Human Insulin Market Overview
The global human insulin market size is projected to reach $48.4 billion by 2020, growing at a CAGR of 12.5% during the forecast period. Some of the major factors driving the growth of the human insulin market are increasing aging population, increasing diabetic population and increasing prevalence of obesity. In addition, rising awareness of diabetes and technological advancement of insulin delivery devices are also driving the growth of the market.
In terms of type, the human insulin market is categorized into modern human insulin and traditional human insulin. The modern human insulin segment held the largest share in the global human insulin industry during the historical period and it is projected to hold a market share of more than 85% by 2020. The segment is also expected to be the fastest growing during the forecast period.
Geographically, North America accounts for the largest share in the human insulin market. Increasing prevalence of diabetes and increasing R&D investment for more effective insulin are driving the growth of the human insulin industry in North America. Diabetes has become one of the major public health problems in North America, due to increasing number of geriatric population and rising prevalence of obesity.
Human Insulin Market Dynamics
The upsurge usage of insulin pen for the administration of human insulin is the major trend for the human insulin market. Some of the advantages of insulin pen are easy to use, repeatedly accurate dosage and less injection pain. However, it cannot mix different insulin types together in prescribed dose. Technological advancements in insulin delivery devices have attracted various players to invest in the insulin delivery devices market. Companies such as Novo Nordisk A/S, Eli Lilly and Company, and Sanofi are engaged in the manufacturing of insulin pens for the effective management of diabetes in people.
Biosimilar insulin is a chemical medication used in diabetes, such as simvastatin and metformin with a specific chemical structure. The usage of biosimilar insulin increases the range of treatment options, support awareness programs and increase the choice of delivery devices. Moreover, biosimilars insulin reduces the diabetes treatment cost, increase the accessibility of insulin treatment and reduce the cost for healthcare system. Thus, increasing demand for biosimilars due to its low cost and increasing accessibility is the major growth opportunity for the human insulin market.
Technological advancement in insulin delivery devices are leading to increased acceptance of such devices and thereby driving the growth of the human insulin market. Insulin pens and pumps have various advantages, which help in delivering accurate dosage of insulin and maintain the normal level of insulin in body. Improved delivery devices for insulin treatment have increased the acceptance of insulin. Usage of insulin pen in administering insulin is less time-consuming compared to usage of syringes and vials. Moreover, advantages of insulin pens include greater patient acceptability and minimum risk of inaccurate dosage.
High cost of insulin inhibits the growth of the human insulin market. Insulin is a biological drug produced from living organisms, so generic drug is not available. In addition, according to Health Action International (HAI), there are limited number of insulin producers and high price variation in different countries.
For instance, insulin from the stable of Eli Lilly and Company varied in different countries such as $2.57 in Egypt and $76.69 in Austria, and insulin from Novo Nordisk also varied in different countries such as $2.97 in Senegal and $61.32 in the U.S. Thus, high cost impedes affordability of insulin for poor population, leading to serious complications such as blindness, immature death and amputation.
Human Insulin Market Competitive Landscape
The global human insulin market has a fragmented structure with large number of companies operating in the market. The key players in the human insulin market include Novo Nordisk A/S, Sanofi, GlaxoSmithKline Plc, Eli Lilly and Company, Merck & Co., Julphar and Pfizer, Inc.