- The human insulin market is predicted to garner a CAGR of 12.1% during the forecast period (2017-2023),
- Rising prices, the complex regulatory process for approval of new drugs, and manufacturing complications are likely to restrict market growth across the globe.
- South America is anticipated to be the fastest expanding region.
The global human insulin market is predicted to garner a CAGR of 12.1% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in the latest report. Human insulin can be defined as a synthetic, which is largely manufactured in laboratories by developing insulin protein with E. coli bacteria.
The Human Insulin Market is expected to experience sturdy growth in the foreseeable future, mainly due to the surging prevalence and occurrence of Diabetes Mellitus. A soaring prevalence of obesity and changing lifestyle are the root causes of widespread diabetes, which induces demand from the human insulin market.
The geriatric population being more prone to diabetes, contributes to the overall growth of the market. An increasing focus on diabetes management, coupled with advancing technology of insulin delivery devices, like the advent of insulin pens, have further promoted the growth of the market in the past few years.
The increasing number of clinical trials for developing novel therapies and treatment for diabetes, purveyed by investments from the pharmaceutical companies have encouraged market growth across the globe. Development of biosimilars is considered a significant trend anticipated to propel competition in the market, thereby boosting market growth.
On the the other hand, the rising prices of human insulin, the complex regulatory process for approval of new drugs, and manufacturing complications are some of the concerns likely to restrict market growth across the globe.
Key players are Tonghua Dongbao Pharmaceuticals Co, Biocon Ltd, Merck & Co, ADOCIA, Pfizer, Julphar, GlaxoSmithKline, Bristol-Myers Squibb Company, Novo Nordisk A/S, Oramed Pharmaceuticals, and Sanofi.
The human insulin market is segmented on the basis of indication, type, and end-users.
By type, the human insulin market is segmented into traditional human insulin and modern human insulin. Of these, modern human insulin offers effective results compared to traditional human insulin. Duration and dosages of modern human insulin vary from one person to another, as insulin requirement differs.
By indication, the human insulin market is segmented into type 1 diabetes and type 2 diabetes.
By end user, the market comprises hospitals & clinics and research institutes.
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Geographically, the human insulin market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America will lead the global market for human insulin. The growth is mainly driven by the surging healthcare spending, inclination towards quality healthcare, and existence of leading players in the market. South America is anticipated to be the fastest expanding region due to soaring funding for R&D activities by some of the major players in the region.
The human insulin market in Europe is largely driven by research funding in diabetes diagnosis, and its treatment as a major part of the population suffers from diabetes. The market in Germany is driven by the surging support by the government for R&D activities, along with a huge demand for human insulin in the region. Moreover, the rising incidences of unhealthy lifestyle and obesity among the people are increasing the risk of diabetes among the population.
Asia Pacific region will witness significant growth in the coming years, mainly due to the increasing awareness regarding human insulin and the presence of a huge population base. In this region, India, China, and Japan are considered the major contributors owing to the improvement in disease diagnosis and treatment services. The presence of huge geriatric population who are diagnosed with diabetes also contributes to the growth of the regional market. India, on the other hand, is considered the hub of diabetes and experiences the fastest growth, with the majority of people facing the problem of obesity and its associated diseases.
July 2019: Led by Prof. Norman Metanis, a team of researchers from the Institute of Chemistry at Hebrew University has developed an entirely new process which allows chemical production with human insulin. This propels the stability and effect on the hormonal balance in the body of a human.