The human insulin (HI) market size is predicted to reach $70.6 billion by 2023, according to P&S Intelligence.
Increasing population exposure to key risk factors leading to diabetes, technological advancements in insulin delivery devices, growth in the number of diabetic patients, and growing geriatric population are the factors driving the market growth.
Insights on market segments
The products available in the human insulin market are HI drugs and delivery devices. Among these products, HI delivery devices is expected be the faster growing category, globally, advancing at a CAGR of 11.1% during the forecast period. This is attributed to increasing prevalence of diabetes, and growing focus of insulin pen manufacturers on countries with large number of diabetic patients, such as China and India. Furthermore, technological advancements in pens and medical reimbursements offered in developed regions are some of the other factors driving the growth of this product category.
HI drugs are further classified into analogs and biologics. There are various brands available for HI analogs and biologics in the global human insulin market. The HI analogs are also classified on the basis of type into rapid-acting, long-acting, and premixed insulin. Similarly, HI biologics are bifurcated into intermediate/rapid-acting, short-acting, premixed, on the basis of type. Among these, short-acting insulin is predicted to be the fastest growing category in the global market, demonstrating a CAGR of 5.8%.
On the basis of application, the human insulin market is categorized into type II diabetes, type I diabetes, and gestational diabetes and prediabetes. Type II diabetes is expected to be the fastest growing application area in this market, advancing at a CAGR of 9.1% during the forecast period, which is attributed to increasing prevalence of type II diabetes, globally.
Browse report overview with 353 tables and 79 figures spread through 291 pages and detailed TOC on "Human Insulin (HI) Market by Product (HI Drugs [HI Analogs, HI Biologics], HI Delivery Devices [Syringes, Pens, Pen Needles, Pumps]), by Application (Type II Diabetes, Type I Diabetes, Gestational Diabetes & Prediabetes), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/human-insulin-market
Asia-Pacific (APAC) is projected to be the fastest growing regional market for human insulin
The human insulin market in APAC is expected to witness fastest growth, due to rising prevalence of diabetes, unhealthy lifestyle choices due to rapid urbanization, and growing aging population in the countries like China and India. Additionally, major players as a part of their business strategy are investing in the untapped market of the region leading to its fastest growth.
The International Diabetes Federation (IDF) reported in 2015, that an estimated 82 million people aged between 20 to 79 years suffered from diabetes in South-East Asia in 2017. Furthermore, in response to the growing diabetes and lifestyle diseases, the government of the developing countries, such as China, and India, are preparing action plans in order to expand diabetes screening at the primary health-care level, train health-care workers, and take preventative measures. Thus, such initiatives plans are expected to support the growth of human insulin market in APAC.
Furthermore, the World Health Organization (WHO) developed the action plan for the prevention and control of non-communicable diseases (NCDs) in South-East Asia 2013–2020. This plan provided a roadmap for the implementation of policies and programmes at regional and national level, thus fueling the human insulin market growth in the region.
Increasing partnerships and collaborations among key players to enhance their market share
In order to increase their market share, key players of the human insulin industry are pursuing partnerships and collaborations. For instance, in October 2018, Ypsomed AG collaborated with Koninklijke Philips N.V. (Philips) to jointly develop and deploy new digital self-medication adherence monitoring services based on Ypsomed’s connected devices and Philips’ cloud based HealthSuite digital platform.
In August 2018, Ypsomed AG entered into partnership with JRDF, the leading global organization funding type I diabetes research, as a part of JDRF’s Open-Protocol Automated Insulin Delivery (AID) Systems Initiative. Under the terms of this partnership, JRDF will contribute financial resources to help Ypsomed AG to accelerate development of the next generation, fully interoperable myLife YpsoPump insulin pump.
Some of the other key players operating in the human insulin industry are B. Braun Melsungen AG; Becton, Dickinson and Company; Eli Lilly and Company; Novo Nordisk A/S; Sanofi; Wockhardt Limited; Biocon Limited; Medtronic plc; and Gulf Pharmaceutical Industries (Julphar).
GLOBAL HUMAN INSULIN MARKET SEGMENTATION
Market Segmentation by Application
Market Segmentation by Geography