July 14, 2024

The Global Human Recombinant Insulin Market Growth Accelerated By Increasing Prevalence Of Diabetes

Human recombinant insulin helps regulate blood glucose levels in patients with diabetes. It is produced through recombinant DNA technology, offering advantages of effectiveness, consistency and ease of manufacture. The growing prevalence of diabetes globally has increased the demand for insulin therapy.

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 key trends:
As per the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide and the number is estimated to rise to 643 million by 2030 and 783 million by 2045. Diabetes management highly relies on exogenous insulin administration. With the growing diabetic patient pool, demand for recombinant human insulin from drug manufacturers is surging significantly. Various initiatives by governments and private organizations to spread awareness about diabetes treatment and management are also boosting the consumption of recombinant insulin drugs.

Segment Analysis
The global human recombinant insulin market is dominated by modern/rapid-acting human insulin sub-segment. Modern/rapid-acting human insulin holds around 50% market share owing to their better pharmacokinetic and pharmacodynamic properties compared to conventional human insulin. They have rapid onset and short duration of action which makes them more convenient for mealtime usage and post-prandial glycemic control.

Key Takeaways
The global human recombinant insulin market is expected to witness high growth. The market was valued at US$ 41602.7 Mn in 2023 and is projected to reach US$ 93626.1 Mn by 2030, expanding at a CAGR of 11% during the forecast period from 2023-2030.

Regional analysis:
North America is currently the largest and dominating regional market for human recombinant insulin. The region accounted for around 35% of the global market share in 2023 owing to high diagnosis and treatment rates for diabetes in the US and Canada. However, Asia Pacific region is expected to witness the fastest growth over the forecast period supported by large diabetic population base and rising healthcare expenditure in major Asian countries like China and India.

Key players:
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. Novo Nordisk A/S currently hold the highest market share of around 35% supported by its diversified product portfolio and strong global presence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it