partners help accelerate market penetration. Biosimilar insulin also threaten market share of leading innovators. Price controls and patent expiries lead to cheaper alternatives availability intensifying competition. However, rising global disease burden ensures persistent demand over long-term.
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