Human insulin is the best treatment options for diabetes in the current medical scenario. Diabetes is one of the deadliest diseases in the modern world and is expected to rise significantly in morbidity in the next 15 years. The hectic modern lifestyle and consequent changes in diet and other walks of life are expected to boost the incidence of diabetes across the world.
The human insulin market has grown by leaps and bounds as a result of the mounting threat of diabetes. The global market for human insulin, worth more than US$24 billion in 2014, is expected to more than double in value by 2020, growing at a CAGR of 12.4%.
Type 2 diabetes is the major type of diabetes in the modern world, due to its causation by an inability of the body to produce enough insulin to deal with blood glucose levels.
Technological Advancement, Growing Prevalence of Diabetes: Major Market Drivers
The human insulin market is propelled by various factors, prime among which are:
Widespread Prevalence of Diabetes: As mentioned before, the incidence of diabetes is growing at a high rate all over the world. This is helped by growing urbanization and automation of daily life. Lack of physical activity in day-to-day life and healthy dietary choices is leading to higher incidence of obesity and other lifestyle conditions that are associated with diabetes. This will in turn boost the global human insulin market.
Advancement of Insulin Delivery Systems: Technological advancement in the medical field is a necessarily continuous process. This has led to high sophistication of insulin delivery systems in modern times and has resulted in devices that can carry out drug delivery with minimal discomfort to the patients.
On these lines, the growing use of insulin pens for delivery is expected to dominate the market’s competitive landscape in the coming years. Innovation in this field will be focused on the convenience offered by insulin pens, which will shape the trajectory of the human insulin market in the coming years.
Growing Awareness of Diabetes Treatment: Diabetes has traditionally been rampant among the geriatric population. However, the changing etiology of diabetes in the modern world has resulted in a growing incidence among younger demographics. These population groups are more aware of modern treatment options for diabetes in addition to being financially able to avail the same. This makes the human insulin market more accessible to common consumers.
Among the regions with significant demand for human insulin, the U.S., Canada, France, the U.K., Germany, China, India, and Japan dominate the global market. Leading market players such as Novo Nordisk, Sanofi, Eli Lilly, GlaxoSmith Kline, Biocon, ADOCIA, Pfizer, and Merck are present in most if not all of these national markets.
The market for premixed modern human insulin leads the global human insulin market. Other categories include short-acting and intermediate-acting traditional human insulin and rapid-acting and long-acting modern human insulin.