by The Human Recombinant Insulin Market is estimated to be valued at US$ 41,602.7 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Human recombinant insulin is a biosynthetic human insulin hormone produced by recombinant DNA technology, in which the human insulin gene is inserted into organisms such as yeast or bacteria and is used for the treatment of diabetes. Insulin is a hormone that regulates the metabolism of carbohydrates, fats, and proteins. It promotes the absorption of glucose from the blood into liver, fat, and skeletal muscle cells. Recombinant human insulin and its analogs help mimic the natural release of insulin in the human body and are shorter-acting or longer-acting than natural insulin.
Market Dynamics:
Increasing prevalence of diabetes: According to the International Diabetes Federation, in 2021, around 537 million adults were living with diabetes and by 2030, around 643 million people will be affected by the metabolic disease globally. This increasing prevalence of diabetes has boosted the demand for insulin therapeutics including human recombinant insulin for the treatment and management of diabetes.
Technological advancements in recombinant DNA technology: Advancements in recombinant DNA technology have enabled the mass production and commercialization of human insulin from microorganisms. This has increased the supply of recombinant human insulin at lower costs, helping treat millions of diabetes patients. Factors such as availability of cost-effective recombinant human insulin and rising diabetes prevalence are expected to drive growth of the market during the forecast period.
Segment Analysis
The human recombinant insulin market is dominated by the fast-acting insulin segment owing to the increasing prevalence of diabetes among consumers. This segment held over 50% market share in 2023 as fast-acting insulin provides quick effect and controls post-meal blood glucose level better than regular insulin.
PEST Analysis
Political: Growing health awareness initiatives by governments globally regarding diabetes management are aiding the market growth.
Economic: Rising per capita healthcare expenditure and increasing disposable income in developing nations boost the adoption of recombinant insulin products.
Social: Growing sedentary lifestyle and changing dietary patterns have led to increase in diabetes patient pool, driving the need for effective diabetes management.
Technological: Advancements in recombinant DNA technologies have improved large-scale manufacturing of human insulin with high purity and stability.
Key Takeaways
The global Human Recombinant Insulin Market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing prevalence of diabetes worldwide. The market was valued at US$ 41602.7 Mn in 2023.
Regionally, North America is expected to dominate the global market due to growing insulin resistant population and rising healthcare expenditure in the region. Asia Pacific is projected to be the fastest growing market due to increasing awareness regarding diabetes self-management in countries like China and India.
Key players operating in the human recombinant insulin market are Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Julphar Gulf Pharmaceutical Industries, Biocon Limited, Bioton S.A., Gan & Lee Pharmaceuticals, Ltd., Zhuhai United Laboratories Co., Ltd., Wanbang Biopharmaceuticals Co., Ltd., and Dongbao Enterprise Group Co., Ltd. The market is highly competitive with leading players adopting strategies like product innovation and expansion in emerging markets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
