Market Research Future recently presented Global Human Insulin Market study with detailed review, portraying about the Product/Industry Scope and expounds market outlook and status to 2023.
Human Insulin Market Synopsis
Market Research Future (MRFR) postulates that the global human insulin market is slated to register 12.5% CAGR during the forecast period (2017-2023). The augmenting prevalence of diabetes mellitus is highly favoring the market at a global level. Human insulin is referred to as synthetic insulin which is generally manufactured in the laboratories by developing insulin protein with E. coli bacteria. Insulin helps to regulate carbohydrate and fat metabolism in the body. The products available in the human insulin market are delivery devices and HI drugs.
Human Insulin Market Potential and Pitfalls
The discovery of human insulin is assumed to be one of the most important events in the history of diabetes treatment. Human insulin has undergone several developments, one of them being the synthesis of a human insulin analog with the help of recombinant technology. Human insulin delivery systems available comprises insulin pumps, insulin syringes, pens, and jet injections. Major market players are highly focused on developing recombinant human insulin in place of animal-based insulin due to the rising demand for human insulin. Human recombinant insulin offers lower immunogenicity and faster action than beef or pork insulin. With the development of biosimilar analog of human insulin, human recombinant insulin is propelling across the globe.
The market’s course is chiefly driven by the rising incidences of diabetes mellitus coupled with the augmenting demand for human insulin. The rising emphasis on diabetes management including accelerating geriatric population and new treatment options are fueling the market growth throughout the appraisal period. Moreover, with the growing number of clinical trials for the treatment of diabetes and the development of novel therapies coupled with the investments from the pharmaceutical companies, the global human insulin market is estimated to foster. The emergence of safety pen needles and pen devices for effective delivery of insulin are some of the other factors driving the market’s course.
On the contrary, the complicated regulatory process for approving new drugs, the rising price of human insulin, and manufacturing complexities are some of the major concerns likely to deter the market growth during the appraisal period. Despite such hiccups, technical advancements are estimated to drive the market growth. For instance, Eli Lilly and Company’s Humulin R U-500, in June 2018, showcased greater A1C lowering in adults who have type 2 diabetes. In comparison to MDI, this was compared extraordinary.
Human Insulin Market: Segmental Analysis
The human insulin market has been segmented on the basis of indication, type, application, and end-users.
By mode of type, the human insulin market has been segmented into devices and accessories.
By mode of methods, the global human insulin market has been segmented into modern human insulin and traditional human insulin.
By mode of application, the global human insulin market has been segmented into type 1 diabetes and type 2 diabetes. Among these, type 2 diabetes is predicted to occupy the largest market share owing to its increasing prevalence across the globe.
By mode of end-users, the global human insulin market has been segmented into forensic laboratories, hospitals, research centers, and others.
Human Insulin Market Regional Insights
Considering the global scenario, the American region is considered to occupy the largest market share. The growth is mainly due to the presence of prominent market players coupled with the inclination towards quality healthcare. In this region, the U.S. is estimated to be the largest market closely followed by Canada. With the rising funding for R&D activities by the major players, the market is predicted to flourish in this region.
Europe is predicted to hold a significant share in the human insulin market due to the high research funding in the diagnosis and treatment of diabetes coupled with the presence of a large patient pool suffering from diabetes. Human insulin market in Germany is driven by the rising support from the government for R&D activities along with a high demand for human insulin. Moreover, unhealthy lifestyle and the high prevalence of obesity increases the risk of diabetes among the population of this region.
The Asia Pacific region is fueled by the presence of a huge population base suffering from diabetes and increasing awareness regarding diabetes among the people. India, China, and Japan are considered the major contributors to the growth of the market in this region owing to the improvement in treatment services and disease diagnosis coupled with the development of the healthcare sector. As per WHO, in 2010, 10% of the adults in China were diagnosed with type 2 diabetes. The lack of physical activities and unhealthy lifestyle further triggers the marker growth in this region.
Human Insulin Industry Updates
On February 12, 2019, a team of researchers at the Utah Health University has offered a detailed function of the cone snail insulins which has brought them a step closer to develop faster-acting insulin in order to treat diabetes.
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Human Insulin Market Competitive Dashboard
The prominent players operating in the human insulin market are ADOCIA, Novo Nordisk A/S, Merck & Co, Sanofi, Bristol-Myers Squibb Company, GlaxoSmithKline, Biocon Ltd, Pfizer Inc, Oramed Pharmaceuticals Inc, Tonghua Dongbao Pharmaceuticals Co. Ltd., and Julphar.