Rising prevalence of diabetes to shoot up the growth of human insulin market

calendar_today 18 July, 2022 person_outline Growth Plus Reports

Human Insulin Market by Drugs (Biosimilars and Biologics), Distribution Channel (Retail Pharmacy, Hospital Pharmacy and Online Pharmacy ) Applications (Type I Diabetes and Type II Diabetes) – Global Outlook & Forecast 2022-2030.

According to the deep-dive market assessment study conducted by Growth + Reports, the global human insulin market was pegged at ~ US$ 42.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030.

The rising prevalence of diabetes is the primary driver of the human insulin market expansion. Because of changes in lifestyle and dietary habits, the percentage of the population suffering from obesity and diabetes has increased significantly. As a result, the demand for human insulin is increasing. For instance, according to the International Diabetic Federation (IDF), nearly 463 million adults aged 20 to 79 years were diagnosed with diabetes in 2019. Furthermore, the figure is expected to rise to around 700 million by 2045.

Insulin production technology has advanced significantly, which is increasing its adoption rate. To meet the enormous demand, newer technologies such as recombinant DNA technology have enabled the mass production of insulin. As a result, insulin is now more affordable and accessible to a larger population. The ongoing research activities are also expected to boost market value. For instance, in May 2021, The World Health Assembly adopted a resolution to improve diabetes prevention and control. It suggests actions such as increasing insulin access and promoting convergence and harmonization of regulatory requirements for insulin and other diabetes medicines and health products and evaluating the feasibility and potential value of developing a web-based tool for sharing information relevant to market transparency for diabetes medicines health products.

The rising prevalence of type I diabetes, particularly in North America and emerging Asia Pacific markets, is expected to be the primary market driver. Diabetes prevalence has increased due to an increase in sedentary lifestyles in the United States and some Asia Pacific countries. People's rising incomes are also a major contributor to the rising demand for insulin. Furthermore, rising disease awareness and acceptance are fueling the expansion of the human insulin market.

However, the high cost of insulin analogs is a major impediment to the growth of the human insulin market. Furthermore, diabetic patients must take insulin supplements on a regular basis for the rest of their lives, putting a financial strain on individuals. The requirement for highly skilled labor and sophisticated manufacturing infrastructure raises manufacturing costs. Additionally, factors such as production costs, manufacturing complexities, and critical regulatory requirements for biotechnology-derived product approval could hinder the global human insulin market's growth. Pipeline insulin products and untapped emerging economies are promising opportunities for global human insulin manufacturers.

North America leads the world in terms of market share due to rising awareness of the benefits of human insulin in diabetes treatment and the presence of major market players in the region. Many European countries, such as Germany, France, and Italy, are expected to contribute significantly to the growth of the human insulin industry over the forecast period in terms of revenue. Due to rising diabetes prevalence, the Asia-Pacific market is expected to grow the fastest during the forecast period, strengthening global product manufacturers' regional distribution networks, evolving regulatory framework for marketing approvals and medical reimbursements, continued expansion of advanced medical facilities in emerging countries (such as China and India), and rising public awareness about the benefits of human insulin in diabetes treatment. This region is also home to nearly 60% of the world's diabetic population. Furthermore, rising disposable income and improved healthcare infrastructure are driving the market growth. Furthermore, rapid modernization and lifestyle changes are raising the prevalence of diabetes in this region. The presence of pharmaceutical and insulin manufacturing companies will drive market growth in this region.

Some of the key players in the global human insulin market are Novo Nordisk A/S, Sanofi S.A, Eli Lilly and Company, Biocon Ltd, GlaxoSmithCline, Julphar, SemBioSys, Wockhardt Limited, Astra Zeneca PLC, Tonghua Dongbao Pharmaceutical, Pfizer Inc, Merck & Co. To maintain their market share and growth rate in the human insulin market, these companies are planning large investments and developing various strategies such as expansions, collaborations, innovations, and new product launches. To gain a competitive advantage, manufacturers are focusing on developing advanced insulin delivery techniques. For instance, in 2021, Novo Nordisk, the Danish pharmaceutical company with the largest market share in the Indian insulin market, is finalizing plans to launch two anti-diabetes medications from its global portfolio 2022.

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