November 16, 2022 05:08 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Nov. 16, 2022 (GLOBE NEWSWIRE) — The global human insulin market size was valued at USD 18.28 billion in 2021. The market is expected to grow from USD 18.72 billion in 2022 to USD 22.73 billion by 2029, exhibiting a CAGR of 2.8% during the forecast period. The increasing prevalence of diabetes and insulin analogues adoption to foster market growth. Fortune Business Insights™ presents this information in its report titled “Human Insulin Market, 2022-2029.”
Key Industry Development
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Presence of Major Players to Foster Industry Growth in North America
North America is expected to dominate the human insulin market share due to the presence of several major players. The market in North America stood at USD 8.44 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, the rising prevalence of type 1 diabetes is expected to foster the demand for human insulin. These factors may drive market progress.
In Europe, the increasing penetration of major companies is expected to elevate the d human insulin industry’s growth. This factor may propel market progress in this region. In Asia Pacific, the rising prevalence of diabetes among the geriatric population is expected to elevate the adoption of human insulin. This factor may propel market progress during the upcoming years.
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Drivers and Restraints
Novel Product Launches Facilitated the Market’s Growth
Human insulin is a hormone that regulates the body’s blood sugar levels. Insulin is used to treat patients who have diabetes. The rising prevalence of diabetes conditions is expected to enhance the demand for human insulin. Furthermore, the increasing launch of novel product manufacturers is expected to enhance the industry’s growth prospects. For example, Eli Lilly and Company received approval for their Mounjaro injection in May 2022. This injection helps type 2 patients advance their glycemic control. In addition, the increasing spending on healthcare devices is expected to drive the human insulin market growth.
However, the low diagnosis rate and lack of reimbursement policies may hamper the industry’s growth.
Analogue Insulin Segment to Dominate Owing to its Advantages
By type, the market is segmented into analogue insulin and traditional human insulin. The analogue insulin market is expected to grow significantly due to its advantages.
Type 1 Segment to Grow Owing to Increasing Prevalence of Diabetes
As per diabetes type, the market is classified into diabetes type 1 and diabetes type 2. The type 1 segment is expected to grow due to the rising prevalence of diabetes.
Retail & Online Pharmacies Segment to Lead Owing to Entry of Big Players
Based on distribution channels, the market is bifurcated into hospital pharmacies and retail & online pharmacies. The retail & online pharmacies segment is expected to dominate due to the entry of big players.
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Regionally, the market is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Companies Deploy Acquisition Strategies to Expand its Resources
The prominent companies operating in the market announce acquisition strategies to expand their resources. For example, Novo Nordisk A/S completed the acquisition of Dicerna Pharmaceuticals and Dicerna’s ribonucleic acid interference (RNAi) platform in November 2021. This strategy may allow Novo Nordisk A/S to boost its market reach. Furthermore, major companies deploy mergers, acquisitions, product launches, innovations, expansions, and research and development to boost their market position.
Reduced Adoption of Insulin from Patients Fostered Market Growth
This market was negatively affected during the COVID-19 pandemic due to patients’ reduced adoption of insulin. The sudden spike in COVID-19 patients enhanced the demand for medical equipment used for infected patients, thereby reducing sales. Furthermore, the manufacturing restrictions impeded insulin production, affecting the market’s growth prospects. However, the resumption of activities after the lockdown enhanced insulin adoption, thereby positively impacting the market’s growth.
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List of Key Players Profiled in the Report
• Novo Nordisk A/S (Denmark)
• Eli Lilly and Company (U.S.)
• Sanofi (France)
• BIOTON S.A. (Poland)
• Gan & Lee Pharmaceuticals Co Ltd. (Germany)
• Biocon (India)
• Tonghua Dongbao Pharmaceutical (China)
• Julphar (UAE)
• Wockhardt (India)
Detailed Table of Content:
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