Human Insulin Market to Rise in spite of COVID-19 Pandemic
The Human Insulin Market Size was evaluated at USD 1.93 billion in 2022 and is expected to expand from USD 1.98 billion in 2023 to USD 2.81 billion by 2032, with a compound annual growth rate (CAGR) of 4.9% over the forecast period (2023-2032). The research report profiles the global human insulin market in great detail and provides readers with a comprehensive overview of the market. The market’s historical growth trajectory, present conditions, and future growth prospects are studied in the report. The report provides a comprehensive overview of the market’s historical growth trajectory by detailing the historical stats regarding the market.
Future projections are based on the detailed historical stats offered in the report. Based on this platform, future projections for the human insulin market’s growth trajectory over the forecast period are provided in the report. The report also profiles the leading players in the global human insulin market and gives readers a comprehensive analysis of the leading players in the global human insulin market. The report also profiles the major drivers and restraints affecting the global human insulin market. The factors making the market tick and those holding the market back are studied in detail in the report. The impact of the COVID-19 pandemic on the human insulin market is also assessed in the report.
Human insulin is synthetic insulin manufactured through the use of E. coli bacteria. The growing prevalence of diabetes has been the major driver for the global human insulin market. Diabetes is a chronic and noncommunicable disease that causes several complications in the circulatory and cardiac systems. It is a major causative agent for cardiac, pulmonary, and circulatory disorders. It can also complications that cause kidney failure, known as diabetic nephropathy. The severe consequences of diabetes have led to a growing awareness about the disease in recent years. This has led to a growing demand for human insulin. Growing prevalence of diabetes is likely to remain the major driver for the global human insulin market over the forecast period.
Research and development in the field of human insulin development is also likely to be a major driver for the global human insulin market over the forecast period. Many companies in the human insulin market have invested significantly in research and development in recent years in the hope of developing cheaper, more efficient ways of developing human insulin.
Competitive Leaderboard:
Leading players in the global human insulin market include Tonghua Dongbao Pharmaceutical Co. Ltd., Biocon, Eli Lilly and Company, Novo Nordisk India Pvt. Ltd., Oramed, Sanofi, GlaxoSmithKline plc, Bristol-Myers Squibb Company, Pfizer Inc., Julphar, Merck Co. Inc., and Adocia.
In May 2019, Eli Lilly and Company brought out a cheaper alternative to its rapid-acting insulin product. The new product is called the insulin Lispro injection and is 50% cheaper than the identical medicine, Humalog U-100.
In August 2018, Novo Nordisk acquired all the shares of Ziylo. Through this acquisition, Novo Nordisk gained full rights to Ziylo's glucose binding molecule platform to develop glucose responsive insulins (GRIs). This is a critical strategic area for Novo Nordisk in its effort to develop this next generation of insulin, which would lead to safer and more effective insulin therapy.
Segmentation:
The global human insulin market is segmented based on type, brand, and region.
By type, the global human insulin market is segmented into traditional and modern human insulin. The traditional human insulin segment is further sub-segmented into premixed traditional, intermediate acting, and short-acting, whereas the modern human insulin segment is further sub-segmented into premixed modern, long-acting, and rapid-acting.
By brand, the global human insulin market is segmented into Lantus, Novorapid, Humalog, Novomix, Levemir, Apidar, Humulin, and Insurance.
Regional Analysis:
The Americas dominate the global human insulin market research, followed by Europe. The growing geriatric population in these two regions is likely to remain a major driver for the human insulin market. Asia Pacific is expected to exhibit the highest CAGR over the forecast period.
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