CAGR: 8%Current Market Size: USD 45 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The Global Human Insulin market is expected to grow from USD 45 billion in 2022 to USD 83.29 billion by 2030, at a CAGR of 8% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing diabetic patient pools.
Synthetic insulin that is made in a lab to closely resemble human insulin is known as human insulin. Through the 1960s and 1970s, human insulin was created, and it received pharmacological approval in 1982. Animal insulin, often a pure version of pig (pork) insulin, was utilized prior to the development of human insulin. By cultivating insulin proteins within E. coli bacteria, human insulin is produced in laboratories (Escherichia coli). There are two types of human insulin: short-acting (regular) and intermediate-acting (NPH). Isophane insulin, also known as NPH (Neutral Protamine Hagedorn) insulin, is a suspension, so the insulin vial needs to be periodically rolled or turned upside down to make sure the solution is evenly murky. In the 1980s, the discovery of human insulin was hailed since it made it possible to produce insulin in vast quantities for a reasonable price. Human insulins have reportedly been linked to side effects like hypo-awareness, fatigue, and weight gain that are not often associated with animal insulins, although there hasn't yet been any conclusive research to support or refute this claim.
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Market Dynamics:
Drivers:
All people with Type 1 diabetes and a small percentage of people with Type 2 diabetes need daily insulin injections as part of their therapy. According to the ADA, government insurance covers roughly 67.3% of the cost of diabetes care in the United States (including Medicare, Medicaid, and the military). The remaining sum is covered by private insurance (30.7%) or uninsured individuals (2%). Between 2016 and 2020, the number of people with diabetes in Canada increased by around 32%, and roughly 8% of those people have Type 1 diabetes. The epidemiology of many emerging nations in North America, particularly those in the Caribbean, is changing, and the prevalence of diabetes is rising quickly.
Restraints:
Due to the introduction of new products and ongoing improvements, the demand for insulin has significantly increased over the past ten years. However, the absence of reimbursement in developing and growing nations limited the market's expansion to some extent. The article in PharmaBoardroom claims that India lacks a system for paying for prescription medications, medical equipment, and biologics. Out-of-pocket expenses are the most popular method of financing medications, medical equipment, and biologics in India. Additionally, a larger prevalence of undiagnosed diabetes cases in developing nations hinders the market's overall growth.
Opportunities:
There are numerous new products being introduced in the insulin market all across the world. To increase their market share and fuel the growth of the human insulin industry, manufacturers are concentrating on creating unique insulin products. For instance, in May 2022, Eli Lilly and Company was granted permission for their Mounjaro injectable, which helps patients with type 2 diabetes improve their glycemic control. The new rapid-acting insulin Lyumjev from Eli Lilly and Company was given FDA approval in June 2020 with the goal of enhancing glycemic management in persons with type 1 and type 2 diabetes. As a result, these variables will actively encourage market growth.
Challenges
As fewer patients are choosing to treat their diabetes as a result of the COVID-19 outbreak, the demand for insulin has been hampered. Additionally, major market participants saw a considerable drop in their revenues as a result of the COVID-19 epidemic. Sales of insulin were impacted, particularly in the first half of 2020, by a fall in the number of diabetes tests performed and a decreased emphasis on disease management outside of COVID-19 and other significant indicators. The market experienced a 5.5% fall in revenue in 2020.
Segmentation Analysis:
The global Human Insulin market has been segmented based on type, Distribution Channel, application, and regions.
By Type
The type segment is traditional human insulin and modern human insulin. The modern human insulin segment led the largest share of the Human Insulin market with a market share of around 62.3% in 2022. This might be explained by the substantial research being done to release this kind of human insulin on the market. Both classic and contemporary human insulin are administered using medications or delivery systems. Additionally, the rate of growth in the number of diabetic people around the world is frightening. This in turn necessitates the introduction of more human insulin to the market. Traditional human insulin will therefore continue to exist, but in order to meet the rising demand, both healthcare professionals and end users are looking toward modern human insulin.
