The report is titled ‘Human Insulin Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the human insulin market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The human insulin market is expected to grow at a significant rate in the near future.
The global human insulin market was valued at US$ 21.1 Bn in 2020 and expected to reach at a value of US$ 28.0 Bn by 2028 with a significant CAGR of 3.6%.
Human insulin can be perceived as a synthetic insulin which is laboratory-grown to simulate the insulin actually present in human bodies. Human insulin was developed between the 1960s and 1970s and finally approved for pharmaceutical use in 1982. Earlier when human insulin was not developed, animal insulin, basically a purified form of pork (porcine) insulin, was utilized. Mjaorly, human insulin is used for controlling blood sugar in people who are suffering from type 1 diabetes (medical condition in which the human body does not form insulin and thus incapable to control the amount of sugar in the blood) or in people who are going through type 2 diabetes (medical condition in which the blood sugar of the patient's body is too high as the body does not form or utilize insulin in a usual manner) that cannot be regulated with oral medications only. Notably, the human insulin is successfully able to replace the insulin originally present or produced in the human body.
The human insulin as it is injected in the patient’s body, assists in moving sugar from the blood into other body tissues where it can be utilized for energy. Further, human insulin is also capable of holding back the liver from producing more sugar as well. All kinds of human insulin developed till date work in the same manner. The only difference is in how quickly they start to work and how long they continue to administer blood sugar.
The rapidly soaring diabetic population across the world is one of the leading factors that is boosting the growth of the global human insulin market. By the same token, the poor eating habits of the population and adoption of sedentary lifestyle is resulting in disorders like obesity, high blood pressure and low levels of “good” cholesterol, ultimately resulting in diabetes, is in turn stimulating the demand of human insulin worldwide, thus supporting the growth of the global human insulin market.
Other than that, there are huge advancements in the whole healthcare sector which resulted in innovative and modern medical devices and equipment which also has a positive impact on the medical device used for injecting human insulin in the patient’s body including safety pen needles and pen devices which cause minimal pain and discomfort to the patient, thereby completely eliminating the fear of needles and needle anxiety. Such factors are further anticipated to positively fuel the growth of the global human insulin market over the forecast period. In addition, there is surging demand of biosimilar drugs across the world owing to their cost-effectiveness which further acts as a positive factor for the growth of the global human insulin market in the years to come.
Moreover, the briskly increasing number of geriatric populations across the world is also stimulating the demand of human insulin in the global markets as they happen to be more vulnerable to diseases like diabetes. Also, there are advancements in reimbursement regions in most of the developed regions across the world which is also estimated to augment the growth of the global human insulin market in the upcoming years. However, various stringent reforms and regulations for the approval of products is likely to turn down the growth of the global human insulin market in the near future. In addition, the lavish cost of manufacturing delivery devices is also estimated to act as a restraining factor for further market growth of the global human insulin market in the coming years.
The global human insulin market is segmented on the basis of type, application and region. On the basis of the type, the human insulin market is segmented into Insulin Analogs and Biosimilars, Human Insulin Biologics. On the basis of application, the market is divided into Short acting, Intermediate acting, Long acting, Pre-mix Insulin.
The global human insulin market is mainly dominated by B. Braun, Becton, Dickinson, Biocon, Biodel, ELI Lilly, Julphar, NOVO Nordisk, Sanofi, Wockhardt, Ypsomed, among others.
North America is considerably a dominating region with the biggest revenue share in the global human insulin market. Also, subsequently, Asia-Pacific is also braced to thrive, over the forecast period, owing to the growing prevalence of diabetes in conjunction with rising count of diabetic and pre-diabetic patient populations. In addition, the emerging regulatory structure for medical reimbursements and marketing approvals and reinforcing distribution web of overall product manufacturers in this specific region are other major factors that are boosting the growth of the global human insulin market in the region.
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the human insulin market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Concerns for use of Human Insulin
Advantages of Human Insulin
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market