by Human insulin, also called recombinant insulin, is a form of injected insulin medication prescribed to patients suffering from diabetes. It is produced through biotechnology methods involving recombinant DNA technology which involves insertion of human insulin gene into organisms like yeast and bacteria allowing them to produce human insulin identical to the one produced by the human pancreas. This form of insulin works more closely with how the human body naturally produces and uses insulin. With the rising prevalence of diabetes worldwide, the demand for effective treatment options like human insulin drugs has increased significantly.
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 Dynamics:
According to the International Diabetes Federation report, approximately 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030. To manage blood glucose levels and prevent diabetes related complications, many patients rely on human insulin drugs. In addition, the availability of improved and more effective insulin drug formulations in the market coupled with government initiatives and policies supporting diabetes treatment is expected to boost market growth over the forecast period.
SWOT Analysis
Strength: Human insulin drug has shown promising results in treating diabetes. It efficiently regulates blood glucose levels and prevents hyperglycemia. With increasing prevalence of diabetes, demand for insulin drugs is rising. Availability of biosimilar insulin at lower costs improves patient access and adherence to treatment.
Weakness: Patient compliance is low due to stringent self-administration requirements. Frequency of injections causes inconvenience. Development of resistant strains of diabetes poses risks. Variations in efficacy across patients remain a challenge.
Opportunity: Rising diabetes burden worldwide presents scope for growth. Geographic and income expansion into emerging regions offer untapped potential. New advanced insulin delivery devices help improve convenience and marketability. Development of novel insulin analogs enhances efficacy and safety profiles.
Threats: Stiff competition from alternative drug classes impacts growth prospects. Stringent regulatory norms for changing formulations delay product launches. Supply chain disruptions and trade barriers affect supply security. Rising obesity and sedentary lifestyles fuel diabetes incidence posing sustainability threats.
Key Takeaways
The Global Human Insulin Drug Market Size is expected to witness high growth. Rapid urbanization, aging population, unhealthy diets are driving up diabetes prevalence globally. Asia Pacific region dominates the market owing to largest diabetic patient pool and rising healthcare expenditures. China, India and Japan are major markets in the region while higher living standards fuel growth.
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. They focus on R&D of advanced delivery solutions to enhance accessibility, efficacy and adherence. Companies have strengthened regional presence through new facilities and partnerships with local players. Aggressive promotion and marketing aid market share gains.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
