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Blockchain is fastest growing segment fueling the growth of Human Recombinant Insulin Market

Pooja Khodke
Blockchain is fastest growing segment fueling the growth of Human Recombinant Insulin Market

The global Human Recombinant Insulin Market is estimated to be valued at US$ 41602.7 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Human recombinant insulin products are primarily used for controlling high blood glucose levels in patients with diabetes mellitus. They provide various advantages over conventional insulin preparations such as consistent blood glucose control and reduced risk of hypoglycemia.

Market key trends:

One of the major trends in the human recombinant insulin market is the increasing adoption of blockchain technology. Blockchain can help improve the security, transparency and traceability of the supply chain in the pharmaceutical industry. It allows real-time tracking of insulin products right from manufacturing to the point of dispensation or administration. This helps identify counterfeit products and ensure patients receive genuine medicine. The technology also enables automatic payments between supply chain stakeholders using smart contracts.

Segment Analysis

The global human recombinant insulin market is segmented based on product type, application and distribution channel. Based on product type, the market is classified into rapid-acting, long-acting, and premixed insulin. Among these, the premixed insulin segment dominates the market, owing to its better convenience and effectiveness in controlling blood glucose levels for patients with type 1 and type 2 diabetes. Premixed insulin products offer the benefit of two types of insulin in a single injection which provides glycemic control through a combination of short-acting and intermediate-acting insulins.

Key Takeaways

The Global Human Recombinant Insulin Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing prevalence of diabetes worldwide.

The market size for human recombinant insulin is expected to reach US$ 41602.7 Mn by 2023.

Regionally, North America dominated the global market in 2023, owing to the presence of major players and high healthcare expenditure in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period, due to large patient population and increasing awareness regarding diabetes treatment in the region.

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. These players are focusing on launches of innovative insulin products and expansion of their global footprint to consolidate their market positions.

Read More :   https://www.newsstatix.com/rising-prevalence-of-diabetes-to-openup-new-avanue-for-the-human-recombinant-insulin-market/

Pooja Khodke
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