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Global Human Insulin Market Was Valued At US$ XX Bn In 2019 And It Is Expected To Reach More Than US$ 68.8 Bn By 2028, Likely To Grow With The CAGR Of 8.3% During The Forecast Period.
Insulin is a peptide hormone, which is secreted in the pancreas by beta cells of the islets of Langerhans and it helps to regulate glucose, fat and carbohydrate metabolism in the body.
The globally rising number of diabetic patients, growing geriatric population, technological advancements in insulin delivery devices, and increasing population exposure to risk factors leading to diabetes.
Rising Prevalence of Diabetes Is Anticipated To Drive the Demand For Human Insulin Market
Globally the demand for human insulin has grown majorly because of the increasing incidence of diabetes and obesity that are caused by changing lifestyles and overconsumption of sugar in different varieties of food and beverages. According to The International Diabetes Federation, 463 million adults between 20 to 79 years of age were living with diabetes while diabetes caused 4.2 million deaths globally. In addition, 374 million people are at increased risk of developing type 2 diabetes over the world. Whereas diabetes caused at least US$ 760 billion dollars in health expenditure in 2019 which is around 10% of total spending on adults. Moreover, growing awareness of diabetes has driven the demand in the human insulin market.
Increased R&D Investments And Development In Advanced Techniques In Medical Field Expected To Fuel The Market Growth
The growing investments in research and development activities by the various organizations that have eased out the way insulin is injected have also benefitted this market. Furthermore, Technological advancements in the field of human insulin delivery devices such as safety pen needles and pen devices and favorable medical reimbursements are driving the global human insulin market.
Additionally, Favorable government policies and technological advances such as innovation of insulin pens have also fueled the growth of this market. However, cost of production, manufacturing complexities and stringent regulatory requirements for product approval are restraining the growth of global human insulin market
The Delivery Device Segment Is Expected To Witness The Highest Growth In The Human Insulin Market Across The Globe
Delivery devices are expected to be the faster-growing category, globally, advancing at a CAGR of 11.1% during the forecast period. This is attributed to the growing focus of insulin pen manufacturers on countries with a large number of diabetic patients, such as China, Brazil, and India thus driving the global human insulin market growth. Additionally, significant medical reimbursements offered for human insulin pens across mature markets such as the U.S. & Europe and continuous development & product commercialization of innovative human insulin pens boost the market growth.
Insulin Analogs And Biosimilars Held A Significant Share In The Global Human Insulin Market In 2019
Insulin Analogs and Biosimilars drug segment, on the basis of product type, were anticipated to record for the significant market stake of the global human insulin market and are projected to remain the same in the coming period. The need for biosimilar drugs is robust in both developed and developing countries on account of its low-cost therapy. This is driven by the need for the finest valuable therapy that can mostly be costly. Biosimilar insulin drug may offer a less-costly preference to existing human insulin biologics, thereby propelling the global human insulin market.
The Asia-Pacific Market Is Projected Fastest Growth During The Forecast Period, Owing To Growing Diabetes Prevalence In APAC
APAC is expected to witness the fastest growth in the human insulin market, due to the rising prevalence of diabetes representing a regional prevalence of 8.8% according to IDF, unhealthy lifestyle choices due to rapid urbanization, and the growing aging population in countries like China and India. Additionally, global product manufacturers are investing in the untapped market of the region for strengthening distribution networks in the region.
Furthermore, the governments of the developing countries, such as China, and India, are preparing action plans in response to growing diabetes and lifestyle diseases in order to expand diabetes screening at the primary health-care level and take preventative measures. Thus, such initiatives plans are expected to support the growth of the human insulin market in APAC.
North America to Dominate The Human Insulin Market During The Forecast Period
North America dominates the global human insulin market. According to the International Diabetes Federation (IDF), an estimated 47.6 million adults suffered from diabetes and representing a regional prevalence of 13.3%. Over one-third, i.e. 37.8% of adults living with diabetes are undiagnosed because of a sedentary lifestyle and launch of new drugs in the region. The rising incidences of diabetes and the increasing geriatric population are the major factors driving this region. The United States accounts for the high prevalence of diabetes in the region. Almost 50% of the human insulin revenues for the manufacturers are from the country itself.
Novo Nordisk A/S has dominated the global human insulin market and it is estimated to retain its position during the forecast period. While In terms of revenue Novo Nordisk along with A/S the Sanofi and Eli Lilly and Company and accounts for more than half of the Human Insulin Market share.
Some of the key players in the global Human Insulin market are The other key players in this market include Eli Lilly and Company, Wockhardt Ltd., Biocon Ltd., Julphar, Ypsomed AG, Becton, Dickinson and Company, Sanofi, B. Braun Meselgen AG, and Biodel Inc.
Human Insulin Market Key segments:
Human Insulin Market, By Product
- Insulin Analogs and Biosimilars
- Human Insulin Biologics
- Drug Delivery Devices
- Pen Needles
Human Insulin Market, By Product Type
- Insulin Analogs and Biosimilars
- Human Insulin Biologics
Human Insulin Market, By Application
- Insulin dependent diabetes mellitus (Type 1)
- Non-Insulin dependent diabetes mellitus (Type 2)
Human Insulin Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America