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Global Human Insulin Drug Market to Surpass US$ 84,657.8 Million by 2030, Says Coherent Market Insights (CMI)
Burlingame, Jan. 12, 2023 (GLOBE NEWSWIRE) — According to Coherent Market Insights, Global Human Insulin Drug Market is estimated to be valued at US$ 45,417.3 million in 2022 and is expected to exhibit a CAGR of 8.1% during the forecast period (2022-2030).
Analysts’ Views on Global Human Insulin Drug Market:
The human insulin drug market’s growth can be hindered by the rising prices of insulin. For instance, according to RAND, a non-profit organization, January 2021, Insulin prices are higher in the U.S. than in 33 countries in Europe, Asia among others. In the U.S. average list price for a vial of insulin is US$ 98.7 in 2021.
Global Human Insulin Drug Market – Driver
Increasing number of liscense agreement bertween market players
In August 2022, Eris Lifesciences, a Indian based pharmaceutical company entered liscense agreement with Biocon Biologics, a biotechnology company to market insulin glargine in India. Eris Lifesciences is expected to launch insulin glargine in year 2023 in India. insulin glargine is a is an analog of human insulin, used in the management of type I and type II diabetes.
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Global Human Insulin Drug Market – Restraint
Side effects associated with Human Insulin Injection is expected to hinder the market growth in the forecast period. some common side effects of Human Insulin Injection are as follows –
- Weight GainConstipation
- Fat Breakdown
- Redness, Swelling, and Itching at the Injection Site
- Fast Heartbeat
- Dizziness
- Abnormal Heartbeat
Key Trends and Analysis of the Global Human Insulin Drug Market:
Increasing number of R&D activities regarding insulin in Type 2 Diabetes Mellitus is expected to drive the market growth over the forecast period. For instance, in September 2020, Cleveland Clinic, a non-profit academic medical center, in collaboration with Novo Nordisk A/S, a global healthcare company, started research. The aim of the research is to determine whether therapy with once-weekly subcutaneous semaglutide in combination with once-daily insulin degludec the basal insulin will be capable of maintaining (or improving) glycemic control, when substituted for multiple daily injections of insulin (MDI), in patients with type 2 diabetes mellitus with adequate glycemic control (≤ 7.5%). The study is now in phase 4 of clinical trials and is expected to complete in June 2023.
Global Human Insulin Drug Market Cross Sectional Analysis:
Basal Insulin segment is dominant in In North America region due to increasing number of product launches by market players. For instance, Novo Nordisk, a pharmaceutical company launched unbranded versions of Tresiba analogue insulin will increase patients’ access to more affordable options. Tresiba is insulin degludec which is ultralong-acting basal insulin analogue. The unbranded biologic, insulin degludec, was approved by the U.S. Food and Drug Administration (FDA) in July 2022.
Recent Developments:
In June 2020, U.S, FDA approved Lyumjev, insulin lispro-aabc injection for the for the treatment of adults with type 1 and type 2 diabetes. Lyumjev is manufactured by Eli Lilly and Company, a U.S. based pharmaceutical company
In January 2020, Novo Nordisk, a pharmaceutical company launched semaglutide, anti diabetic pills in India for treatment of type 2 diabetes in India. Lyumjev is the first oral semaglutide used for the treatment of type 2 diabetes for adults
In December 2022, Eli Lilly and Company, a U.S. based pharmaceutical company announced a collaboration with Eva Pharma, a pharmaceutical company to to deliver a sustainable supply of affordable human and analogue insulin to one million people living with type 1 and type 2 diabetes in low- to middle-income countries (LMICs) such as Africa
In December 2022, Amalgam Rx, a company focused on connecting healthcare providers and life sciences companies through a SaaS-enabled digital marketplace and product platform announced the partnership with Novo Nordisk, a pharmaceutical company for the commercialization of Dose Check. Dose Check is a digital insulin initiation and titration app developed by Amalgam Rx to help people with type 2 diabetes using basal insulin
Key Market Takeaways:
The Global Human Insulin Drug Market is expected to exhibit a CAGR of 8.1% during the forecast period. Increasing prevalence of diabetes type 2 is expected to boost the market growth over forecast period. For instance, in September 2022, according to WHO (World Health Organization), type 2 diabetes affects more than 95% of diabetic patients globally.
Among product type, the biosimilar insulin segment is dominant due to the increase in the manufacturing of biosimilar insulin by the market players which is expected to drive the segment growth over the forecast period. For instance, in March 2022, Civica Rx, a nonprofit generic drug company, announced that the company will manufacture and distribute 3 biosimilar insulins – glargine, lispro, and aspart, at affordable prices of not more than US$30 per vial in the U.S. The company will produce these biosimilar insulins both in vials and prefilled pens. The insulins will be manufactured at Civica’s state-of-the-art 140,000-square-foot manufacturing plant, being built in Petersburg, Virginia. The facility is expected to be operational in early 2024.
On the basis of region, North America segment is expected to hold a dominant position in the market over the forecast period due to increasing product launches by market players. For instance, in November 2021, Viatris, a global pharmaceutical company, in collaboration with Biocon Biologics, a biotechnology company, announced the launch of Semglee (insulin glargine-yfgn) injection and Insulin Glargine (insulin glargine-yfgn) injection in the U.S.
Competitive Landscape:
Key players operating in the global human insulin drug market include Wockhardt, SEDICO, Exir, Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others
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Market Segmentation:
- Global Human Insulin Drug Market, By Product Type:
- Human Insulin
- Basal Insulin
- Bolus Insulin
- Insulin Combinations
- Biosimilar Insulins
- Global Human Insulin Drug Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
