Human Insulin Market Size, Growth Value, Current Trends, Future Insights and COVID-19 Impact Analysis By 2023
Human Insulin Market Size, Growth and Share Analysis by Type (Traditional Human Insulin and Modern Human Insulin), by Indication (Type 1 Diabetes and Type 2 Diabetes), and End-User (Hospitals and Clinics and Research Institutes)- Global Forecast Till 2023
Pune, India – June 29, 2020 /MarketersMedia/ —
human insulin market Overview
According to Market Research Future (MRFR), the global human insulin market is estimated to grow at 12.1% CAGR throughout the anticipated period (2017 – 2023). The report defines all major human insulin market aspects, adding expert opinion on current and historical data. Further, the report also covers investment opportunities, market statistics, growing competition analysis, gross margins, and top business strategies. MRFR assesses the rapidly changing market scenario, covering the impact of pre and post coronavirus crises.
The global human insulin market is growing at a rapid pace. The human insulin market growth attributes to the growing prevalence of type 1 and types 2 diabetes. Besides, rising cases of severe hypoglycaemia, hyperglycemia with ketosis, and Diabetes Mellitus (DM), influence the market growth. Moreover, increasing numbers of geriatric populaces susceptible to type-1 diabetes escalates the growth of the market to furthered height.
The demand for breakthrough therapeutics and treatment options contributes to human insulin market growth significantly. Additionally, government initiatives to control and manage diabetic conditions among people accelerate the insulin market share.
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Also, the growing access to quality healthcare due to the rising healthcare spending positively impacts the growth of the market. Furthermore, rising awareness and screening for DM and demand for improved diagnostic capabilities substantiate the insulin market size, ensuring early detection of diabetes. Growing emphasis on diabetes management, including new treatment options, increases the insulin market share.
On the other hand, low awareness among people about diabetic care is a significant factor impeding the growth of the market. Also, the high cost of insulin devices is posing challenges to the growth of the market. Nevertheless, increasing incidences of diabetes due to environmental and genetic factors would support the growth of the market throughout the assessment period.
Human Insulin Market Segmentation
The report is segmented into four dynamics;
By Type: Traditional Human Insulin and Modern Human Insulin.
By Indication: Type 1 Diabetes and Type 2 Diabetes.
By End-User: Hospitals & Clinics, Forensic Laboratories, Research Institutes, and others.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World
Human Insulin Market Regional Analysis
North America leads the global human insulin market. The largest human insulin market share attributes to the rising prevalence of type-1 and type-2 diabetes and the rising demand for human insulin to treat diabetic conditions. Besides, the presence of major industry players and a large diabetic population base positively impacts the insulin market demand in the region.
The US accounts for the major share in the regional human insulin market heading with the massive funding for projects designed to improve diabetes care. The North American human insulin market is projected to retain its leading position in the global market throughout the review period.
Europe stands second in the global human insulin market. The market is driven by the continually rising type 1 and type 2diabetes patient population. Moreover, the well-established pharmaceutical industry, alongside government funding and support for R&D and amendments in healthcare reimbursement policies, increases the insulin market size in Europe. The human insulin market in the European region is estimated to create a substantial revenue pocket during the assessment period.
The Asia Pacific human insulin market is growing briskly. Factors such as the increasing pool of diabetic patients and the aging population drive the regional market growth. Additionally, vast developments in healthcare technology and rising numbers of healthcare facilities in the region foster the insulin market share. Markets in China and India account for substantial shares in the regional market. The APAC human insulin market is expected to witness a significant rise over the predicted period.
Human Insulin Market Competitive Outlook
The human insulin market appears highly competitive due to the presence of several well-established market players. To gain a larger human insulin market share, players adopt strategic approaches such as mergers & acquisitions, collaborations, expansion, and new technologies/product launches. Manufacturers adopt modern manufacturing techniques to ensure safety and convenience. Market investments are interpreted as capacity expansion plans and intensive R&D to obtain vast growth opportunities.
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Human Insulin Market Major Players:
Players leading global human insulin market are Tonghua Dongbao Pharmaceuticals Co., Ltd., Biocon Ltd., ADOCIA, Julphar, Merck & Co, Pfizer, Inc, GlaxoSmithKline, Bristol-Myers Squibb Company, Oramed Pharmaceuticals, Inc., Sanofi, and Novo Nordisk A/S, among others.
Human Insulin Industry/Innovation/Related News:
Zealand Pharma A/S, a biotechnology company, presented elaborated results on the use of regular human insulin delivered by its V-Go® in older adults with type 2 diabetes, at the Scientific Sessions of the American Diabetes Association – No. 80. Zealand focuses on the discovery, development, and commercialization of next-generation peptide-based medicines. During the presentation, the company showed its study results from a 14-week multi-center randomized, parallel trial comparing safety, and clinical outcomes for the use of human regular insulin (HRI) and rapid-acting insulin (RAI).
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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