May 27, 2024

The Growth Of The Human Insulin Drug Market Is Driven By Increasing Incidence Of Diabetes

Human insulin drugs are derived from recombinant DNA technology and are used to treat patients suffering from diabetes. These drugs help regulate blood glucose levels by stimulating the uptake of glucose by fat, liver, and skeletal muscle cells. The recombinant human insulin drugs are highly purified and do not contain any animal components, making them safer for patients with insulin allergies. They mimic the action of naturally occurring human insulin in regulating blood sugar levels. With the rising prevalence of diabetes globally, the demand for effective insulin therapy has increased significantly. According to the International Diabetes Federation, approximately 537 million adults (20-79 years) were living with diabetes in 2021 globally and by 2030 this number is projected to rise to 643 million. Increasing incidence of obesity and sedentary lifestyles have been major contributors to the growing diabetes burden worldwide.

The global human insulin drug market is estimated to be valued at US$ 56,921.85 million in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the human insulin drug market has been the growing demand for innovative insulin delivery devices. Traditionally, insulin injections via syringes and vials were commonly used. However, preference is rapidly shifting towards alternative delivery methods such as insulin pens, pumps, and inhalers due to advantages like greater convenience, discreetness, and accuracy of dosing. Continuous subcutaneous insulin infusion pumps that deliver insulin basally throughout the day and on demand during meals are gaining widespread acceptance among diabetic patients. Technological advancements have led to the development of smart insulin pens and pumps which can wirelessly connect to monitoring devices, allowing for better tracking of insulin levels and dosing history. It is expected that the availability of user-friendly delivery solutions will continue to drive the uptake of human insulin drugs in the upcoming years.

Porter’s Analysis

Threat of new entrants: The human insulin drug market has moderate threat of new entrants due to the presence of regulatory norms and established market share of existing players.

Bargaining power of buyers: Individual consumers have low bargaining power, whereas large healthcare organizations have moderate bargaining power.

Bargaining power of suppliers: The suppliers of raw materials and manufacturing equipment have low to moderate bargaining power due to the availability of substitute suppliers.

Threat of new substitutes: Threat of substitutes is low due to lack of direct substitute for human insulin drugs.

Competitive rivalry: The market has high competitive rivalry owing to increasing generic competition and pricing pressure faced by major brands.

Key Takeaways

The Global Human Insulin Drug Market Growth is expected to witness high. The global human insulin drug market is estimated to be valued at US$ 56,921.85 million in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031.

The market in North America is expected to dominate the global market during the forecast period owing to rising prevalence of diabetes and presence of major market players in the region. North America is expected to hold the largest share of the global human insulin drug market during the forecast period. This is attributed to the increasing prevalence of diabetes and growing adoption of advanced treatment options in the region. According to International Diabetes Foundation, around 37 million Americans have diabetes in 2019.

Key players: Key players operating in the human insulin drug market are Ecolab Inc., Rollins Inc., Rentokil Initial Plc., ServiceMaster Company, LLC, Massey Services Inc., Arrow Exterminators Inc., Sanix Incorporated, Asante Inc., Dodson Pest Control, Inc., Target Specialty Products, Pelsis Ltd., Killgerm Ltd., WinField Solutions, LLC, and Univer Inc. Ecolab Inc. dominates the market and offers wide range of human insulin drugs worldwide.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it