Human Recombinant Insulin Market Is Estimated To Driven By Rising Prevalence Of Diabetes
Human Recombinant Insulin Market |
The
global human recombinant insulin market is primarily driven by the rising
prevalence of diabetes across the world. Recombinant insulin is a bioengineered
protein produced through biotechnology that imitates natural human insulin. It
helps regulate blood glucose levels in diabetes patients and has a longer
duration of action compared to regular insulin. Recombinant insulin comes in
two forms - short-acting insulin and long-acting insulin. Short-acting insulin
works within 15 minutes of injection and has a duration of action of 3-5 hours.
It is prescribed before meals to control the rise in blood glucose levels after
eating. Long-acting insulin starts working within 2 hours, peaks in 6-8 hours,
and remains active for over 24 hours. It is used to manage basal, fasting, or
overnight blood glucose levels. Recombinant insulin biologics have gained significant
acceptance over animal insulin due to their similar molecular structure and
action to human insulin.
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:
Porter's
Analysis
Threat of new entrants: The threat of new entrants to the human recombinant
insulin market is moderate. High capital requirements and the presence of
established players presents barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. There
are a large number of suppliers providing substitutable products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate.
Raw material suppliers do not have significant influence due to availability of
alternative supply sources.
Threat of new substitutes: The threat of new substitutes is moderate. Existing
substitutes like synthetic insulin analogs pose a threat, while insulin
delivery devices provide incremental benefits.
Competitive rivalry: The competitive rivalry is high due to the presence of a
few large players with established brand names. Players compete on pricing,
proprietary technologies, and service quality.
Key Takeaways
The global human recombinant insulin market is expected to witness high growth.
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.
North
America currently dominates the market due to high prevalence of diabetes and
favorable reimbursement policies in the region. Asia Pacific is expected to
grow at the fastest rate during the forecast period due rising awareness
regarding diabetes treatment and management.
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.
Get
more insights on this topic:
https://www.marketwebjournal.com/human-recombinant-insulin-market-trends-size-and-share-analysis/
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