Human Recombinant Insulin Market Is Estimated To Witness High Growth Owing To Increasing Diabetes Prevalence
The 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, as highlighted in a new report published by Coherent Market Insights.
The Human Recombinant Insulin Market provides affordable treatment for diabetes, which is one of the most prevalent chronic diseases globally. Recombinant human insulin is used for the treatment and management of diabetes mellitus. It helps in maintaining insulin levels in the blood for efficient metabolism of glucose and other food substances. Diabetes has been rising rapidly across the world due to sedentary lifestyle and changing dietary patterns. This growing incidence of diabetes is boosting the demand for recombinant human insulin worldwide.
Human recombinant insulin products provide an affordable treatment option for managing blood glucose levels in diabetes patients. They are produced through biotechnological methods using specific genes and living organisms, making them safe, effective and easily available substitutes for animal-derived insulin. The recombinant technology helps overcome the inconsistencies and risks associated with using animal insulin. It provides a more consistent insulin therapy to diabetes patients.
Market key trends:
The Human Recombinant Insulin Market is witnessing high growth owing to the rising prevalence of diabetes. As per the International Diabetes Federation, approximately 643 million adults aged 20-79 years are living with diabetes worldwide in 2022. Growing urbanization, aging population and obesity rates are the major drivers fuelling the diabetes epidemic. Moreover, advancements in recombinant insulin manufacturing technologies have enhanced product quality and effectiveness. Various long-acting and pre-mixed recombinant human insulins have been developed for improved glycemic control. Favorable government initiatives and increasing healthcare expenditure in emerging nations are also propelling the market growth. However, high treatment costs continue to limit the market size to some extent.
Threat of new entrants: The threat of new entrants is low due to high capital requirement for R&D and manufacturing facilities. Bargaining power of buyers: The bargaining power of buyers is high due to presence of many established brands offering substitutes. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutes. Threat of new substitutes: The threat of new substitutes is moderate as new products are regularly introduced. Competitive rivalry: High as the industry players compete on the basis of product quality, price and brand image.
Strengths: Established production facilities and widespread distribution & marketing networks. Weaknesses: High R&D and production costs. Opportunities: Growth in the emerging markets and rise in diabetic population. Threats: Stringent regulations and introduction of biosimilars.
The Global Human Recombinant Insulin Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of diabetes. Regionally, North America dominates the market currently owing to growing diabetic population in the US and Canada. Asia Pacific is expected to witness fastest growth due to rising elderly population suffering from diabetes in China and India.
Key players operating in the Human Recombinant Insulin market are Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Julphar Gulf Pharmaceutical Industries, Biocon Limited, Bioton S.A., Gan & Lee Pharmaceuticals, Ltd., Zhuhai United Laboratories Co., Ltd., Wanbang Biopharmaceuticals Co., Ltd., and Dongbao Enterprise Group Co., Ltd.