by Human recombinant insulin is a manufactured version of synthetic human insulin used for the treatment of diabetes. It is produced through recombinant DNA technology, where the human insulin gene is inserted into organisms such as yeast, making them produce higher volumes of synthetic human insulin. Some key products in the market include rapid-acting insulin analogs, long-acting insulin analogs, and premixed insulin analogs.
The global human recombinant insulin market is estimated to be valued at US$ 41,602.7 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
As per International Diabetes Federation (IDF), the prevalence of diabetes has nearly quadrupled since 1980, rising from 108 million to 537 million in 2021 globally. This rising patient pool suffering from diabetes is increasing the demand for recombinant insulin for effective blood glucose control and management. Additionally, technological advancements in insulin delivery systems such as insulin pumps, insulin patches, and inhaled insulin are also fueling the market growth. However, higher costs associated with recombinant human insulin production using complex biotechnology processes and stringent regulations for product approval and manufacturing can hamper the market growth.
SWOT Analysis
Strength: Recombinant insulin is produced through biotechnology and is genetically identical to human insulin. It has better effectiveness, safety, and tolerability as compared to animal-derived insulin. Recombinant insulin helps manage blood sugar levels effectively in diabetic patients thus preventing complications. The production process of recombinant insulin is more standardized and consistent leading to reliable quality.
Weakness: High cost of production involving sophisticated biotechnology and purification processes increases the cost of recombinant insulin. Stringent regulatory approvals and quality standards increase the production and marketing costs. Dependency on few major players in the market.
Opportunity: Growing global diabetic population, especially in emerging economies, increases the demand for effective diabetes management. Increasing awareness about advantages of recombinant human insulin over animal insulin boosts the market growth. New and improved insulin formulations including concentrated, faster acting, and long-acting variants widen the opportunities.
Threats: Price controls and reimbursement policies vary across regions posing challenges. Threat from biosimilar insulin and alternative therapies for diabetes management.
Key Takeaways
The global human recombinant insulin market is expected to witness high growth over the forecast period driven by the rising diabetes prevalence worldwide. As per estimates, over 540 million people have diabetes globally and this number is projected to rise to 700 million by 2045. Type 2 diabetes accounts for over 90% of all diagnosed cases of diabetes globally. The global human recombinant insulin market is estimated to be valued at US$ 41602.7 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030
Regional analysis: North America currently dominates the global market owing to developed healthcare infrastructure, awareness levels and presence of major players in the region. However, Asia Pacific region is expected to witness the fastest growth during the forecast period led by expanding diabetic population, growing health awareness and improving access to diabetes care in developing countries like India and China.
Key players: Key players operating in the human recombinant insulin market are Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Biocon Limited, and Wanbang Biopharmaceuticals Co., Ltd. Novo Nordisk and Sanofi collectively account for over 80% of the global insulin market. Biocon Limited is the leading player from India and is expanding its global footprint through strategic partnerships.
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.
