Human Insulin Market Segmented By Traditional human insulin, Modern human insulin, Short acting human insulin, Intermediate acting human insulin, Premixed human insulin, Rapid-acting human insulin, Long-acting human insulin, Premixed human insulin
Industry: Healthcare
Published Date: May-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 141
Report ID: PMRREP3308
The global human insulin market is slated to reach US$ 44 Bn in the year 2022 and reach US$ 70.68 Bn at a CAGR of 8% between 2022 and 2028.
| Attribute | Key Insights |
|---|---|
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Human Insulin Market (2022) |
US$ 44.61 Bn |
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Projected Market Value (2028) |
US$ 70.67 Bn |
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Global Market Growth Rate (2022-2028) |
8% CAGR |
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Share in Biologic Therapeutic Drug Market |
14.7% |
The human insulin market witnessed a CAGR of 7.8% between 2014 and 2021 and is expected to witness 8% growth rate between 2022 and 2028.
An interesting fact to know over here is that the 3 players holding more than 90% of the market share are Eli Lily and Company, Novo Nordisk A/S/, and Sanofi. This could be credited to the frequency at which patents are being approved by them. Plus, the price of insulin is increasing at a notable rate in the US.
It has been observed that human insulin could be easily obtained through online pharmacy, especially of late, when social distancing is being asked for. Therefore, the human insulin market would go great guns. However, the developing economies are yet to opt for full-fledged online pharmacy.
“More of White-Collared jobs to add to the Market Growth”
It is a well-known reality that insulin does regulate the body’s blood sugar level. A diabetic patient witnesses higher level of sugar. As per CDC, over 30 Mn of the US population suffers from diabetes, out of which over 23 Mn have been diagnosed (the rest are left undiagnosed). The International Diabetes Federation has stated that over 400 Mn people around the world suffer from diabetes.
Diabetes type 1 is prevalent in North America and the Asia-Pacific, whereas the Europe and LATAM sees people with Diabetes type 2. However, the same Europe is home to more than 30K children aged 19 and below, as far as Diabetes type 1 is concerned. It has been found that those aged 50 and above are more prone to diabetes. However, since the last few years, sedentary lifestyle has put even the youngsters under the umbrella of diabetes. These factors are likely to take the human insulin market by storm till the year 2028.
The human insulin market is subject to uneven pricing coupled with the emerging economies witnessing limited access to the human insulin. Also, there are stern regulations in place for drug approvals. The demand-supply ratio is also getting adversely affected due to the time taken for approval of drugs. These factors are bound to restrain the human insulin market.
“Modernization to hold the flag high”
Modern human insulin dominates the market. It holds over 80% of the market share. This could be attributed to the fact that extensive research is being conducted to bring out this type of human insulin in the market. The way of administration for both – traditional human and modern human insulin is through drugs or delivery devices. Amongst the drugs, there are insulin analogues and biosimilars (NovoRapid/Novolog, Lantus, Humalog, and likewise) and human insulin biologics (Mixtard, Insulatard, and Actrapid, Humulin, and Insuman). The delivery devices include pens, pen needles, and syringes.
Additionally, the number of diabetic patients across the globe is rising at an alarming rate. This, in turn, calls for greater quantity of human insulin to be brought to the market. So, traditional human insulin is there to stay, but to address the growing demands, modern human insulin is something both – healthcare practitioners and end-customers are looking upto.
“End-customers turning out to be more cautious”
The outbreak of Covid-19 has actually turned the healthcare vertical upside down. Moreover, those with chronic ailments like diabetes have turned out to be extra-vigilant amidst the pandemic. This could be reasoned with the fact that apart from playing safe regarding diabetes, the end-consumers would have to fight against Covid-19 as well. So, the situation is like – Control the one, prevent the other! As such, inclination towards stronger measures to combat diabetes is on the rise. This way, the controllable thing could be in better check, which will make it simpler to prevent Covid-19 (It’s a known fact that the ones suffering from chronic diseases are at a higher risk of Covid-19).
The key players in human insulin market are on an innovation spree. In other words, modern human insulin is being doled out at a rapid pace. This is evident from the fact that it holds 83.5% of the overall market share. The status quo is expected to remain unchanged even in the forecast period.
| Attribute | Details |
|---|---|
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Forecast Period |
2022-2028 |
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Historical Data Available for |
2014-2021 |
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Market Analysis |
US$ Mn/Bn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
Human Insulin Market by Type
Human Insulin Market by Distribution Channel
Human Insulin Market by Type of Diabetes
Human Insulin by Region
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The human insulin market is expected to be worth US$ 44.61 Bn in the year 2022 and grow 1.58 times by the year 2028.
The market for human insulin is expected to reach US$ 70.67 Bn by 2028, expanding at a CAGR of 8%.
Modern human insulin holds 83.5% of the overall market share.
Novo Nordisk A/S., Eli Lilly and Company, Sanofi, Biocon, Tonghua Dongbao Pharmaceutical Co., Ltd., Adocia, Merck & Co., Inc., Pfizer, Inc., Wockhardt, Julphar, Bristol-Myers Squibb Company, GlaxoSmithKline Plc, and Oramed Pharmaceuticals, Inc.
Traditional human insulin holds 16.5% of the market share.
