According to a recent study report published by the Market Research Future, the global Human Insulin market is expected to reach up to $40 billion by the end of the forecasted period and is expected to grow at a CAGR of ~10-12% during the forecast period (2016-2021).
The major factors contributing to the Human Insulin market growth are increase in prevalence of diabetic population, rise in geriatric population, rising awareness of diabetes and rising prevalence of obesity.
Human insulin is also known as synthetic insulin which is prepared in laboratory and has same characteristics like natural insulin. Human insulin was developed through the 1960s and 1970s and approved for pharmaceutical use in 1982. Before the invention of human insulin animal insulin, usually a purified form of porcine was used.
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Today, approximately 100 million people around the world need insulin, including all people living with type 1 diabetes and between 10-25 percent of people with type 2 diabetes. Although insulin has been used in the treatment of diabetes for over 90 years, globally more than half of those who need insulin today still cannot afford it. Without insulin, people living with type 1 diabetes will die. Many more will suffer from diabetes-related complications, like blindness, amputation and kidney failure, and, ultimately, premature death. There are many complex issues that affect access to this life-saving medicine, creating inequity and inefficiency in the global insulin market. These issues include the global insulin market domination by three multinational manufacturers, import duties affecting the price insulin entering different countries, and mark-ups, taxes and other charges in the public and private sector supply chains that affect the final patient price.
However, strict regulatory requirements for approval of insulin and high cost of analog are inhibiting the growth of the global human insulin market. Along with that, delayed onset of action, and various side effects of human insulin are also limiting the growth of this market across the globe, states the MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 115 pages.
Human Insulin Global Market – Key Players The MRFR analysis comprises key players of the global insulin market such as insulin manufacturers as independent and licensed manufacturers, subsidiaries, and distributors of the global insulin market. To maintain their market positions and to develop their product portfolio the Players of the market invest heavily and build strategic plans such as expansions, collaborations, innovations and new product launches.
Identified and profiled in MRFR analysis; Some of the key players in this market are Biocon Ltd. (India), Tonghua Dongbao Pharmaceuticals Co., Ltd. (China), Adocia (France.), Merck Co. (U.S.), Julphar (UAE), Bristol-Myers Squibb Company (U.S.). Other prominent players operating in the global Human Insulin market include GlaxoSmithKline Plc (U.K.), Oramed Pharmaceuticals, Inc. (Israel), Novo Nordisk A/S (Denmark), and others.
Human Insulin Global Market – Segments
Global Human Insulin market has been segmented on the basis of types which majorly includes modern human insulin, and traditional human insulin. The modern human insulin is further divided into; long acting human insulin, rapid acting human insulin, and premixed human insulin. Whereas, the traditional human insulin is again categorized into; short acting human insulin, and intermediate acting human insulin.
Based on the type, modern human insulin has the largest market share in the human insulin market
Human Insulin Global Market – Synopsis
With the worldwide increasing prevalence of diabetes, the insulin market is growing as well widening. Additionally, rising prevalence of obesity, and rise in geriatric population are major factors driving the growth of the human insulin market. While, strict regulatory requirements for approval of insulin and high cost of insulin analog constrains the growth of the human insulin market
Although the prevalence of diabetes is increasing globally and access to insulin continues to be a problem, it does not appear currently that the problem is lack of global supply.
Human Insulin Market – Regional Analysis
Geographically, North America has the largest share in global human insulin market; large share of this market is attributed to the growing prevalence of diabetes and obesity. The North American market for human insulin is expected to grow at a significant rate of CAGR and is expected to reach at multimillions of USD by the end of the forecasted period. Europe is the second-largest market for human insulin, which is expected to grow at a Considerable rate of CAGR. Asia-Pacific has emerged as the fastest growing region.
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