Human Recombinant Insulin Will Witness Increased Demand
SWOT Analysis
Strengths:
- The human recombinant insulin market has a large patient pool suffering from diabetes worldwide. Over 463 million people are estimated to be living with diabetes according to the International Diabetes Foundation.
- Recombinant insulin shows better consistency in its action profile and helps manage blood glucose levels more efficiently than animal-derived insulin. This allows patients to adhere to treatment better.
- Manufacturers are focusing on the development of next-generation human recombinant insulin formulations like fast-acting and long-acting insulin analogs that provide better glycemic control to patients.
Weaknesses:
- The availability and cost of human recombinant insulin could be prohibitive for some patients in developing nations where the prevalence of diabetes is high.
- Complex manufacturing processes and strict quality standards increase the production costs of human recombinant insulin.
Opportunities:
- Expanding patient population due to lifestyle changes, obesity, and increasing geriatric population in regions like Asia Pacific and Latin America will drive the demand for human recombinant insulin.
- Development of combination insulin therapies to improve treatment outcomes for better glycemic control.
Threats:
- Increased preference for alternative treatment options like oral anti-diabetic drugs and stem cell therapy for diabetes treatment poses competition to human recombinant insulin.
- Stringent regulatory environment and lengthy approval process for new insulin formulations delays market entry.
Key Takeaways
The Global Human Recombinant Insulin Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global human recombinant insulin market is estimated to be valued at US$ 41,602.7 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to dominate the market and witness the fastest growth during the forecast period. Countries like China, India, Japan, and South Korea have a huge diabetic patient population and growing medical infrastructure which drives the demand for human recombinant insulin in the region.
Key players analysis: Key players operating in the human recombinant insulin market are Collins Aerospace, Thommen Aircraft Equipment, Mid-Continent Instruments & Avionics, Mikrotechna Praha, Barfield, AeroControlex, Falcon Gauge, UMA Instruments, Aircraft Spruce & Specialty Co., Kelly Manufacturing, Mitchell Aircraft Products, Ahlers Aerospace, Suzhou Changfeng Instruments, LX navigation, MAV Avionics, Suzhou Changfeng Instruments Co. Ltd., Mid-Continent Instrument Co. Inc., J.D.C. ELECTRONIC INDUSTRIES, Falcon Gauge, Sigma Tek, Inc.
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