Human insulin drugs are extensively used to treat diabetes disorders. These drugs help in controlling blood glucose levels in diabetic patients. They are available in various product forms such as insulin injections, insulin pens, and insulin pumps. Growing prevalence of diabetes across both developing and developed economies is augmenting the demand for human insulin drugs.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising sedentary lifestyle along with unhealthy dietary habits is resulting in elevated risk of diabetes. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the figure is projected to rise to 643 million by 2030 and 783 million by 2045. High blood sugar levels caused by diabetes can cause severe health issues and complications over the long term. Thus, growing burden of diabetes disorders is anticipated to drive the sales of human insulin drugs, thereby augmenting the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The human insulin drug market has high entry barriers due to stringent regulatory requirements for drug approval and manufacturing.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and well established suppliers.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to specialized expertise and access to key raw materials.
Threat of new substitutes: Threat of substitutes is moderate as modern synthetic alternatives have gained popularity but human insulin still remains essential for many patients.
Competitive rivalry: The market is highly competitive with large pharmaceutical companies continuously striving to develop cost-effective products.
SWOT Analysis
Strength: Wide availability of effective human insulin drugs with decades of proven clinical results. Extensive R&D capabilities of major players.
Weakness: High capital investment needs for manufacturing facilities. Stringent regulatory environment increases compliance burden and costs.
Opportunity: Rising global prevalence of diabetes and obesity is increasing the patient pool. Emerging economies offer high growth potential.
Threats: Price erosion due to increasing generic competition. Shift towards modern synthetic insulin alternatives.
Key Takeaways
The Global Human Insulin Drug Market Size is expected to witness high growth driven by the rapid rise in prevalence of diabetes worldwide. Regionally, North America dominates currently due to early adoption of advanced treatment options and high healthcare spending. However, Asia Pacific is set to grow at the fastest pace owing to rising affluence, large patient population and increased healthcare access.
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. Major companies are focused on developing affordable biosimilar versions to expand market share in developing countries and emerging as cost leaders.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
