Human Insulin Market Size To Reach US$ 68.0 Billion By 2028 | With a 6.48% CAGR

IMARC Group, a leading market research company, has released a report titled "Human Insulin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The global human insulin market size reached US$ 45.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.48% during 2023-2028.

Human insulin is a form of synthetic insulin with a structure identical to insulin produced by the human pancreas. It is a critical product used for the regulation of blood glucose levels in individuals with diabetes, a chronic disease that affects millions worldwide. It is manufactured through recombinant DNA technology. Human insulin has revolutionized diabetes treatment since its introduction in the 1980s, presenting fewer side effects and improved patient outcomes compared to animal-derived insulin. The production involves the insertion of the human insulin gene into bacteria or yeast, which then produces insulin for commercial use. It is widely available in different forms, including rapid-acting, long-acting, and premixed, and is administered via injection or insulin pump. Human insulin plays a pivotal role in managing Type 1 and Type 2 diabetes, enabling patients to maintain optimal blood sugar levels and lead a healthier and more balanced lifestyle.

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Human Insulin Market Trends and Drivers:

The global human insulin market is primarily driven by the escalating prevalence of diabetes worldwide due to the aging population, unhealthy lifestyles, and rising obesity rates. Besides this, an increase in diabetes-related health complications such as diabetic retinopathy, neuropathy, and nephropathy strengthens the need for effective diabetes management solutions, leading to a surge in demand for human insulin. Additionally, the growing awareness about diabetes management and the importance of glycemic control, particularly in emerging economies, is fueling product demand. In line with this, the surging emphasis on patient education about diabetes management and the importance of maintaining optimal blood glucose levels has accelerated the adoption of human insulin. Furthermore, the progressive evolution of insulin delivery devices, from syringes to insulin pens and pumps, is augmenting market growth. Such advancements not only enhance patient compliance owing to ease of use but also improve glucose control, thus favoring market growth. In addition, ongoing product innovations, such as the development of smart insulin pens, inhaled insulin, and implantable pumps, have improved the quality of diabetes care. The convenience and ease of use offered by these advanced delivery methods make them popular among patients, thereby stimulating market growth. Moreover, the expansion of health insurance and inflating healthcare expenditure in both developing and developed countries ensure greater access to diabetes treatment, thereby propelling market growth. Along with this, strategic initiatives by various key players, such as partnerships, mergers and acquisitions, and heavy investments in research and development (R&D) for novel and effective insulin analogs, are intensifying market competition and growth. Apart from this, the advent of biosimilar insulins and technological innovations in insulin delivery are also offering lucrative growth opportunities for the market.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

B. Braun Melsungen AG
Becton
Dickinson and Company (BD)
Biocon
Eli Lilly and Company
Gulf Pharmaceutical Industries (Julphar)
Novo Nordisk A/S
Pfizer Inc.
Groupe Sanofi
SEDICO Co.
Wockhardt Limited
Ypsomed AG

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The report has segmented the market on the basis of Product Type, End-User and Region.

Breakup by Product Type:

Drugs
Human Insulin Analogs and Biosimilars
Rapid Acting
Long Acting
Premixed
Human Insulin Biologics
Short Acting
Intermediate Acting
Premixed
Delivery Devices
Pens
Reusable Pens
Disposable Pens
Pen Needles
Standard Pen Needles
Safety Pen Needles
Syringes
Others

Breakup by Distribution Channel:

Retail Pharmacies
Hospital Pharmacies
Online Retail Stores
Others

Breakup by Disease Type:

Type I Diabetes
Type II Diabetes

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

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This release was published on openPR.