Biosimilar Insulin Is Fastest Growing Segment Fueling The Growth Of Human Insulin Drug Market
The global Human Insulin Drug Market is estimated to be valued at Us$ 49411.32 Mn in 2023 and is expected to exhibit a CAGR Of 8.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Human insulin drugs are used for the treatment of diabetes by regulating blood glucose levels. These drugs include recombinant human insulin and biosimilar insulin, which can effectively manage diabetes with fewer side effects. With rising cases of diabetes globally, the demand for efficient insulin therapy has been accelerating.
Market key trends:
One of the key trends driving the growth of the human insulin drug market is the growing adoption of biosimilar insulins. Biosimilar insulins are the lower-cost alternatives to branded insulins that are comparable to innovator biologic drugs in terms of quality, safety and efficacy. Their reduced prices make insulin therapy affordable for more patients suffering from diabetes. Several leading players have introduced biosimilar insulins in the market, which has increased treatment accessibility and fueled market revenue. This has further promoted the uptake of insulin drugs for diabetes management.
Segment Analysis
The global human insulin drug market is segmented on the basis of product type, indication, distribution channel, and region. Based on product type, the market is segmented into insulin injections, insulin pens, insulin pumps, and others. Among these, the insulin injections segment dominates the market as they are easy to use, convenient, and are available at affordable prices. Further, based on indication, the market is divided into type 1 diabetes, type 2 diabetes, gestational diabetes, and others. Among these, type 1 diabetes holds the major share as it requires external insulin administration for survival.
Key Takeaways
The Global Human Insulin Drug Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of diabetes across the globe.
Regional analysis:
North America dominates the global human insulin drug market due to the rising prevalence of diabetes in the region. Asia Pacific exhibits the fastest growth over the forecast period due to rising geriatric population, adoption of sedentary lifestyle, and growing obesity in countries like India and China.
Key players:
Key players operating in the human insulin drug market are Wockhardt, SEDICO, Exir, Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Novo Nordisk AS holds the major share of the market due to its diversified product offerings and strong distribution network worldwide. The global human insulin drug market size is expected to reach US$ 49411.32 Mn by 2023, exhibiting a CAGR of 8.1% over the forecast period.
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