The human insulin drug market has grown significantly over the past few years owing to the rising prevalence of diabetes globally. Human insulin drugs are synthesised versions of naturally occurring human insulin and are primarily used for the treatment of diabetes. These drugs help in maintaining adequate levels of blood glucose and facilitate the absorption of glucose from the blood into fat, liver, and muscle cells. There are various types of human insulin drugs available including short-acting insulin, intermediate-acting insulin, long-acting insulin, and premixed insulin. These drugs provide effective glycemic control and help improve the quality of life of diabetics. Moreover, advantages such as easy administration through injection or pumps and minimal side effects have further boosted the demand for human insulin drugs worldwide.
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 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the human insulin drug market is the growing preference for biosimilar and generic insulin drugs. These drugs provide similar therapeutic efficacy as that of branded human insulin drugs but at lower costs. The patents of several branded insulin drugs have recently expired paving the way for biosimilar and generic versions. Major pharmaceutical players are focusing on developing and commercializing affordable biosimilar insulin drugs to increase their market share. For instance, in May 2020, Mylan launched its biosimilar insulin glargine, Semglee, to treat diabetes. The availability of such lower-cost biosimilar options is expected to significantly boost the growth of the overall human insulin drug market during the forecast period.
Threat of new entrants: The threat of new entrants in the human insulin drug market is moderate. Establishing manufacturing capabilities requires substantial investments and regulatory approvals, increasing barriers to entry.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have reasonable options to switch between available human insulin drug variants and suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw material suppliers for active pharmaceutical ingredients and medical device components have some pricing negotiation power.
Threat of new substitutes: The threat of substitutes is moderate as newer insulin analogs and alternative drug delivery devices provide viable options.
Competitive rivalry: The competition in the market is high as major players compete on the basis of drug efficacy, delivery devices and pricing.
The Global Human Insulin Drug Market Demand is expected to witness high growth. 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 6.1% over the forecast period 2023 to 2030.
The market is dominated by North America owing to the rising prevalence of diabetes and technological advancements in insulin delivery devices in the region. Europe is also a significant market for human insulin drugs driven by increasing government focus on diabetes management. Asia Pacific is expected to witness the fastest growth owing to improving healthcare infrastructure and rising medical expenses in developing countries of the region.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it