by The human insulin drug market consists of various products that are used for the treatment of diabetes. Insulin is a peptide hormone produced by beta cells of the pancreas that regulates blood glucose levels. It allows the body to use or store glucose from carbohydrates. There are various types of human insulin available including short-acting insulin, intermediate-acting insulin, long-acting insulin, and pre-mixed human insulin. These provide effective blood glucose control and help maintain near-normal blood glucose levels. Growing sedentary lifestyles and unhealthy dietary habits have significantly increased the risk of diabetes globally. According to WHO, the number of adults living with diabetes has almost quadrupled since 1980, rising from 108 million to 422 million in 2014. The global diabetes burden is rising primarily due to population growth, aging, urbanization, and increasing prevalence of obesity and physical inactivity. The global Human Insulin Drug Market is estimated to be valued at US$ 49411.32 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend in the human insulin drug market is the development and increasing adoption of biosimilar insulin products. Biosimilar insulins are nearly identical versions of original patented insulins and offer cost-effective treatment options. Several pharmaceutical companies are investing in R&D to develop biosimilar insulins and gain greater market share. For instance, in 2023, Viatris Inc. launched its interchangeable biosimilar insulin glargine, Semglee, in the U.S. for the treatment of diabetes. Similarly, firms like Merck and Co. and Pfizer are striving to introduce affordable biosimilar insulins in developing regions. Greater uptake of such cost-effective biosimilars is expected to positively impact the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the human insulin drug market requires extensive R&D capabilities and significant capital investments.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established pharmaceutical companies offering diverse treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have to compete with other substitutes and suppliers.
Threat of new substitutes:
The threat of new substitutes is high as new promising alternatives for diabetes treatment like GLP-1 receptor agonists continue to emerge.
Competitive rivalry: The competitive rivalry is intense as major players compete on the basis of pricing strategies, marketing campaigns, and new product launches.
Key Takeaways
The global Human Insulin Drug Market Growth is expected to witness high growth over the forecast period driven by the rising prevalence of diabetes.
Regional analysis:
North America accounted for the largest share of the global human insulin drug market in 2023 and is expected to maintain its dominance through 2030. This can be attributed to the increasing prevalence of diabetes and advanced healthcare infrastructure in the region.
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. and Rollins Inc. are recognized as the market leaders with strong product offerings and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
