Human Insulin Market is poised to grow at a CAGR of 8.17%, Emerging Trends, Growth Drivers, and Forecast for 2024-2031 - IMIR Market Research

Region: Global | Format: Word, PPT, Excel | Report Status: Published

IMIR Market Research a leading global market research firm, is pleased to announce its new report on Human Insulin Market, forecast for 2024-2031, covering all aspects of the market and providing up-to-date data on current trends.

• PUBLISHED ON : March,?24
• BASE YEAR : 2022
• STUDY PERIOD : 2020-2032
• COMPANIES COVERED : 20
• COUNTRIES COVERED : 25
• NO OF PAGES : 200

?Market Overview:

The market for Human Insulin was estimated at over USD 47.12 Billion in 2023. Over the course of the forecast period (2024–2031), it is expected to increase at a compound annual growth rate (CAGR) of 8.17%, reaching a value of USD 90.51 Billion by 2031.

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The increasing incidence of diabetes is the main factor contributing to the rise of the global market for human insulin. The number of diabetic patients worldwide is rising due to a multitude of variables, including changing lifestyles, an increase in the number of obese and elderly people, and a lack of access to quality healthcare. The development of this business has also been aided by advantageous government regulations and technical developments like the invention of insulin pens. The global market for human insulin could, however, be hampered by issues such as production costs, manufacturing challenges, and stringent regulatory criteria for the approval of products developed from biotechnology. The manufacturers of human insulin worldwide have promising opportunities in pipeline insulin products and unexplored new economies.

Furthermore, advancements in the formulation are a noteworthy factor impacting the growth of space. For example, Fiasp (Novo Nordisk) is an insulin-aspart formulation enhanced with vitamin B3 (niacinamide), which may improve the medication's early absorption. Afrezza (Mannkind) is the only inhaled drug available that doesn't require syringes or needles. Additionally, Oramed Pharmaceuticals is carrying out Phase 3 clinical trials for the oral insulin capsule. The company plans to submit the BLA by the fourth quarter of 2023. With the product's successful launch, patients might have more options.

Market Dynamics:

Market Drivers:

Increasing Diabetes Prevalence

• The increasing incidence of diabetes worldwide. Diabetes is a long-term metabolic disease marked by high blood sugar levels brought on by either insufficient or inefficient insulin utilisation by the body.?A number of variables, such as sedentary lifestyles, poor eating habits, changing lifestyles, and rising obesity rates, are contributing to the global increase in the prevalence of diabetes. The World Health Organization (WHO) believes that the number of people with diabetes has been steadily increasing, and projections for the future indicate that this trend will continue.?A key drug in the treatment of diabetes, human insulin helps control blood sugar levels & stave off complications from the condition. The need for human insulin products, such as injectable insulin formulations including rapid-acting, short-acting, intermediate-acting, & long-acting insulin, is increasing in tandem with the growing number of people with diabetes. Diabetes is becoming more and more common, which increases the demand for human insulin goods on the market and encourages innovation, R&D, and development in the human insulin market to fulfill the expanding therapeutic demands of diabetic patients.

Technological Developments in Diabetes Management

• The developments in diabetes treatment modalities and management technology.?Technological developments in diabetes care have produced significant improvements in patient outcomes and quality of life, such as the development of state-of-the-art glucose monitors, novel insulin delivery methods, and digital health solutions.?Patients with diabetes now have more options, convenience, and accuracy when it comes to insulin administration because to innovations like insulin pens, insulin pumps, continuous glucose meters (CGMs), & closed-loop insulin delivery devices. Better glycemic control, a lower risk of hypo- and hyperglycemia, and improved overall diabetes care are all made possible by this cutting-edge technology. Personalized as well as proactive diabetes care is also made possible by the integration of electronic medical platforms, mobile applications, and data analytics tools, which enable patients and healthcare professionals to track insulin dosages, monitor blood sugar levels, and modify treatment plans in real-time. Producing new human insulin formulations and delivery methods tailored to the evolving demands of diabetic individuals is now feasible because to advancements in diabetes treatment technologies. In the market for human insulin, this results in greater market expansion and competition.

Market Trends:

Shift to Biosimilar Insulin Chemicals

• The growing usage of insulin medications that are biosimilar. Insulin reference goods that have already received regulatory authority are substantially comparable to biological products known as biosimilars. Patients with diabetes now have a more cost-effective treatment option with these biosimilar insulins, which have identical safety, efficacy, & immunogenicity characteristics to their reference products and are usually available at a lower cost. Pharmaceutical companies are making investments in the research and marketing of biosimilar insulin compositions in response to market demand and to improve accessibility to insulin therapy, as some branded insulin medicines have their patents expire. The growing acceptance of biosimilar insulins by consumers, insurers, and healthcare providers is driving the growth and intensifying competition in the human insulin market. This is promoting creativity and lowering the price of diabetes care.

