Human Insulin Market Anticipated to Mask at a CAGR of 8.4% by 2027
The global human insulin market is segmented by insulin type into short acting, intermediate acting, long acting, fast acting and premixed human insulin; by component type into consumables (drugs) and devices; by application into type I diabetes, type II diabetes, gestational diabetes, sliding scales and others; by end-user into residential and commercial and by regions. The human insulin market is anticipated to mask a CAGR of 8.4% during the forecast period i.e. 2019-2027.
Currently, the market is observing a vibrant growth owing to increasing incidences of diabetes 2 in pediatric population, rising disposable income in developing economies and growing healthcare expenditure. The emerging economies around the globe are further estimated to offer additional promising opportunities to the pipeline of insulin products for the manufacturers over the forecast period.
North America is estimated to display the highest growth in overall human insulin market over the forecast period due to increasing pediatric population suffering from type 1 diabetes across the region. Similarly, the Europe market is expected to witness a positive growth on account of rising geriatric population suffering with diabetes accompanied with rising obese population during the forecast period. Further, the growing human insulin applications for gestational diabetes treatment, Asia Pacific is expected to positively impact the market growth during the forecast period
Increasing Diabetic Population
Around 194 million people around the world have diabetes, and the World Health Organization estimates the number of incidences will reach 366 million by the year 2030. Diabetes is one of the most common health problems causing high blood sugar level resulting into excessive thirst and large amount of urine production. It sources secondary health related complications for instance hyperosmolar hyperglycemic states, diabetic ketoacidosis and other severe complications such as heart attack, stroke, leg amputation and kidney failure leading to premature death.
Increasing cases of Diabetic Retinopathy
Growing incidences of irreversible blindness due to diabetic retinopathy and rising adoption of unhealthy diet and sedentary lifestyle is expected to drive the human insulin market significantly during the forecast period. Moreover, diabetic retinopathy is among the key causes of legal blindness in working adult population, with overall prevalence of around 34% in the total diabetes population.
However, related manufacturing complexities along with critical regulatory requirements for the approval of biotechnologically derived products is anticipated to serve as restraining factors to the growth of the human insulin market over the forecast period.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global human insulin market which includes company profiling of Eli Lilly and Company, B. Braun Melsungen AG, Becton, Dickinson and Company, Novo Nordisk A/S, Wockhardt Limited, Ypsomed AG, Medtronic PLC, Gulf Pharmaceutical Industries, Sanofi Aventis, GSK and Other Prominent Players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global human insulin market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.