Human Insulin Industry Insight
Market Research Future in a new report, titled “Global Human Insulin Market 2020,” keeping the impact of the COVID 19 outbreak has revealed that at 12.10% CAGR, the market would be able to achieve USD 90,812.40 Million. The revenue generation is supposed to happen by the year 2025. On the basis of evaluation, the market’s growth will be occurring from the year 2019 to 2025—the forecast period.
Human Insulin Market Boomers & Decliners
Insulin is a hormone that regulates the blood sugar level of the body. Diabetes is a medical condition in which the individual’s blood glucose or sugar level is high. There are presently two foremost types of diabetes. Type 1 diabetes is a form where the beta cells of the pancreases stop producing insulin, and type 2 is the type where the cells of the body loose sensitivity to the insulin produced. As per the Diabetic statistics report by the Centers for Disease Control and Prevention (CDC), in 2019, around 30.3 million U.S. population suffered from diabetes, among which 23.1 million were diagnosed with diabetes, and the rest were undiagnosed.
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Thus, the rising prevalence of diabetes type 1, mainly in countries of North America and emerging countries in the Asia Pacific, is probable to be the foremost market drivers. The rise in sedentary lifestyle in the U.S and Asia Pacific countries has led to a rise in the prevalence of diabetes. In fact, raising awareness of diabetes has also led to a surge in the diagnosis rate of type 1 diabetes.
As per a research article published by the Health Action International (2018), around 100 million people required insulin, including 10-20% suffering from type 2 diabetes, since, type 1 diabetic patients are completely insulin-dependent, the upward prevalence is estimated to boost the human insulin market growth during the forecast period.
Coming on products, analog insulin has covered the utmost part of the human insulin market share in 2019. Analog insulin facilitates to control blood sugar levels in people suffering from type 1 and type 2 diabetes. Driven by this, the adoption of analog insulin is mounting, which is leading the human insulin market size in the current time. All these factors, coupled with the new launch of generic insulin, are predictable to contribute to the growth of the market to a grand extent.
In the case of point, Eli Lilly and Company had announced the launch of a generic version of analog Humalog insulin with the name of Insulin Lispro in April 2020. Due to the cheaper rates of Humalog, this insulin is more reachable to diabetic patients in every part of the country. This segment has led to a high expectancy to drive the human insulin market in the foreseeable future.
Human Insulin Market Segment Review
From a segmentation standpoint, by type, the global human insulin market has included traditional human insulin and modern human insulin. The traditional human insulin segment incorporates intermediate-acting, premixed traditional, and short-acting. The modern human insulin segment incorporates long-acting, premixed modern, and rapid. Modern human insulin was the chief segment in 2018 and is also known as analog insulin that is prescribed by physicians for the treatment of diabetes.
The global human insulin market, by brand segment, has included Novorapid, Lantus, Novomix, Humalog, Apidar, Humulin, Levemir, and Insuman. Lantus is a long-acting human insulin analog, and it is accessible in more than 120 countries. Among all the brands, Lantus held the largest share in the human insulin market.
Human Insulin Market Regional Outlook
From a geographical standpoint, the Americas lead the global human insulin market, owing to the rising healthcare awareness, growing old age population, improvement in reimbursement policies, rising prevalence of diabetes, and escalating clinical trials motivating the growth of human insulin.
The European Human Insulin market has covered Western Europe and Eastern Europe. In the year 2018, Europe stood second in the global Human Insulin market. Mounting focus on the treatment of diabetes and rising clinical trials by market players will support the expansion of the Europe Human Insulin market.
Asia-Pacific might also record the highest CAGR during the assessment period. Companies are introducing new advanced products, which is boosting the Asia-Pacific human insulin market. In March 2019, Biocon Ltd and Mylan NV established consent for biosimilar insulin glargine Semglee 100 IU/mL 3 mL prefilled pen from the Therapeutic Goods Administration Australia (TGA).
Human Insulin Market Vendors Landscape
The well-known players in the global human insulin market are MERCK & CO., INC., ADOCIA, Bristol-Myers Squibb Company, Pfizer Inc., SANOFI, GLAXOSMITHKLINE PLC, Novo Nordisk India Pvt. Ltd, Oramed, BIOCON, and Tonghua Dongbao Pharmaceutical Co., Ltd.
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