Hyderabad, April 05, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Middle East and Africa Human Insulin Market - (2023 – 2028),” the market is expected to register a CAGR of >4%. In the Middle East and Africa, Type 1 diabetes forms approximately 10% of diabetes conditions, and Type 2 contributes to 90%. Type 1 patients need to take insulin throughout their lives while maintaining a healthy diet and regular physical exercise. Type 2 patients need to eat healthily, remain physically active, and perform regular tests to check their blood glucose levels. They may also need to take oral medications and insulin to control the glucose levels in their blood.
Biosimilar Insulin has the highest market share in the Middle East and Africa Human Insulin Market:
Biosimilar insulin is highly popular in the Middle East and Africa region because of its low cost as compared to branded insulin. The Middle East and African countries have substantial economic diversity.
- Diabetes expenditure in the region is low, but some countries have implemented biologic and biosimilar therapies.
- Governments are driving biosimilar uptake to create a competitive and sustainable market.
- Companies are developing biosimilars that are similar to the reference insulin glargine, with no clinically meaningful differences.
- Middle East and Africa were one of the largest markets for these biosimilars in 2021.
- There is increasing adoption of insulin glargine biosimilars across the Middle East and Africa, contributing to the segment's overall growth.
- Several governments are recognizing the importance of driving biosimilar uptake to create a competitive and sustainable biosimilar market.
- Companies are developing biosimilars that are similar to the reference insulin glargine, leading to growth in the Insulin Biosimilar market.
The total diabetic population in the Middle East and Africa has increased by more than 200% over the past years. Approximately 8% of the diabetic population in the region has Type-1 diabetes.
Saudi Arabia has the highest market share in the Middle East and Africa Human Insulin Market:
Diabetes is one of the country's growing health concerns. Saudi Arabia is one of the top three countries in the Middle East and Africa region witnessing the growing prevalence of diabetes. The diabetic population in Saudi Arabia increased from 1.48 million in 2012 to 5.95 million in 2021, with more than 8 million expected to be diagnosed by 2027. The Type 1 diabetes population in the country is projected to reach more than 0.5 million by 2027 from 0.39 million in 2021.
Saudi Arabia hopes to reduce the prevalence of diabetes by 10% over the next decade. The government is launching several initiatives to combat the rising epidemic, including a tax on sugary drinks, fitness initiatives, and a focus on preventative care.
The government’s focus on combating diabetes and the higher purchasing power of the people in the country may boost the market for diabetes drugs, like insulin drugs, during the forecast period.
Who are the key players in the Middle East and Africa Human Insulin Market?
The Middle East and Africa Human Insulin Markets are dominated by Novo Nordisk, Sanofi, and Eli Lilly. However, there are many local players like:
- Novo Nordisk
- Sanofi
- Eli lilly
- Wockhardt
- Pfizer
- Julphar
- Exir
- SEDICO
Recent developments in the Middle East and Africa Human Insulin Market:
- In July 2021, Semglee, a first-of-its-kind insulin product made by India’s Biocon, got the United States’ approval. Semglee, manufactured by Biocon Biologics, a Bengaluru-based pharmaceutical company, is both interchangeable with and biosimilar to Lantus, a long-acting insulin product already approved in the United States and expected to be launched in the Middle East and African countries in the near future.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/middle-east-and-africa-insulin--market
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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