Human Insulin Market worth 44 Billion USD by 2023
The global human insulin market to grow at a CAGR of 10.2% during the forecast period 2017–2023 to aggregate $44 billion by 2023
Increasing prevalence of diabetes and rising elderly population are expected to drive the market growth during the forecast period. However, the high cost of insulin and stringent regulatory approval process are hampering the market growth.
BANGALORE, India – February 06, 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Human Insulin Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023” (February 2018).
According to Infoholic Research, the human insulin market is anticipated to grow at a robust CAGR during the forecast period due to a high incidence rate of diabetes, globally. Insulin is a peptide hormone that helps in controlling the absorption of fat and carbohydrate in the body.
The growth in the prevalence rate of diabetes, changes in lifestyles, rising number of obese patients, and increasing geriatric population are the major factors driving the market growth. However, the high cost for the development and production of insulin, manufacturing complexities, and stringent regulatory scenario for the approval of derived products are hampering the growth of the market. The development of pipeline insulin products and expiry of key patents are providing an opportunity for the manufacturers of human insulin.
According to Infoholic Research, the “Global Human Insulin” market is expected to grow at a CAGR of 10.2% during the forecast period 2017–2023 to touch an aggregate of $44.0 billion by 2023.
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The human insulin market is analyzed based on three segments – product type, top insulin brands, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In the North America region, the US is set to be the leading country. Europe is set to be the second leading region and held more than 27.8% of the market share in 2016. In Asia Pacific, India, Japan, and China are among the most attractive countries for the players and hold huge business opportunities. The ROW is set to be an emerging market in the next 5–6 years.
Based on types, the market is segmented into modern human insulin and traditional human insulin. Modern human insulin includes rapid-acting insulin analogs, premixed analogue insulins, and long-acting insulin. Traditional human insulin includes regular human insulin, NPH human insulin, and pre-mixed insulin. Novo Nordisk holds 45.0% share of the total modern insulin market.
Lantus is the major insulin drug in the market. Due to the loss of patents, the drug has got competition in the form of biosimilar by name Basaglar from Eli Lilly. After the loss of share for its biosimilar counterpart, the drug lost its value for its follow-up drug Toujeo. Since the launch of Toujeo in April 2015, the company has been switching over as many patients as possible to the newer drug to fill the sales gap caused by the reduced revenue of Lantus.
“Regardless of the size of the total market, it is chiefly dominated by Novo Nordisk, Sanofi, and Eli Lilly. These firms function globally either independently or through subsidiaries and distributors. The insulin products of Novo Nordisk are sold in 111 countries along with 101 countries for Sanofi’s insulin products, and 94 countries for Eli Lilly’s insulin products. Especially in higher income countries of Western Europe, nearly 55% of insulin products are sold by these major manufacturers. Moreover, in 2012, they occupied 88.7% of share in the global insulin market. However, there are many small companies involved in the production and sales of insulin products. Other major companies in the market are Wockhardt, Biocon, Julphar, Oramed, GSK, and SemBioSys Genetics Inc.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below points:
- 1. Provides an in-depth analysis of the key business opportunities in countries and verticals.
- 2. Provides the complete details about the various types of human insulin.
- 3. Provides the complete details about the analysis of top 10 players.
- 4. Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.