The global human recombinant insulin market size was estimated to be US$ 32 billion in 2021 and is expected grow at a CAGR of 7.2% between 2023 to 2032.
Recombinant insulin is insulin that has been synthesized using recombinant DNA technology and it was one of the first biotechnology-derived products. They replace animal-derived and semisynthetic insulin which are the modified products of animal insulin. Insulin replacement treatment is the gold standard used for the treatment of individuals with type 1 and types 2 diabetes. The recombinant insulin is designed to meet the increasing continuous demand safely and sustainably.
With the advancement of recombinant DNA technology, recombinant human insulin is now available in huge amounts. This biosynthesis of insulin by the use of microorganisms is enabling a reliable supply of insulin across the world at a reasonable cost. Recombinant insulin products also offer superior levels of purity and consistent functioning as compared to synthetic hormones. Therefore, patients with diabetes can safely transfer their insulin requirement from animal and synthetic insulin mediums to recombinant human insulin products without any biological side effects.
Factors enabling the growth of recombinant human insulin market:
The rise in global demand for human insulin is mostly due to the rising prevalence of diabetes across every region in the world. Lifestyle changes, increased obesity, senior populations, and limited healthcare facilities are all factors contributing to an increase in the number of people with diabetes worldwide. Global Human Recombinant Insulin Market expansion has also been supported by favourable government regulations and technological breakthroughs for the delivery of insulin such as insulin pens and patches. Furthermore, rising R&D expenditure in drug development and manufacture, as well as increased diabetes awareness, are driving market expansion.
Expected patent expiry for many human analog drugs is another key factor that is expected to promote the growth of the Global Human Recombinant Insulin Market. This has intensified the market availability of generic human insulin products and the demand for human insulin analogs has been projected to increase substantially across the globe. Along with these the favourable medical reimbursement policies in emerging nations are helping to reduce the risk factors and better adoption of diabetes treatment including recombinant insulin products.
The growing scope of R&D and up-gradation of technological advancement wherein several governments and private research organizations in many countries are involved has facilitated the betterment of the Global Human Recombinant Insulin Market across regions. Moreover, the increasing government schemes promoting insulin availability are expected to support the expansion and commercialization of efficient biosimilars of insulin products.
The rise of the online drugs market is likely to increase providing a boost in sales of numerous pharmaceutical products and enabling the rising prominence of e-commerce platforms in drug sales. Apart from the presence of a diverse range of products and availability, the rise of online pharmacies would also complement the segmental growth through discounts and offers which will also help the growth of the recombinant human insulin market in coming years.
Impact of Covid-19 pandemic on recombinant human insulin market:
The covid-19 outbreak has likely provided a boost to the recombinant insulin market growth throughout the forecast period. Diabetes patients had a higher risk during the Covid-19 pandemic which is predicted to raise demand and awareness for recombinant human insulin products. New evidence also suggests that diabetes patients are at a higher risk of infection-related complications, particularly respiratory tract diseases. As a result, the emergence of Covid-19 is likely to fuel market growth throughout the pandemic period.
However, the stringent movement restrictions, a temporary halt in production, and disruption in the supply chain and raw materials supply have produced a significant challenge for the market expansion during 2020 and today. Ongoing research and developments in the field and reinstatement of the supply chain post-pandemic are expected to potentially boost the growth of the human recombinant insulin market for the next few years.
Because of higher diabetes rates and a growing elderly population, North America held the biggest market share of the global human insulin market during the year 2018. The traditional North America human insulin medication market is expected to grow throughout the forecast period due to the affordability of human insulin products. The USA market is dominated by Humulin, which is produced by Novolin. However, the traditional North American insulin market in the United States lacks generic competitors, which might lead to stagnation and future expansion.
European nations namely Germany, France, and Italy are growing in terms of revenue and sales of recombinant human insulin products and the prevalence of diabetes is also expected to rise in this region. The Asia Pacific region, on the other hand, is also predicted to increase rapidly throughout the projection period due to a rise in household income. During the projection period, favourable government measures, together with expanding R&D endeavours by big corporations, will drive the recombinant human insulin market across the globe.
Key players and strategies:
This Global Human Recombinant Insulin Market report will give you useful information, with a special focus on businesses and market leaders. Biocon, Bioton S.A., Eli Lilly and Company, Dongbao Enterprise Group Co Ltd., Novo Nordisk A/S, Gan & Lee Pharmaceuticals, Ltd., Julphar Gulf Pharmaceutical Industries, Sanofi S.A., Wanbang Biopharmaceuticals Co Ltd., and Zhuhai United Laboratories Co Ltd. are the leading companies in this industry.
Strategies adopted by these players will include partnership deals, collaboration, novel product launches, acquisitions, etc. to enable the global expansion of their current business. Meanwhile, it will also enable them to establish a strong position in the global recombinant human insulin market during the forecast period.
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Recombinant human insulin replaces animal-derived and semisynthetic insulin products enabling a reliable supply of insulin across the world at a reasonable cost.
The presence of a diverse range of products and availability along with discounts and offers on the online portals is expected to help the growth of the recombinant human insulin market in coming years.
Higher diabetes rates and a growing elderly population, North America held the biggest market share of the global human insulin market. The traditional North America human insulin medication market is expected to grow throughout the forecast period due to the affordability of human insulin products.
The human recombinant insulin market size was estimated to be US$ 32 billion in 2021.
The human recombinant insulin market is expected to witness a compound annual growth rate of 7.2% from 2023 to 2032.
Top players in the global recombinant human insulin market are Biocon, Bioton S.A., Eli Lilly and Company, Dongbao Enterprise Group Co Ltd., Novo Nordisk A/S, Gan & Lee Pharmaceuticals, Ltd., Julphar Gulf Pharmaceutical Industries, Sanofi S.A., Wanbang Biopharmaceuticals Co Ltd., and Zhuhai United Laboratories Co Ltd.
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