The Rising Prevalence Of Diabetes Drives Growth In The Human Insulin Drug Market

 

Human Insulin Drug Market

Human insulin drugs are biologically synthesized to treat diabetes by regulating blood glucose levels. They mimic the action of naturally produced insulin and help transport glucose from the bloodstream into cells to be used for energy. The increasing diabetes patient pool worldwide necessitates insulin drugs for effective management of blood glucose levels.

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:

One of the primary market trends is the increasing research towards the development of newer formulations of insulin with improved efficacy and safety profiles. For instance, long-acting insulins aim to stabilize blood glucose levels for an extended time and reduce injection frequency. Combination insulins consisting of a fast- and long-acting insulin are also being developed for better diabetes management. Moreover, inhalable and oral insulin formulations are being researched to provide non-invasive modes of administration compared to injections. Such advances could help improve treatment adherence and clinical outcomes for diabetic patients over the forecast period.

Porter's Analysis

Threat of new entrants: Low barrier for new players due to advancement in available technologies however, capital requirement needed for setting up facility and R&D investment acts as entry barrier.

Bargaining power of buyers: Buyers have high bargaining power as the Human Insulin Drug are not much differentiated and easy availability of substitutes.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material suppliers and differentiation in products.

Threat of new substitutes: Threat of new substitutes is low as Human Insulin Drugs are critical for diabetes management and limited substitutes are available.

Competitive rivalry: High competitive rivalry due to presence of large number of players offering similar products.

Key Takeaways

The Global Human Insulin Drug Market Size is expected to witness high growth. North America dominates the global Human Insulin Drug market and is expected to continue its dominance over the forecast period owing to high healthcare expenditure and presence of major players in the region.

Regional analysis: Asia Pacific is fastest growing region in the Human Insulin Drug market due to rising diabetic patient population, improving healthcare infrastructure and increasing healthcare expenditure in developing economies like India and China.

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, among others. Eli Lilly and Novo Nordisk AS together hold around half of the total market share in the global insulin drug market owing to their diverse product portfolio and strong distribution network worldwide.

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