Human Insulin Market to Surpass USD 20.99 Billion by 2030 on Account of Rising Diabetes Prevalence and Rapid Healthcare Infrastructure Development
Research Reports
Nov 03, 2023
As per SNS Insider’s research, the growth of the human insulin market is underpinned by a combination of factors, including the increasing prevalence of diabetes, the aging population, ongoing product innovations, rising awareness, emerging markets, and supportive government policies.
The human insulin market, as per the SNS Insider report, was valued at USD 18.93 billion in 2022, and it is projected to attain USD 20.99 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 1.3% during the forecast period from 2023 to 2030.
Market Report Scope
Human insulin is a vital hormone produced naturally by the human body, primarily in the pancreas. This essential hormone plays a fundamental role in regulating blood sugar levels and ensuring the body’s cells receive the necessary energy and nutrients. In the context of the pharmaceutical industry, human insulin refers to synthetic insulin that is biologically identical to the insulin produced by the human body. It is crucial for individuals with diabetes, particularly those with type 1 diabetes, who are unable to produce sufficient insulin on their own.
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Major Players Listed in the Report are as Follows:
Novo Nordisk, Companion Medical Inc., Valeritas Inc., Insulet Corporation, Cellenovo, Emperra Gmbh E-Health Technologies, F Hoffmann-La Roche, Ypsomed., Tandem Diabetes Care, Medtronic Inc players
Market Analysis
Ongoing research and development efforts have led to the introduction of advanced insulin delivery systems and formulations, enhancing patient convenience and compliance. The aging demographic is more susceptible to diabetes, and this demographic shift contributes to the market’s growth. The elderly population requires sustained and advanced diabetes management, including insulin therapy. Expanding healthcare infrastructure, particularly in developing regions, has improved access to insulin and diabetes care, further propelling market growth. Increased awareness about diabetes and the importance of timely insulin treatment has encouraged more individuals to seek diagnosis and treatment, driving market expansion. Government initiatives to combat diabetes, subsidize insulin costs, and promote diabetes awareness play a vital role in human insulin market growth.
Human Insulin Market Segmentation as Follows:
By Type:
- Traditional human insulin
- Analogue insulin
By Diabetes Type:
- Type 1
- Type 2
By Distribution Channel:
- Hospital Pharmacy
- Online pharmacy
- Retails
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Impact of Recession
The impact of a recession on the human insulin market is multifaceted. On one hand, a recession can have negative consequences, such as reduced healthcare spending, potential loss of insurance coverage for some patients, and overall economic uncertainty, which may deter individuals from investing in their healthcare. This can lead to delayed or reduced purchases of insulin and related products, impacting the market negatively. On the positive side, during economic downturns, there may be an increased focus on cost-effective healthcare solutions. This could stimulate the development and adoption of more affordable insulin formulations and delivery devices, making diabetes management more accessible to a wider population.
Impact of Russia-Ukraine War
The Russia-Ukraine war can have both negative and positive effects on the human insulin market. Negative impacts include potential disruptions in the global supply chain, particularly if key insulin manufacturers or suppliers are located in the conflict zone or its vicinity. This could lead to shortages and price increases, adversely affecting patients. On a positive note, this situation may accelerate efforts to diversify insulin production sources and supply chains, making the market more resilient to geopolitical instability. Furthermore, it may incentivize research and development for alternative insulin sources and production technologies.
Key Regional Development
North America has consistently been one of the leading markets for human insulin products. The region’s strong market presence can be attributed to the high prevalence of diabetes, well-established healthcare infrastructure, and increasing awareness of diabetes management. Europe is another prominent region in the global human insulin market. Factors such as a growing geriatric population and an increased focus on diabetes management have led to a steady demand for human insulin products. The Asia-Pacific region is witnessing remarkable growth in the market due to several factors. The rising incidence of diabetes, changing lifestyle patterns, and improving healthcare infrastructure have fueled the demand for human insulin products in countries like China, India, and Japan.
Key Takeaway from Human Insulin Market Study
The Type 1 diabetes segment is set to dominate the market. The prevalence of Type 1 diabetes is on the rise globally. This autoimmune condition requires lifelong insulin therapy, and the growing patient population is driving the demand for insulin products. This segment’s dominance is a direct reflection of this upward trend in Type 1 diabetes cases.
The market is witnessing a significant transformation, with the hospital pharmacy segment poised to dominate. This segment’s prominence can be attributed to various factors, including advancements in insulin delivery methods, increasing diabetic patient populations, and the critical role of hospital pharmacies in providing specialized care.
Recent Developments Related to Human Insulin Market
In a move to ensure affordable and high-quality insulin access for patients in Bangladesh, Lilly and the International Aid for Better Living (IABL) have joined hands in a collaborative effort. This partnership aims to address the pressing need for insulin among the diabetic population in Bangladesh, a country where diabetes is a growing concern.
Novo Nordisk, based in Denmark, and South Africa’s Aspen have signed a significant agreement to manufacture insulin for the benefit of African patients. This development marks a crucial step in addressing the insulin access challenges faced by many African nations.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Human Insulin Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Human Insulin Market Segmentation, By Type
Chapter 9 Human Insulin Market Segmentation, By Diabetes Type
Chapter 10 Human Insulin Market Segmentation, By Distribution Channel
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
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