by Human insulin is a medication used to treat high blood sugar levels caused by type 1 and type 2 diabetes. It works by mimicking the hormone insulin that regulates blood sugar. There is an increasing demand for affordable insulin drugs due to rising insulin prices.
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 key trends:
Rising insulin prices have significantly impacted diabetic patients, forcing many to limit their insulin use which negatively impacts their health. The increasing prices have been propelled by higher manufacturing costs and consolidation in the insulin production industry. Lack of viable alternative treatment options has also contributed to the rising prices. However, the introduction of less expensive biosimilar insulins drugs is expected to provide relief to patients by boosting market competition and curbing insulin price hikes over the forecast period.
SWOT Analysis
Strength: Human insulin drugs provide better glycemic control for patients with diabetes compared to synthetic insulin. They also have a lower risk of hypoglycemia.
Weakness: The production process of human insulin is more complex and expensive than synthetic insulin. The supply is also limited due to reliance on natural sources.
Opportunity: Growing prevalence of diabetes worldwide is increasing the demand for effective treatment options like human insulin drugs. New recombinant DNA technologies can help improve production efficiency and lower costs.
Threats: Stringent regulatory approvals and safety standards increase R&D costs and market entry barriers. Alternatives like synthetic insulin and newer drug delivery methods pose competition.
Key Takeaways
The Global Human Insulin Drug Market Size is expected to witness high growth over the forecast period of 2023 to 2030 due to rising diabetic population. 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.
Regional analysis: North America dominates the market currently due to advanced healthcare infrastructure and high adoption of human insulin drugs. However, Asia Pacific is expected to grow at the fastest pace during the forecast period driven by large diabetic population, increasing healthcare awareness and healthcare expenditure.
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. Existing players are focusing on new product launches and targeting emerging markets to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
