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Human Insulin Drug Market Is Estimated To Witness High Growth Owing To Opportunity To Treat Diabetes

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Poonam
Human Insulin Drug Market Is Estimated To Witness High Growth Owing To Opportunity To Treat Diabetes

Human insulin is a pharmaceutical product extracted from human or animal tissues and produced using recombinant DNA technology. It is widely used for diabetes treatment owing to its effectiveness in managing blood glucose levels. Insulin is essential for metabolism, and lack of its production results in diabetes. The increasing prevalence of type 1 and type 2 diabetes has boosted the demand for human insulin drugs globally. As per estimates, about 556 million people worldwide were diagnosed with diabetes in 2021, and this number is expected to rise to 700 million by 2045.

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 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising diabetic population globally presents lucrative opportunities for players in the human insulin drug market. According to the International Diabetes Federation, three in four people living with diabetes reside in low-and middle-income countries. However, access to healthcare remains a challenge in these regions. Manufacturers can expand their businesses in Asian and African countries by increasing access to cost-effective insulin drugs. Moreover, investments in new production technologies, such as development of ultra-rapid human insulin analogs along with devices like insulin pens and pumps for hassle-free administration, are expected to further propel the market growth during the forecast period. Establishing partnerships with hospitals and distributors in developing countries can help cater to the vast diabetic population still deprived of insulin treatment and management. This presents a remunerative market opportunity for pharmaceutical companies.

Porter's Analysis

Threat of new entrants: The human insulin drug market has high barrier for new entrants due to high R&D cost and regulatory hurdles. Manufacturing human insulin also requires specialized knowledge and infrastructure.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many established manufacturers and suppliers. However, insulin is an essential drug so buyers cannot avoid purchasing.

Bargaining power of suppliers: A few biotechnology companies globally supply active pharmaceutical ingredients for human insulin production. This gives them considerable power over manufacturers.

Threat of new substitutes: Alternatives like GLP-1 receptor agonists and DPP-4 inhibitors pose threats but none can fully substitute insulin due to its unique function and use in advanced stages of diabetes.

Competitive rivalry: The market sees intense rivalry among major players to gain higher market share through new product launches, strengthening distribution networks and conducting awareness programs.

SWOT Analysis

Strength: Established production facilities and R&D capabilities. Insulin is an essential drug with inelastic demand.

Weakness: High dependency on few active pharmaceutical ingredient suppliers globally increases supply chain risks. Biosimilars erosion eats into market share of originator products.

Opportunity: Expanding patient pool of diabetes worldwide along with rising health awareness and income levels in developing regions.

Threats: Pricing pressures due to patent expiries. Stringent regulatory norms for quality and safety compliance during manufacturing.

Key Takeaways

The global Human Insulin Drug Market Growth is expected to witness high growth during the forecast period owing to the rising incidence of diabetes globally. The International Diabetes Federation estimates that approximately 537 million adults were living with diabetes in 2021 worldwide and the number is predicted to rise to 643 million by 2030 and 783 million by 2045.

Regional analysis: North America currently dominates the global market and is expected to retain its leading position during the forecast period due to high healthcare spending and technological advancements in the region. However, Asia Pacific is predicted to experience the highest growth rate owing to expanding diabetic population, growing health awareness, and increasing healthcare investments in countries like China and India.

Key players: Key players operating in the human insulin drug market are Ecolab Inc., Rollins Inc., Rentokil Initial Plc., ServiceMaster Company, LLC, Massey Services Inc., Arrow Exterminators Inc., Sanix Incorporated, Asante Inc., Dodson Pest Control, Inc., Target Specialty Products, Pelsis Ltd., Killgerm Ltd., WinField Solutions, LLC, and Univer Inc. Eli Lilly, Novo Nordisk and Sanofi are the major players for human insulin drug production globally. They focus on strengthening product portfolios through continuous R&D and capacity expansion.

For more insights, read- https://www.newsanalyticspro.com/human-insulin-drug-market-trends-size-and-share-analysis/

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