Human recombinant insulin is a biosynthetic form of human insulin produced through recombinant DNA technology. It is widely used for the management and treatment of diabetes. Diabetes has become a major health issue worldwide with a drastic increase in the number of patients diagnosed with the disease annually. According to the International Diabetes Federation, about 537 million adults aged 20–79 years were living with diabetes in 2021, and this number is expected to rise to 643 million by 2030 and 783 million by 2045. Thus, the growing global diabetes prevalence will propel the demand for insulin and associated diabetes management products over the coming years.
The global human recombinant insulin market is estimated to be valued at US$ 41,602.7 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Increasing Diabetes Prevalence in Emerging Economies
Diabetes prevalence is witnessing significant rise in emerging economies such as India, China, Brazil, and others with rapid urbanization and changing lifestyles. As per IDF data, China had the highest diabetic population worldwide with about 151 million patients in 2021, while India ranked second with about 77 million cases. Rising healthcare expenditure and growing awareness about diabetes management in these countries will drive the adoption of human recombinant insulin and expand market opportunities. The inadequate access to advanced diabetes management solutions in rural areas of developing nations also presents an attractive opportunity for market players to increase penetration.
Porter’s Analysis
Threat of new entrants: Recombinant insulin market requires large investments in R&D and production facilities which pose significant entry barriers.
Bargaining power of buyers: buyers have moderate bargaining power due to the availability of few major players in the market.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials are available abundantly.
Threat of new substitutes: Low threat of substitutes as recombinant insulin is an essential drug with no clear substitutes.
Competitive rivalry: High competitive rivalry exists among existing players due to increasing competition and innovation.
SWOT Analysis
Strength: Recombinant insulin leads to fewer side effects compared to animal-sourced insulin. It also offers long shelf-life stability.
Weakness: High costs associated with insulin R&D and production negatively impact profits. Stringent regulations add to compliance costs.
Opportunity: Increasing diabetic population worldwide presents lucrative growth opportunities. Emerging markets offer scope for market expansion.
Threats: Threat from cheaper biosimilar versions. Stringent regulations and product approval procedures delay market entry.
Key Takeaways
The global Human Recombinant Insulin Market is expected to witness high growth during the forecast period of 2023-2030. The market size is projected to grow from US$ 41,602.7 Mn in 2023 to over US$ 75,000 Mn by 2030, exhibiting a CAGR of around 11%.
Regional analysis indicates that North America will continue dominating the global market, followed by Europe. However, Asia Pacific is likely to emerge as the fastest-growing regional market owing to the rising prevalence of diabetes in highly populated countries like China and India.
Key players operating in the Human Recombinant Insulin market are Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Julphar Gulf Pharmaceutical Industries, Biocon Limited, Bioton S.A., Gan & Lee Pharmaceuticals, Ltd., Zhuhai United Laboratories Co., Ltd., Wanbang Biopharmaceuticals Co., Ltd., and Dongbao Enterprise Group Co., Ltd.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
