by The 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 Overview:
Human insulin drugs are widely used for treating diabetes by reducing blood glucose levels. Insulin is a hormone that is naturally produced by pancreas and helps in transporting glucose from bloodstream to body cells where it is used for energy. Common human insulin drugs include rapid-acting insulin, short-acting insulin, intermediate-acting insulin, long-acting insulin and pre-mixed insulin. These insulins help control blood sugar levels in patients with type 1 diabetes and some cases of type 2 diabetes as well.
Market Dynamics:
The growing prevalence of diabetes across the globe is a key growth driver for the human insulin drug market. As per the International Diabetes Federation, currently over 537 million adults (20-79 years) are living with diabetes and by 2030, the global prevalence of diabetes among adults is projected to rise to 643 million. Rise in obesity and sedentary lifestyles are significant factors contributing to the increasing diabetes burden. Additionally, introduction of novel and superior efficacy insulin formulations such as fast-acting and long-acting insulins are expected to boost the market growth over the forecast period. For instance, insulin analogs such as insulin glargine provide peakless and stable insulin levels for over 24 hours, which has increased their demand over traditional human insulin drugs.
Segment Analysis
The human insulin drug market is segmented into rapid acting insulin, long acting insulin, and premixed insulin. Premixed insulin accounts for the largest segment, with a market share of over 33%. Premixed insulin contains both rapid- and long-acting insulin in fixed-dose combinations, which makes dosage and administration more convenient compared to separate types of insulin. This is the primary reason for premixed insulin dominating the overall human insulin drug market.
PEST Analysis
Political: Governments across various countries are supporting initiatives to increase access to affordable insulin drugs. For example, many countries have price caps on insulin drugs to make them more affordable.
Economic: Rising prevalence of diabetes and increasing healthcare expenditure are driving the overall demand. The economic growth in developing regions is also propelling the market growth.
Social: Growing health awareness and changing lifestyles have led to a rise in risk factors associated with diabetes. Social media influence has played a role in creating awareness among people about managing diabetes with insulin drugs.
Technological: Advancements in production technologies have improved the efficacy and safety of insulin drugs. New formulations such as ultra-rapid acting insulin deliver peak insulin action in as little as 15 minutes.
Key Takeaways
The Global Human Insulin Drug Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of diabetes worldwide. The market size for 2023 is estimated to be US$ 49411.32 Mn.
North America dominates the regional market, primarily due to advanced healthcare infrastructure and high healthcare spending. However, Asia Pacific is projected to be the fastest-growing market, driven by expanding patient pool, increasing investments by market players, and rising disposable income levels.
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. Major players are focused on developing improved insulin delivery devices and novel insulin formulations to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
