Human Insulin Market Revenue Analysis & Region and Country Forecast To 2026

The Human Insulin Market, which was valued at USD 24.88 billion in 2018, is expected to witness significant growth with a projected compound annual growth rate (CAGR) of 8.1%. It is estimated that by 2026, the market will surpass USD 46.59 billion. The growth of this market is primarily fueled by the increasing prevalence of diabetes and obesity on a global scale, which can be attributed to unhealthy lifestyles. In 2015, for example, more than 30 million Americans (9.4% of the population) were diagnosed with diabetes, with 23.1 million individuals having received a diagnosis and the remaining 7.2 million being undiagnosed. Furthermore, diabetes is the seventh leading cause of death worldwide. The total cost of diagnosed diabetes in the United States in 2017 was approximately USD 327 billion. Another factor contributing to the expansion of the global human insulin market is the introduction of safety pen needles, which ensure accurate and secure insulin delivery. Additionally, regulations addressing needle stick injuries have created demand for safer product developments. Needle anxiety and increased awareness of bloodborne pathogen transmission have also prompted consumers to purchase new needles, thereby further stimulating sales in the market.

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Companies Considered

Sanofi (France), Novo Nordisk A/S (Denmark), Eli Lilly and Company (U.S.), Biocon Ltd. (India), Julphar (U.A.E.), Ypsomed AG (Switzerland), Becton, Dickinson and Company (U.S.), Wockhardt Ltd. (India), B. Braun Meselgen AG (Switzerland), and Biodel Inc. (U.S.) are dominating players in the market and are the companies considered for this report.

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Driving Factors:

1. Rising Prevalence of Diabetes and Obesity: The increasing prevalence of diabetes and obesity worldwide is a significant driving factor for the Human Insulin market. Unhealthy lifestyles and dietary habits have contributed to a growing number of individuals being diagnosed with diabetes, thereby increasing the demand for insulin.
2. Introduction of Safety Pen Needles: The introduction of safety pen needles for accurate and safe insulin delivery has propelled the growth of the Human Insulin market. These needles provide enhanced convenience and reduce the risk of needle stick injuries, driving their adoption and contributing to market growth.
3. Regulations against Needle Stick Injuries: Regulations aimed at preventing needle stick injuries have stimulated the demand for safe product developments in the Human Insulin market. These regulations have encouraged the development of innovative insulin delivery devices, further driving market growth.
4. Needle Anxiety and Bloodborne Pathogen Transmission: Growing awareness of needle anxiety and the transmission of bloodborne pathogens has led to increased consumer preference for new needles. This has resulted in a higher demand for insulin products and accessories, boosting market sales.

Restraints:

1. High Cost of Human Insulin: The high cost of human insulin can be a restraining factor for the market. Insulin prices have been a subject of concern, particularly in some regions where affordability becomes a challenge for patients, limiting their access to proper treatment.
2. Availability of Alternatives: The availability of alternative treatments such as oral medications and non-insulin injectables can pose a restraint on the Human Insulin market. Some individuals may opt for these alternatives instead of insulin, impacting the market's growth potential.
3. Adverse Effects and Allergic Reactions: Adverse effects and allergic reactions associated with human insulin can also act as a restraint. Some individuals may experience side effects or allergic responses to insulin therapy, leading to a reluctance to use it or seek alternative treatments.
4. Limited Access to Healthcare: Limited access to healthcare facilities, particularly in developing regions, can restrict the growth of the Human Insulin market. Lack of awareness, infrastructure, and affordability can hinder the adoption of insulin therapy, limiting market expansion in these areas.

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