Extension of Technologies for Insulin Delivery

• The advancement of insulin methods of administration to enhance compliance, treatment outcomes, and convenience for patients. Syringes and bottles are instances of traditional insulin administration techniques that have drawbacks with regard to patient acceptance, dose precision, and ease of use. In order to improve insulin administration, minimize injection discomfort, and maximize insulin absorption, manufacturers of medications and medical equipment are creating novel insulin delivery systems and instruments.?These developments include wearable insulin delivery systems with capabilities like dose memorization, dose titration, & Bluetooth connectivity for tracking data and remote monitoring, as well as insulin pens, pumps for insulin, and patch pumps. Moreover, the integration of smartphones, artificial intelligence (AI), and other connected medical devices enables real-time monitoring of glucose comments, personalized insulin dosing suggestions, and insulin dose modification algorithms. People with diabetes can better manage their condition with the help of these resources. Insulin delivery systems were directly inspired by ongoing attempts to enhance patient satisfaction, treatment compliance, and clinical outcomes in the human insulin market.? In the diabetes care sector, this trend is driving innovation and market expansion.

Market Restraining Factors:

High Prices of Insulin Products

Prescription insulin costs have generated debate and anxiety, especially in places where patients bear the primary financial burden of their medical expenses. Diabetes can save a person's life, but many diabetics are finding it pricey due to the disease's rapidly escalating costs, particularly those who lack access to adequate insurance or subsidized healthcare.?Elevated insulin costs have the potential to compromise diabetes management by causing medication non-adherence, drug rationing, & financial hardship for patients and their families.?Furthermore, they can increase the risk for issues related to diabetes. Reducing the cost and improving patient access to essential diabetic treatment require concerted measures to support openness in pricing, encourage producer rivalry, and increase availability of accessible insulin formulas.

Key Industry Developments:

• In September 2023, Tonghua Dongbao Pharmaceutical, a Chinese company, has granted Meitheal Pharmaceuticals the exclusive licensing rights to commercialize three insulin biosimilars in the United States. These biosimilars include the long-acting insulin glargine together with two rapid-acting insulins, insulin lispro and insulin aspart. These rights have been purchased by Nanjing King-Friend Biochemical Pharmaceutical, Meitheal's parent business.
• In March 2023, Liraglutide Injection (Liluping) from Hangzhou Zhongmei Huadong Pharma was approved for the treatment of obesity around three months after it was first approved for the treatment of diabetes.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Human Insulin?Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Study Period - 2024-31

Base Year - 2023

Estimated Forecast Year - 2024-31

Growth Rate - CAGR of 8.17% from 2024 to 2031

Unit - USD Billion

Segmentation - By Type, By Diabetes Type, By Distribution Channel, By Region

By Type

• Analogue insulin
• Traditional human insulin

By Diabetes Type

• Diabetes Type 1
• Diabetes Type 2

By Distribution Channel

• Retail Pharmacies
• Hospital Pharmacies
• Online Pharmacies
• Others

By Region

• North America?(U.S., Canada, Mexico)
• Europe?(Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia-Pacific?(China, India, Japan, ASEAN, Rest of Asia-Pacific)
• LAMEA?(Latin America, Middle East, Africa)

Human Insulin Market Players Analysis:

• Adocia
• Merck
• Julphar
• Pfizer Inc.
• Bristol-Myers Squibb Company
• GlaxoSmithKline Plc
• Sanofi
• Oramed
• Novo Nordisk India Pvt. Ltd.
• Eli Lilly and Company
• Biocon
• Tonghua Dongbao Pharmaceutical Co., Ltd.
• Gan & Lee

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Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North American human insulin market is expected to grow at a significant annual rate of growth during the duration of the study. The primary factors driving the insulin medicine market in North America are the large presence of the major insulin makers, fierce competition between businesses, and the rising prevalence of type 1 diabetes. To steal a significant chunk of the global market from the American market, the American Diabetes Association (ADA) forecasts that 187,000 children and teenagers and 1.6 million adults in the United States have type 1 diabetes.

The Asia-Pacific Human Insulin Market is expected to grow at the fastest compound annual growth rate (CAGR) between 2022 and 2030. This can be attributed to a number of factors, including an increase in target and geriatric populations, the number of collaborations for the creation of biosimilars, the geographical expansion of important companies, and the active participation of governmental and nonprofit organizations in the market. Furthermore, China held the largest market share for human insulin, with India having the fastest-growing market in the Asia-Pacific region.

1.?North America (US, Canada, Mexico)

2.?Europe (UK, France, Germany, Spain, Italy, Sweden, Belgium, Turkey, Netherland, Switzerland, Rest of Europe)

3.?Asia Pacific (India, China, Japan, South Korea, Singapore, Philippines, Thailand, Indonesia, ASEAN, AUS, Rest of AP)

4.?Latin America (Mexico, Argentina, Peru, Colombia, Brazil, Rest of South America, Rest of LA)

5.?Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Human Insulin Market valued?
• Which region has the largest share in 2024 for the global Human Insulin Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Human Insulin Market:

• Historic year: 2018- 2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

Human Insulin Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:

Continued@.......https://www.intellectualmarketinsights.com/report/human-insulin-market-research-report-and-current-trends/imi-006099

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