Human Insulin Market – Highlights
Market Research Future (MRFR) expects the Human Insulin Market Size was valued at USD 1.93 billion in 2022 and is projected to grow from USD 1.98 Billion in 2023 to USD 2.79 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.7% during the forecast period (2023 - 2032).
The rise in the global geriatric population who are at more risk of suffering from diabetes coupled with raising awareness of diabetes boosts the growth of the global human insulin market. Growing emphasis on diabetes management and technological advancement of insulin delivery devices such as the introduction of insulin pens have added fuel to ten growths of the market. The rise in several clinical trials for the development of novel therapies and treatment for diabetes purveyed by investment from pharmaceuticals companies has been a plus for the market growth.
However, the soaring price of human insulin, manufacturing complexities and complicated regulatory process for the approval of new drugs impede the growth of the market. Additionally, loss of patent acts as a major deterrent to the market growth. Development of biosimilars is a significant trend which is expected to increase the competition in the market and in turn, boost the market growth.
Competitive Landscape
The notable players operating in the global human insulin market include Biocon Ltd, ADOCIA, Julphar, Bristol-Myers Squibb Company, Oramed Pharmaceuticals, Inc, Sanofi, Tonghua Dongbao Pharmaceuticals Co., Ltd., Merck & Co, Pfizer, Inc, GlaxoSmithKline, and Novo Nordisk A/S.
Regional Analysis
The global human insulin market spans across the regions of the Americas, Europe, Asia Pacific, and the Middle East & Africa. North America accounts for the largest human insulin market share owing to high health care spending, the presence of major players in the region who invest more money in R&D activities and inclination towards quality healthcare. The US is the largest market in the region followed by Canada while South America is expected to be the fastest growing region. The Europe market for human insulin is strong and is driven by the presence of a large pool of patients and the availability of funds for research and development in countries such as Germany. Asia Pacific market growth is supported by the presence of a vast patient base and rising prevalence of diabetes in the region. Improvement in healthcare infrastructure in countries such as China, India, and Japan are key to the growth of the market. Moreover, Asia Pacific hosts a huge geriatric population who are at more risk of acquiring diabetes. The Middle East & Africa market is expected to exhibit steady growth over the forecast period. Countries such as United Arab Emirates (U.A.E.), Saudi Arabia, and Oman have a robust healthcare infrastructure which drives the market in the Middle East while in Africa, weak economic conditions and under-developed healthcare sector deters the growth of the market.
Segmentation
The global human insulin market research report has been segmented based on type, methods, indication, and end users.
By type, the market has been segmented into accessories and devices.
By methods, the market has been segmented into traditional human insulin and modern human insulin.
By indication, the market has been segmented into type 1 diabetes and type 2 diabetes. By end users, the market has been segmented into hospitals, forensic laboratories, research centres, and others.
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