By Distribution Channel
The distribution channel type segment includes hospitals, retail pharmacies, and others. The retail pharmacies led the Human Insulin market with a market share of around 48.8% in 2022. The segment is expanding due to the growing disease burden, the viability of patients receiving home care, and the varied discounts provided by retail pharmacies. In the United States, the market has seen retail pharmacy chains consolidate. Additionally, a moderate growth in the hospital pharmacy market is anticipated. Factors like the increase in diabetic individuals being admitted to hospitals fuel this market sector.
By Application
The application segment includes type 1 diabetes and type 2 diabetes. The type 1 diabetes segment led the Human Insulin market with a market share of around 68% in 2022. As these patients have a significant level of insulin dependence. The condition is more serious than type 2 diabetes. Around 10% of people with diabetes, according to the International Diabetes Federation, have type 1 diabetes. The fastest-growing subgroup is anticipated to be type 2 diabetes mellitus. It is the variety that is most prevalent worldwide. The main driver of the segment's expansion is its high prevalence. The prevalence of type 2 diabetes, which the IDF 2021 study estimates to be at 405.6 million people, is expected to rise to over 510.8 million people by 2030.
Global Human Insulin Market- Sales Analysis.
The sale of Human Insulin expanded at a CAGR of 5% from 2016 to 2022.
The market for human insulin is expanding as a result of things like rising diabetes rates and improvements in the formulation. However, the rising use of medications like GLP-1 RAs to treat type 2 diabetes may hinder market expansion. Companies like Novo Nordisk A/S, Sanofi, and Eli Lilly and Company rule this oligopolistic market. One of the chronic diseases with the fastest global growth rates is diabetes. In recent decades, its prevalence has steadily risen. According to the World Health Organization, 537 million adults globally will have diabetes in 2021, with one in ten developing further forms of the disease. Additionally, populations who are older and more fat are more prone to chronic illnesses.
The senior population worldwide was estimated by the World Bank Group to be over 727 million in 2020. Over the next three decades, this population is projected to quadruple, reaching almost 1.5 billion in 2050. Another significant aspect influencing the expansion of space is developments in the formulation. For instance, Fiasp (Novo Nordisk) is a mixture of niacinamide (Vitamin-B3) and insulin aspart that can enhance the drug's early absorption. The only inhaled medication on the market that doesn't require syringes or needles is Afrezza (Mannkind). Phase 3 clinical studies are also being conducted for the oral insulin capsule made by Oramed Pharmaceuticals. By Q4 2023, the business intends to submit the BLA. The successful introduction of this product may provide patients with another choice.
Thus, owing to the aforementioned factors, the global human insulin market is expected to grow at a CAGR of 8% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the Human Insulin market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the Human Insulin market and held a 39.1% share of the market revenue in 2022.
Global Human Insulin Market- Country Analysis:
Germany's Human Insulin market size was valued at USD 1.8 billion in 2022 and is expected to reach USD 3 billion by 2030, at a CAGR of 6.6% from 2023 to 2030. The increasing prevalence of diabetes in Germany fuels market growth. Diabetes is one of the most common chronic diseases in Germany, with 9.5 million cases reported in 2019, according to the International Diabetes Federation.
China’s Human Insulin market size was valued at USD 2.7 billion in 2022 and is expected to reach USD 4.7 billion by 2030, at a CAGR of 7.4% from 2023 to 2030. Diabetes is currently the disease with the highest prevalence worldwide in China. The disease has currently spread to epidemic levels among adults. Less than 1% of adult Chinese people had diabetes around three decades ago. But now that these levels have risen to about 12 percent, it is known as the diabetes capital of the world.
India's Human Insulin market size was valued at USD 2.3 billion in 2022 and is expected to reach USD 3.95 billion by 2030, at a CAGR of 7.0% from 2023 to 2030. The market in the region Is expanding due to a variety of variables, including an increase in the target and geriatric populations, the number of partnerships for the development of biosimilars, the geographic growth of important companies, and the active involvement of charitable and governmental organizations in the market.
