by The human recombinant insulin market involves the production of insulin through recombinant DNA technology, wherein genes that code for human insulin are inserted into and expressed by various living organisms like yeast, bacteria or plant cells. Insulin is vital for the treatment of diabetes patients by enabling cells to absorb glucose and use it for energy. Recombinant insulin offers advantages like consistent purity and potency over animal-derived insulin and reduces the risk of allergic reactions. With the rising prevalence of diabetes worldwide fuelled by lifestyle changes and obesity, the need for affordable and effective treatment options like recombinant insulin has increased significantly.
The Global human recombinant insulin market is estimated to be valued at US$ 47926.32 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the human recombinant insulin market are Au Optronics Corp., Blue Spark Technologies, Cymbet Corporation, E Ink Holdings Inc., Enfucell Softbattery, Imprint Energy Inc., LG Electronics, and Palo Alto Research Center Incorporated.
The key opportunities in the market include focus on development of fast-acting and long-lasting insulin analogs, concentrate on emerging economies with large diabetes population and scope for partnerships between insulin producers and digital health companies for smart insulin delivery devices.
Advancements like development of automated insulin delivery systems through continuous glucose monitoring and artificial pancreas technologies are also fueling the growth of recombinant human insulin market.
Market drivers
The major market driver is the growing prevalence of diabetes worldwide. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 which is expected to rise to 643 million by 2030. Increasing obesity rates and physical inactivity have contributed highly to this growth. Other key drivers include rising healthcare expenditure in low and middle-income countries, advancement in recombinant DNA technology increasing production efficiency of human insulin and greater focus on patient-centered care.
Current challenges in the Human Recombinant Insulin Market
The Global Recombinant Insulin Market faces several challenges currently. The affordability of treatment is one of the major issues, especially for the underdeveloped and developing regions. With the rising prevalence of diabetes, the costs of treatment have increased significantly imposing a financial burden. Moreover, inadequate accessibility to advanced healthcare facilities and awareness regarding insulin therapies present barriers. Adherence and compliance to treatment plans also remain low affecting the overall management of diabetes.
SWOT Analysis
Strength: High demand for human recombinant insulin owing to its effectiveness compared to animal-derived insulin. Recombinant technology helps mass-produce insulin in a more refined manner.
Weakness: Production process is complex and requires specialized infrastructure driving up costs. Storage and transportation need to maintain a cold chainincreasing logistical challenges.
Opportunity: Expanding patient pool due to the growing diabetic population worldwide provides scope. Emerging economies represent untapped markets. Partnerships with local players can help widen accessibility.
Threats: Intense competition from alternative therapies and biosimilars challenge pricing and market share. Stringent regulatory norms and approval timelines hinder new product introductions.
In terms of value, North America accounts for the largest share in the global human recombinant insulin market currently. This is attributed to the early availability of recombinant technology, high healthcare spending capacity, and sizeable diabetic population in the US and Canada. Europe is another major lucrative region with high diagnosis and treatment rates for diabetes.
The Asia Pacific region is projected to witness the fastest growth during the forecast period in the human recombinant insulin market. Factors such as rising incidence of diabetes, improving access to care, growing healthcare investments, and increasing disposable incomes will drive the uptake. China and India especially represent a massive patient pool requiring insulin treatment.
