Human insulin drugs are used by people suffering from diabetes to manage their blood sugar levels. Insulin is a hormone produced naturally by the pancreas that helps glucose from food get into the cells to produce energy. For people with diabetes, either the body does not produce enough insulin or cells do not respond properly to the insulin produced. As a result, human insulin drugs are taken to replicate the action of natural insulin in controlling blood glucose.These insulin drugs are derived from recombinant DNA technology and are structurally identical to human insulin in function and composition. They provide an effective means of managing blood sugar levels for patients suffering from type 1 and type 2 diabetes.
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 Opportunity:
The growing prevalence of diabetes across the world presents a major market opportunity for human insulin drug manufacturers. According to the International Diabetes Federation (IDF), approximately 537 million adults were living with diabetes in 2021 globally and this number is expected to rise to 784 million by 2030. The increasing number of diabetes patients worldwide requiring effective treatment for blood glucose control will drive the demand for human insulin drugs over the coming years. Furthermore, the technological advancements in insulin drug delivery systems introducing newer formulations with enhanced efficacy and greater convenience positively impacts market growth. Continuous investments in R&D activities by leading players for developing novel long-acting human insulin analogs and inhalable formulations further strengthens the market potential through 2030.
Porter's Analysis
Threat of new entrants: Low capital requirements favor new entrants but established players enjoy economies of scale and branding. The patent protection for innovator products also poses entry barriers.
Bargaining power of buyers: Individual consumers have low bargaining power but group purchasing organizations and government healthcare providers wield significant influence to negotiate on price and demand value-added services.
Bargaining power of suppliers: A few multinational corporations dominate the manufacturing of bulk active pharmaceutical ingredients (APIs) and finished dosage forms. Their integrated capabilities and regulatory compliance expertise provide bargaining leverage.
Threat of new substitutes: Alternate drug delivery methods and newer insulin analogs pose substitution threats. Continuous research aims to develop products superior in effectiveness, safety and convenience.
Competitive rivalry: Intense competition exists between innovative insulin brands and their generic versions. Companies compete on technology platforms, differentiated products, price and expanding into new therapy areas.
SWOT Analysis
Strength: Effective treatment for diabetes with well-established infrastructure. Continuous innovation to develop safer and smarter products. Large patient pool ensures stable revenue.
Weakness: High R&D costs and regulatory compliance burden. Supply chain disruptions can impact availability. Dependency on few API suppliers.
Opportunity: Expanding to newer global markets. Growth in diabetes prevalence aided by lifestyle changes. Digital health solutions for remote monitoring.
Threats: Price control measures and drug cost containment policies. Patent cliffs may hurt revenues. Biosimilars further intensify price competition.
Key Takeaways
The Global Human Insulin Drug Market Growth 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.
Regional analysis: North America currently holds the largest share of over 35% of the overall market. Rising incidence of type 1 and type 2 diabetes, supportive insurance coverage and presence of major players drive the regional market. Asia Pacific region is likely to grow at over 7% CAGR led by China, India and other Southeast Asian countries where diabetes prevalence is rising rapidly aided by changes in lifestyle and diet.
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.
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