Demand: Human Insulin Market Size & Share to Surpass $ 26.9 Billion by 2028 | Vantage Market Research
WASHINGTON, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The Global Human Insulin Market is valued at USD 22.3 Billion in 2021 and is projected to reach a value of USD 26.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 3.20% over the forecast period 2022-2028.
One of the most significant economic areas is the human insulin business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for human insulin, including rising investment requirements, developing technology, and new laws.
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Human Insulin Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the human insulinmarket growth over the forecast period.One of the main factors favorably affecting the demand for human insulin is the rising prevalence of diabetes due to bad eating habits, sedentary lifestyles, and high-stress levels.
We forecast that the insulin analogs and biosimilarscategory in human insulinmarketsales will account for more than 30% of total sales by 2028due to analog insulin's growing benefits over conventional human insulin. Analogs insulin has better adherence to therapy and glycemic control.
North America dominates the market, and this trend of dominance will continue throughout the projection period.Factors like an aging population, rising diabetes prevalence, greater public awareness of healthcare issues, better reimbursement practices, and a surge in clinical trials drive increased demand for human insulin in this region.
Top Players in the Global Human Insulin Market
Novo Nordisk A/S
Eli Lilly and Company
Boston Scientific Corporation
Sanofi
BoehringerIngelheim International GmbH
Biocon
TonghuaDongbao Pharmaceutical
Julphar
Wockhardt
Human Insulin Market Dynamics
Rising Prevalence of Diabetes to Drive the Market:
The main causes of the rise in diabetes around the world are obesity and a sedentary lifestyle. In the previous decades, the prevalence of diabetes has increased dramatically, and it is predicted that the trend will continue in the decades to come. This factor, which has increased the demand for human insulin globally, will drive the market's expansion throughout the forecast period.
Increased Insulin Product Launches to Promote Market Growth:
Numerous new products are being introduced in the insulin market worldwide. To increase their market share and fuel the growth of the human insulin industry, manufacturers are concentrating on creating unique insulin products. For instance, in May 2022, Eli Lilly and Company was approved for their Mounjaro injection, which helps patients with type 2 diabetes improve their glycemic control.
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Top Trends in Global Human Insulin Market
One trend that Vantage Market Research (VMR) expects to see in the human insulin industryis the rising incidence of diabetes. Insulin is an essential drug for managing blood sugar levels in people with diabetes. Numerous forms of insulin are on the market, and new products are continually being created.
Another trend that VMR predicts will continue in the human insulin industry is advances in drug delivery methods. Human insulin is now more effective and practical than ever because of recent improvements in its composition and delivery techniques.
Top Report Findings
Based on product, most of the human insulin market's revenue is controlled by thedrugs category. Factors include the rising number of diabetics worldwide, the expansion of drug discovery, and development R&D driving its significant market share.
Based on product type, the insulin analogs and biosimilarscategory dominated the human insulin market. This trend is anticipated to continuebecause of its greater potential for product differentiation and innovation.
Based on diabetes type, the diabetes type 1 category dominated the human insulin market, and it is anticipated that this trend will continuebecause type 1 diabetes patients increasingly have the disease and require daily insulin injections to control their blood glucose levels.
Based on product type, the pens category dominated the human insulin market, and this trend is anticipated to continue. The increasing market focus of pen manufacturers on developing nations is responsible for its rapid rise.
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Top 10 Players Generates More Than 45% of the Global Human Insulin Market Revenue
The report also found that the largest players in the human insulinmarket are technology providers such as Novo Nordisk A/S, Eli Lilly and Company, Boston Scientific Corporation and Sanofi.These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new products. Other major players include Novo Nordisk A/S, Eli Lilly and Company, Boston Scientific Corporation, Sanofi, BoehringerIngelheim International GmbH, Biocon, TonghuaDongbao Pharmaceutical, Julphar, Wockhardt and others.As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Diabetes 1 Category in Human Insulin Market to Generate Over 30% Revenue
Human insulin is an expensive investment. Vantage Market Research has analyzed the market for human insulin to understand its current state and potential future growth factors. For better understanding, based on diabetes type the human insulin market is divided into: diabetes 1 and diabetes 2.
During the forecast period, the market for diabetes 1is anticipated to experience the highest CAGR for the high thermal conductivity substrate category due to the requirement for consistent insulin delivery. Insulin-dependent diabetes is another name for this condition. In this situation, pancreas cells produce less or no insulin, necessitating artificial dietary supplementation.
On the other hand, diabetes 2 category is anticipated to grow significantly over the forecast period because individuals with type 2 diabetes have a variety of additional treatment options. Patients with type 2 diabetes have only been prescribed human insulin when other treatments have failed to control their condition.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Human Insulin Market Forecast Report (2022-2028).
Global Human Insulin Market Segmentation
By Product
Drugs
Delivery Devices
By Product Type
Insulin Analoys and Biosimilars
Human Insulin Biologics
By Diabetes Type
Diabetes 1
Diabetes 2
By Product Type
Pens
Pen Needles
Syringe
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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