by The global Human Insulin Drug Market is estimated to be valued at Us$ 49411.32 Mn in 2023 and is expected to exhibit a CAGR Of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Human insulin drugs are used for the treatment of diabetes. These are synthetic analogues of human insulin that are produced through recombinant DNA technology. There are various types of human insulin drugs such as rapid-acting, short-acting, intermediate-acting, long-acting, and premixed. These drugs help in maintaining normal blood glucose levels and reducing the risk of diabetes-related complications such as cardiovascular diseases, nerve damage, kidney damage, eye damage etc. The growing prevalence of diabetes globally, increasing healthcare expenditure and technological advancements in insulin delivery devices are driving the growth of the human insulin drug market.
Market Key Trends
One of the key trends in the human insulin drug market is the growing adoption of pre-mixed insulin analogues. Pre-mixed insulin analogues contain a fixed dosage of a rapid-acting and an intermediate-acting insulin in one formulation. They are convenient to use as they reduce the number of injections required per day. Moreover, they provide consistent and flexible insulin coverage throughout the day. This has increased their demand, especially among elderly diabetic patients. Their rising uptake is expected to propel the growth of the human insulin drug market during the forecast period.
Porter’s Analysis
Threat of new entrants: The human insulin drug market has moderate threat of new entrants due to the presence of stringent regulations for new players. However, new entrants offering innovative products can pose threat to existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many suppliers. However, differentiated products offered by suppliers increase switching costs for buyers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many players. However, development of innovative products increases bargaining power of few suppliers.
Threat of new substitutes: Threat of substitution is moderate as buyers have alternatives like insulin analogs and biosimilars. However, human insulin is preferred for its low-cost.
Competitive rivalry: The market is highly competitive due to presence of many global and local players offering low-cost generics. Players differentiate based on product offerings, quality, and regional presence.
Key Takeaways
The Global Human Insulin Drug Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of diabetes. The market size for 2023 is estimated to be US$ 49411.32 Mn.
North America dominates the global market owing to increasing prevalence of diabetes and obesity. Asia Pacific is expected to exhibit fastest growth rate during the forecast period due to rising healthcare expenditure, large diabetic population, and increasing awareness about treatment.
Key players operating in the human insulin drug market are Wockhardt, SEDICO, Exir, Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Players differentiate through product offerings like premixed insulin analogs, long-acting insulin analogs, and rapid-acting insulin analogs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
