Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Human Insulin Market size was valued at USD 18.73 billion in 2022 and is projected to grow from USD 18.95 billion in 2023 to USD 21.04 billion by 2030, exhibiting a CAGR of 1.5% during the forecast period.
The increasing prevalence of diabetes and insulin analogues adoption to foster market growth. Fortune Business Insights™ presents this information in its report titled Human Insulin Market, 2023-2030.
Key Industry Development:
May 2020 - Novo Nordisk A/S announced its novel social responsibility ‘Defeat Diabetes’ program to expand the company’s Changing Diabetes in Children (CDiC) program.
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Key Takeaways
- The growth of the human insulin market will be driven by the increasing prevalence of diabetes worldwide.
- The human insulin market is expected to grow due to the increasing expenditure on healthcare devices.
- Analogue insulin is expected to lead the human insulin market during the forecast period.
- Human Insulin Market Size in North America was USD 8.63 billion in 2022.
"Discover the Leading Players Featured in the Report: Novo Nordisk A/S (Denmark), Eli Lilly and Company (U.S.), Sanofi (France), BIOTON S.A. (Poland), Gan & Lee Pharmaceuticals (China), Biocon (India), Tonghua Dongbao Pharmaceutical (China), Julphar (UAE), Wockhardt (India)"
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 1.5% |
| 2030 Value Projection | USD 21.04 Billion |
| Base Year | 2022 |
| Human Insulin Market Size in 2022 | USD 18.73 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 174 |
| Segments covered | Type, Diabetes Type, Distribution Channel and Geography |
| Human Insulin Market Growth Drivers | Increasing prevalence of diabetes worldwide will drive the growth of the human insulin market. |
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Drivers and Restraints:
Novel Product Launches Facilitated the Market’s Growth
Human insulin is a hormone that regulates the body’s blood sugar levels. Insulin is used to treat patients who have diabetes. The rising prevalence of diabetes conditions is expected to enhance the demand for human insulin. Furthermore, the increasing launch of novel product manufacturers is expected to enhance the industry’s growth prospects. For example, Eli Lilly and Company received approval for their Mounjaro injection in May 2022. This injection helps type 2 patients advance their glycemic control. In addition, the increasing spending on healthcare devices is expected to drive the human insulin market growth.
However, the low diagnosis rate and lack of reimbursement policies may hamper the industry’s growth.
Segments Overview:
By Type
- Analogue Insulin
- Long-acting
- Fast-acting
- Premix
- Traditional Human Insulin
- Long-acting
- Short-acting
- Fast-acting
- Premix
By Diabetes Type
- Diabetes Type 1
- Diabetes Type 2
By Distribution Channel
- Hospital Pharmacies
- Retail & Online Pharmacies
By Region
- North America
- Europe
- Asia Pacific
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Competitive Landscape:
Companies Deploy Acquisition Strategies to Expand its Resources
The prominent companies operating in the market announce acquisition strategies to expand their resources. For example, Novo Nordisk A/S completed the acquisition of Dicerna Pharmaceuticals and Dicerna’s ribonucleic acid interference (RNAi) platform in November 2021. This strategy may allow Novo Nordisk A/S to boost its market reach. Furthermore, major companies deploy mergers, acquisitions, product launches, innovations, expansions, and research and development to boost their market position.
FAQ’s
What is the size of Human Insulin Market?
Human Insulin Market size was USD 18.73 billion in 2022.
How fast is the Human Insulin Market growing?
The Human Insulin Market will exhibit a CAGR of 1.5% during the forecast period, 2023-2030
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