Key Industry Players Analysis:
To increase their market position in the global Human Insulin business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
8% |
Market Size |
45 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Distribution Channel, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Eli Lilly and Company, Sanofi, Novo Nordisk A/S, United Laboratories International Holdings Limited, Tonghua Dongbao Pharmaceutical Co. Ltd., Biocon Ltd, Wockhardt, Boehringer Ingelheim International GmbH, Pfizer Inc., and Julphar. |
By Type |
|
By Distribution Channel |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Human Insulin Market By Product Type:
Global Human Insulin Market By Distribution Channel:
Global Human Insulin Market By Application:
Global Human Insulin Market By Region:
Retail Pharmacies segment witnessed a significant share in the Human Insulin market in 2022.
Lower diagnosis rates and a lack of health reimbursement is primarily restraining the growth of the Human Insulin market.
The regions analyzed for the Human Insulin market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
New innovations and a growing diabetes patient pool around the globe are projected to influence the market in the upcoming years.
Political Factors- The business climate is badly impacted by bureaucracy and corruption. For the human insulin market, operating in nations with high levels of corruption and lax law enforcement makes the business environment more uncertain due to the weakened public confidence in corporate institutions and the overall political and economic system. Corruption can have an impact on a variety of business processes, including licensing, contracting, fraud deals, and frequent lawsuits. The organization's sustainable development will be at risk if the human insulin market decides to enter markets with corrupt economic and political systems because it will undermine society, undermine the justice system, and undermine the rule of law.
Economical Factors- Wage rates and the availability of skilled workers are influenced by the supply and demand of labor. In order to understand how it can attract talented workers and utilise their skills to improve business performance, the human insulin market. must research and Projection the labour market conditions. When labour markets are flexible, the human insulin market is. can take advantage of higher labour productivity. Whereas, operating in rigid labour markets may cause labour wage and other issues raised by powerful labour unions. The availability of qualified human capital is another important factor that the human insulin market should carefully examine. A lack of skilled labour can have an impact on business efficiency and make it more difficult to attract and retain talent.
Social Factor- For markets like the human insulin market, changes in demographic patterns including population aging, migration trends, and socioeconomic characteristics are of the utmost importance. The proper market segment or segments with significant development potential can be selected by the human insulin market with the aid of a study of the demographic parameters. Migration has an impact on business and marketing strategy as well. Understanding the overall attitude of the populace toward migration is crucial for the human insulin market since it can affect businesses' capacity to hire foreign management in the host nation. Any society's acceptance of hierarchy and income disparity can be seen in the power distance. When entering markets with a high or low power distance, the human insulin market. must modify its business management procedures.
Technological Factors- To understand how new technologies affect the firm's value chain and current cost structure, the human insulin market. must take into account the micro- and macro-level investments made by competitors. In a setting where creative disruption is prevalent, research and development efforts are crucial. To maximize revenues and reinvest the money for other disruptive technologies, the human insulin market should invest in disruptive technologies in such a situation. The lifecycle of developing new products has been shortened by the adoption of new technology. New products are created swiftly today, and supply chain partners have more clout as well. It puts pressure on the human insulin market to create new items fast, diversify its product line, incorporate flexibility into the value chain, and cultivate positive commercial relationships with partners in the chain.
Environmental Factors- Businesses have been forced to implement cutting-edge recycling and waste management strategies due to the combination of rising environmental degradation and technological innovation. Recycling is almost a corporate standard in several nations. Additionally, the human insulin market must prioritize implementing effective waste management procedures in organisational divisions that are situated in or close to urban regions. Many nations have established stringent regulations to safeguard their metropolitan regions through efficient garbage management. Some nations provide financial aid to encourage the use of renewable energy sources. To ensure long-term sustainability, the human insulin market. can profit from it and make investments in renewable technology. Due to improved brand perception, this investment will also result in higher stakeholder satisfaction and a larger consumer base.
Legal Factors- Given that some nations have severe laws enforcing labour safety, the human insulin market is required to adhere to employee/labor health and safety requirements. human insulin market has an ethical and moral duty to give its employees a safe working environment. In a similar vein, anti-discrimination laws (such as equal employment opportunity laws) also need to be carefully considered when developing human resource practices as discriminatory lawsuits against employers harm the organizational image and affect organizations' capacity to attract and retain talent.
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