Pune, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Global human insulin market size is anticipated to reach USD 27.71 billion by 2026. International Diabetes Federation (IDF) reported that around 425 million people across the world suffer from diabetes. This shows that the rising prevalence of diabetes is propelling growth in the market.
Fortune Business Insights in a new report, titled “Human Insulin Market Size, Share & Industry Analysis, By Type (Analogue Insulin (Long-Acting, Fast Acting, Premix), Traditional Human Insulin (Long-Acting, Short-Acting, Fast Acting, Premix)), By Diabetes Type (Type 1, Type 2), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, Online Pharmacy), and Regional Forecast, 2019-2026” predicts the market to exhibit a CAGR of 3.4% during the forecast period. In 2018, the market value stood at USD 21.26 billion in 2018. The adoption of delivery devices primarily for insulin administration is increasing, thus driving the market.
April 2019: Eli Lily and Company to launch a low-priced insulin called Humalog in the U.S. to fulfil the needs of people who need insulin.
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Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
The whole world is fighting the novel coronavirus. Sectors and industries are devasted due to the major loss caused by COVID-19 in business. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Presence of Giant Insulin Manufacturers to Give Impetus to the Growth in North America
From a geographical standpoint, North America continues to maintain its dominance in the global human insulin market through the forecast years. The report indicates that the market in this region was worth USD 10.42 billion in the year 2018. The growth in the market is driven by the existence of key insulin manufacturers and robust competition among each other. In addition to this, the increasing prevalence of type 1 diabetes in North America is enabling growth in the market.
The higher prices of insulin in the U.S. is likely to garner growth in the market, which in turn, will foster the human insulin market size in North America. Other factors driving the insulin drugs market in this region are increasing healthcare spending and rising research and development (R&D) activities for the successful development of biosimilars.
Novo Nordisk to Expand its Insulin Manufacturing Plant in India
The prevalence of diabetes is increasing across the world, one of the primary human insulin market trends. In a 2017 report published by the Centers for Diseases Control and Prevention (CDC), it was found that around 30.3 million people in the U.S. suffered from diabetes. Furthermore, it was stated that among the above numbers, around 23.1 million were diagnosed, while the rest were not diagnosed.
The increasing adoption of a sedentary lifestyle is the primary reason behind the prevalence of diabetes. This, as a result, will fuel demand for insulin pens and insulin injections among masses. Consequently, Biocon plans to develop an oral insulin tablet called Tregopil for people suffering from Type 1 and Type 2 diabetes.
This tablet aims to improve the post-prandial blood sugar control and has minimum side-effects. As per the report, companies such as Eli Lilly and Company, Sanofi, and Novo Nordisk A/S hold the maximum share in the global market.
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Some of the other key players operating in the Human Insulin Market are:
- Novo Nordisk A/S
- Eli Lilly and Company
- Boston Scientific Corporation
- Sanofi
- Boehringer Ingelheim International GmbH
- Biocon
- Tonghua Dongbao Pharmaceutical
- Julphar
- Wockhard
- Other prominent players
Several companies are focusing on to develop their product portfolio by targeting emerging or underdeveloped countries. For instance, Novo Nordisk plans to expand its manufacturing facility plant in Ahmedabad, India. This facility ensures the provision of high-quality quality and affordable insulin for diabetic patients.
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Human Insulin Market Segmentations:
By Type
• Analogue Insulin
o Long-acting
o Fast-acting
o Premix
• Traditional Human Insulin
o Long-acting
o Short-acting
o Fast-acting
o Premix
By Diabetes Type
• Diabetes Type 1
• Diabetes Type 2
By Distribution Channel
• Retail Pharmacies
• Hospital Pharmacies
• Online Pharmacies
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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