Human Insulin (HI) Market by Product (HI Drugs [HI Analogs, HI Biologics], HI Delivery Devices [Syringes, Pens, Pen Needles, Pumps]), by Application (Type II Diabetes, Type I Diabetes, Gestational Diabetes & Prediabetes), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023
NEW YORK, Nov. 19, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, The human insulin (HI) market size is predicted to reach $70.6 billion by 2023. Increasing population exposure to key risk factors leading to diabetes, technological advancements in insulin delivery devices, growth in the number of diabetic patients, and growing geriatric population are the factors driving the market growth.
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The products available in the human insulin market are HI drugs and delivery devices. Among these products, HI delivery devices is expected be the faster growing category, globally, advancing at a CAGR of 11.1% during the forecast period. This is attributed to increasing prevalence of diabetes, and growing focus of insulin pen manufacturers on countries with large number of diabetic patients, such as China and India. Furthermore, technological advancements in pens and medical reimbursements offered in developed regions are some of the other factors driving the growth of this product category.
HI drugs are further classified into analogs and biologics. There are various brands available for HI analogs and biologics in the global human insulin market. The HI analogs are also classified on the basis of type into rapid-acting, long-acting, and premixed insulin. Similarly, HI biologics are bifurcated into intermediate/rapid-acting, short-acting, premixed, on the basis of type. Among these, short-acting insulin is predicted to be the fastest growing category in the global market, demonstrating a CAGR of 5.8%.
On the basis of application, the human insulin market is categorized into type II diabetes, type I diabetes, and gestational diabetes and prediabetes. Type II diabetes is expected to be the fastest growing application area in this market, advancing at a CAGR of 9.1% during the forecast period, which is attributed to increasing prevalence of type II diabetes, globally.
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The human insulin market in APAC is expected to witness fastest growth, due to rising prevalence of diabetes, unhealthy lifestyle choices due to rapid urbanization, and growing aging population in the countries like China and India. Additionally, major players as a part of their business strategy are investing in the untapped market of the region leading to its fastest growth.
The International Diabetes Federation (IDF) reported in 2015, that an estimated 82 million people aged between 20 to 79 years suffered from diabetes in South-East Asia in 2017. Furthermore, in response to the growing diabetes and lifestyle diseases, the government of the developing countries, such as China, and India, are preparing action plans in order to expand diabetes screening at the primary health-care level, train health-care workers, and take preventative measures. Thus, such initiatives plans are expected to support the growth of human insulin market in APAC.
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In order to increase their market share, key players of the human insulin industry are pursuing partnerships and collaborations. For instance, in October 2018, Ypsomed AG collaborated with Koninklijke Philips N.V. (Philips) to jointly develop and deploy new digital self-medication adherence monitoring services based on Ypsomed’s connected devices and Philips’ cloud based HealthSuite digital platform.
Some of the other key players operating in the human insulin industry are B. Braun Melsungen AG; Becton, Dickinson and Company; Eli Lilly and Company; Novo Nordisk A/S; Sanofi; Wockhardt Limited; Biocon Limited; Medtronic plc; and Gulf Pharmaceutical Industries (Julphar).
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