Demand for human insulin also referred to as synthetic insulin is on the rise. Human insulin in the foremost requirement for a diabetic person. The product first came into the picture in 1960s and 1970s but could only get marketed by early 80s. After its commercial launch, the product quickly replaced the existing drug, which was purified form of porcine. Market Research Future (MRFR) reports the global human insulin market will grow to USD 40 Bn between 2016 and 2021, reflecting a double-digit CAGR. Some of the major drivers of the market include increased level of awareness about diabetes, increased product penetration, growing geriatric population worldwide, expanding diabetic population.
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Diabetes is one of the most common disorder in the world and continues to attract robust government initiatives and R&D efforts towards its treatment. Such factors are supporting the market growth. However, stringent regulation, drug approval delays, and high cost of insulin analog are some of bottlenecks for the market. Issues such as side effects and delayed onset of reaction of human insulin are some of the critical challenges that are yet to be fully tackled.
MRFR’s report includes comprehensive segmental analysis of the global human insulin market based on type and region.
Based on type, the market has been segmented into traditional human insulin and modern human insulin. The modern human insulin segment is further segmented into premixed human insulin, rapid acting human insulin and long acting human insulin. The tradition human insulin segment is further sub-segment into intermediate acting human insulin and short acting human insulin. In terms of value, the modern human insulin segment accounts for a relatively larger market share.
Global Human Insulin Market: Regional Segmentation
Key regions covered in MRFR’s report include North America, Asia and Europe. North America holds the dominant position in the global human insulin market. The primary growth driver of the market in North America is the high prevalence of diabetes and obesity. In the forthcoming years demand for human insulin is expected to grow further in countries such the U.S., Canada, and Mexico. Prevalence of diabetes is widespread in these countries; the disease continues to be major public health issues in the region. Rising number of elderly population and sedentary lifestyle is also linked with the increase diabetes prevalence. North America is likely to retain its top position over 2021.
Europe hold the second sport in terms of value. Additionally, the market in Europe is expected to exhibit a steady growth during the forecast period. Presence of a robust healthcare system is providing an impetus to the market in Europe. At the same time, a well-defined framework for public welfare in EU countries is auguring well for the human insulin market.
Meanwhile, the market in Asia is touted to exhibit the strongest growth during the forecast period. Increased healthcare spending, and rising prevalence of diabetes are two the prominent factors driving the market growth in Asia. Countries such as Chin and India are witness tremendous expansion of the domestic healthcare industry. These countries represent high-growth markets for human insulin. Furthermore, increased investment in R&D activities along with introduction of favourable government policies in Asia is supporting the market growth in the region. There has a sharp rise in type 2 diabetes prevalence in various countries in region.
Tonghua Dongbao Pharmaceuticals Co., Ltd. (China), Merck & Co. (U.S.), Bristol-Myers Squibb Company (U.S.), Oramed Pharmaceuticals, Inc. (Israel), Adocia (France.), GlaxoSmithKline Plc (U.K.), Biocon Ltd. (India), Novo Nordisk A/S (Denmark) and Julphar (UAE) are some of the leading profiled in MRFR’s report.
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