Human Recombinant Insulin Market Is Estimated To Witness High Growth Owing To Increasing Diabetes Prevalence
Human Recombinant Insulin Market
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.
Market Overview:
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.
Porter’s Analysis
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.
SWOT Analysis
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.
Key Takeaways
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.
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