Human Recombinant Insulin Market is Expected to Grow at an Ambitious CAGR of 7.2% between 2023 to 2032 | insightSLICE
The global Human Recombinant Insulin market size was estimated to be US$ 32 billion in 2021 and is expected grow at a CAGR of 7.2% between 2023 to 2032.
One of the first products manufactured utilizing biotechnology was recombinant insulin, which is made using recombinant DNA technology. These recombinant products have replaced semisynthetic and animal-derived insulin.
The gold standard for treating people with type 1 and type 2 diabetes is insulin replacement therapy which is in high demand since its inception. Recombinant insulin is made to fulfil the continuous rise in demand sustainably and safely.
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Global Human Recombinant Insulin Market Key Segments
By Product Type:
- Rapid-Acting Human Insulin
- Short-Acting Human Insulin
- Intermediate-Acting Human Insulin
- Long-Acting Human Insulin
- Premixed Human Insulin
- Humulin R
- Novolin R
- Humulin N
- Novolin N
- Humalog Mix
- Novolog Mix
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
Because of the development of recombinant DNA technology methods, recombinant human insulin is now widely accessible as a safe product. Since microorganisms are used in the manufacture of insulin this allows for a reliable supply of the drug to be sold at a fair price around the world.
When compared to synthetic hormones, recombinant insulin products also provide a higher level of purity and reliable performance. Therefore, diabetic patients can safely switch from animal and synthetic insulin media to recombinant human insulin products without experiencing any adverse biological consequences.
The key players of the Global Human Recombinant Insulin Market are:
This Global Human Recombinant Insulin Market report will give you useful information, with a special focus on businesses and market leaders. Biocon, Bioton S.A., Eli Lilly and Company, Dongbao Enterprise Group Co Ltd., Novo Nordisk A/S, Gan & Lee Pharmaceuticals, Ltd., Julphar Gulf Pharmaceutical Industries, Sanofi S.A., Wanbang Biopharmaceuticals Co Ltd., and Zhuhai United Laboratories Co Ltd. are the leading companies in this industry.
These players will employ a variety of strategies, such as joint ventures, innovative product launches, acquisitions, etc., to enable the worldwide expansion of their present businesses. During the projected period, it will also help them build a solid position in the worldwide recombinant human insulin market.
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Driving factors for the growth of Global Human Recombinant Insulin Market
The increased incidence of diabetes in every part of the world is responsible for an increase in the demand for human insulin products. The number of diabetic patients is rising as a result of lifestyle changes, rising obesity, elderly populations, and a lack of adequate healthcare awareness.
This has favoured the growth of the recombinant human insulin market across the globe. Furthermore, growing R&D spending in medication research and production, as well as greater diabetes awareness, are driving market expansion.
Another significant factor projected to drive the growth of the Global Human Recombinant Insulin Market is the impending patent expiration for several human analog pharmaceuticals. Because of this, generic human insulin products are more readily available on the market, and the demand for human insulin analogs is expected to rise significantly around the world.
In addition, better medical reimbursement policies in developing countries are assisting in the improved uptake of diabetes therapy, including recombinant insulin products.
The Global Human Recombinant Insulin Market has improved throughout the globe as a result of expanding R&D and technical innovation, which involves many governments and private research organizations in numerous countries. Furthermore, it is anticipated that expanding government initiatives to provide access to insulin would encourage the development and marketing of effective insulin biosimilars.
Increased e-commerce platforms for the selling of medications and increased pharmaceutical product sales are both anticipated to help grow drug sales. Along with the availability of a wide variety of products, the expansion of online pharmacies will also complement sector growth through discounts and offers, which will support the market for recombinant human insulin in the years to come.
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Regional performance of Human Recombinant Insulin Market
North America maintained the largest market share of the global human insulin market in 2018 due to the increasing prevalence of diabetes and an aging population. Due to the low cost of human insulin products, the conventional North American human insulin pharmaceutical market is anticipated to expand throughout the forecast period.
However, the absence of generic rivals in the conventional North American insulin market in the United States might result in future expansion and stagnation.
Recombinant human insulin sales and revenue are also increasing in European countries like Germany, France, and Italy, and the prevalence of diabetes is predicted to create further increase. On the other side, the Asia Pacific region is expected to grow quickly over the forecast period due to an overall increase in disposable income.
Favorable government policies and rising R&D efforts by large firms will propel the recombinant human insulin market globally throughout the projected period.
COVID-19 impact on Human Recombinant Insulin market
The Covid-19 epidemic is probably responsible for the recombinant insulin market rise throughout the anticipated time frame. The Covid-19 epidemic increased the danger for diabetes patients, which is expected to increase interest in and demand for recombinant human insulin supplies.
According to recent research, people with diabetes are more likely to experience problems from infections, particularly respiratory illnesses. Because of this, the appearance of Covid-19 will probably spur market expansion during the pandemic era.
Due to strict movement restrictions during the pandemic, a temporary halt in production and supply chain resulted in a significant challenge for the market expansion during 2020.
Ongoing research and developments in the field and reinstatement of the supply chain post-pandemic are expected to potentially boost the growth of the human recombinant insulin market for the next few years.
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