by Human insulin drugs are used for the treatment of diabetes by maintaining optimal glucose level in patients. It helps patients with type 1 diabetes to manage their condition and also for some with type 2 diabetes. The drugs are used to provide insulin replacement therapy to manage high blood sugar levels. Technological advancements have led to development of long acting human insulin analogs and recombinant DNA technology derived human insulin.
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 key trends:
To cater to evolving needs of diabetic patients, key players are focused on developing innovative human insulin formulations. In 2022, Eli Lilly announced the launch of insulin lispro injection (Lyumjev) in the US, which is the first and only rapid-acting insulin analog indicated to improve glycemic control in adults with diabetes. Such new product introductions help expand treatment options and drive market revenues. Furthermore, partnerships between players are leading to development of affordable biosimilar products, which are expected to increase accessibility and adoption of human insulin drugs especially in developing regions. This in turn will aid the overall expansion of the global market during the forecast period.
Segment Analysis
The Global Human Insulin Drug Market Size is dominated by basal or long-acting insulin segment. Basal insulin helps maintain normal blood glucose levels between meals and overnight. Long-acting insulin remains active in the body for an extended period of 12-24 hours, providing a steady release of insulin and helping control blood glucose levels. As it is taken only once a day, basal insulin offers convenience to patients over conventional insulin treatment requiring multiple injections. This is a key factor for its widespread adoption.
Key Takeaways
Regional analysis: North America region is expected to continue dominating the global human insulin drug market during the forecast period. High prevalence of diabetes, strong healthcare infrastructure, extensive insurance coverage for diabetes treatment, and presence of major market players in the region drive the market.
Key players: Key players operating in the human insulin drug market are Wockhardt, SEDICO, Exir, Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS. Eli Lilly and Novo Nordisk AS collectively account for over 80% share of the global human insulin market, showcasing their dominance.
The human insulin drug market is witnessing steady growth supported by increasing diabetes prevalence worldwide. Growing diabetic population, rising healthcare expenditure in emerging nations, new product launches, and expanding access to insulin treatment are some key factors fueling the market expansion. However, availability of alternative treatment options poses a challenge. Companies are focused on developing more effective and user-friendly insulin delivery devices and solutions to gain market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
