Human insulin drug is a treatment for type 1 or type 2 diabetes. It is a protein hormone that regulates the metabolism of carbohydrates, fats and proteins by promoting the absorption of glucose from the blood. Some key products in this market include rapid-acting insulin, long-acting insulin, premix insulin, and others. Rapid-acting insulin works quickly to lower blood sugar when taken and wears off quickly. Long-acting insulin starts to work within 2 hours and keeps working for up to 24 hours. Premix insulin contains both rapid- and long-acting insulins in the same injection. These insulin products are used by injecting under the skin with an insulin pen or syringe.
The global human insulin drug market is estimated to be valued at US$ 49,411.32 million in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the human insulin drug market is the growing adoption of biosimilar insulin variants. Biosimilars are exact copies of original brand-name biologics whose patents have expired. They provide high-quality treatment options that are more affordable than the original products. Regulatory approvals of biosimilar insulins in various countries are expected to increase the access to insulin therapy and lower the treatment costs for diabetes patients globally. For instance, in 2022, several insulin biosimilar products were approved or in the process of approval in the US, European Union and other countries. Another factor fueling the market growth is the rising diabetes prevalence worldwide due to increasing obesity rates and sedentary lifestyles. According to International Diabetes Federation estimates, around 537 million adults were living with diabetes in 2021 globally and the figure is projected to rise to 643 million by 2030 and 783 million by 2045. Growing diabetes population directly increases the demand for human insulin drug therapies.
Segment Analysis
The global human insulin drug market is segmented on the basis of product type, distribution channel, and geography. By product type, it is segmented into long-acting insulin, intermediate-acting insulin, and short-acting insulin. Long-acting sub segment dominates the market owing to higher preference of long-acting insulin among patients as it requires less frequent dosing.
PEST Analysis
Political: Government regulations regarding marketing and production of human insulin drugs play a key role in industry growth. Economic: Rising healthcare spending due to increasing diabetes prevalence drives economic growth of this market. Social: Growing awareness about diabetic management and self-administration of insulin therapies impacts positively. Technological: Advancements in insulin delivery devices like pens and pumps help improve convenience and compliance.
Key Takeaways
The Global Human Insulin Drug Market Growth is expected to witness high owing to rising diabetes prevalence worldwide. The global human insulin drug market is estimated to be valued at US$ 49,411.32 million in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Regionally, North America leads the market and is expected to continue dominance during forecast period driven by presence of advanced healthcare infrastructure and increasing number of patients. Asia Pacific region is poised to witness fastest growth owing to rising medical tourism, economic development and growing patient awareness in countries like India and China.
Key players
Key players operating in the human insulin drug market are Ecolab Inc., Rollins Inc., Rentokil Initial Plc., ServiceMaster Company, LLC, Massey Services Inc., Arrow Exterminators Inc., Sanix Incorporated, Asante Inc., Dodson Pest Control, Inc., Target Specialty Products, Pelsis Ltd., Killgerm Ltd., WinField Solutions, LLC, and Univer Inc. Ecolab Inc. dominates the market with wide geographic presence and extensive service portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it