HUMAN INSULIN DRUG MARKET ANALYSIS

The global human insulin drug market was valued at US$ 42,283.9 Mn in 2021 and is forecast to reach a value of US$ 73,127.2 Mn by 2028 at a CAGR of 8.1% between 2022 and 2028. The global human insulin drug market is experiencing strong growth due to the increasing incidence of diabetes worldwide and increase in demand for human insulin drugs. Moreover, increase in focus on the development of novel drugs and increasing awareness among people is expected to boost the growth of the market. However, factors such as rising incidents of hypoglycemia due to lack of awareness and rising prices of insulin are expected to hamper the growth of the global human insulin drug market.

Global Human Insulin Drug Market: Regional Insights

Based on geography, the global human insulin drug market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing incidence of diabetes and increasing demand for human insulin drugs in this region. For instance, human insulin is a class of drugs used to treat type 1 diabetes as well as type 2 diabetes. According to the American Diabetes Association (ADA), in 2019, 37.3 million people in the United States, or 11.3% of US population, had diabetes. Moreover, around 1.4 million Americans are diagnosed with diabetes every year.

Asia Pacific is also expected to witness robust growth in the global human insulin drug market due to the increasing prevalence of diabetes and growing geriatric population in the region. For instance, with the increase in prevalence of diabetes in India, the demand for human insulin drugs is also increasing with a rapid pace. According to the World Health Organization (WHO), diabetes is a growing challenge in India with estimated 8.7% diabetic population in the age group of 20 and 70 years. India is deemed as the world's capital of diabetes.

Figure 1. Global Human Insulin Drug Market Share (%), by Region, 2021

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Global Human Insulin Drug Market Drivers:

Increasing incidence of diabetes (type 1 and type 2 diabetes) around the world is expected to augment growth of the global human insulin drug market over the forecast period. Diabetes is a major cause of blindness, kidney failure, heart attacks, stroke, and lower limb amputation. Prevalence of diabetes has been rising more rapidly in low- and middle-income countries than in high-income countries. According to the World Health Organization (WHO), more than 422 million people across the globe have diabetes, the majority living in low-and middle-income countries, and 1.5 million deaths are directly attributed to diabetes each year.

Increase in demand for human insulin drugs to treat diabetes is expected to boost the growth of the global human insulin drug market over the forecast period. For instance, with the increase in prevalence of diabetes (type 1 and type 2 diabetes), the demand for human insulin drugs is also increasing with a rapid pace. In January 2022, Novo Nordisk announced the launch of oral semaglutide in India for treatment of type 2 diabetes. Oral semaglutide, a glucagon-like peptide (GLP-1) receptor analogue molecule, is a promising addition to diabetes treatment. So far the drug was available only in injection form.

Global Human Insulin Drug Market Opportunities:

Increase in focus on the development of novel drugs is expected to provide significant growth opportunities for players in the human insulin drug market. For instance, players in the market are focusing on launching novel drugs in the market to meet increasing demand. In September 2020, Biocon Biologics launched Semglee (insulin glargine injection) in the United States. The drug helps control blood sugar in children and adults with type 1 and type 2 diabetes. Semglee is the U.S. Food and Drug Administration (FDA) approved drug.

Growing geriatric population worldwide is expected to offer lucrative growth opportunities for players in the global human insulin drug market. For instance, geriatric population is at higher risk for developing type 2 diabetes because combined effects of increasing insulin resistance and impaired pancreatic islet function with aging. According to the United Nations, today, there are 703 million people aged 65 or older, a number that is projected to reach 1.5 billion by 2050. In many regions, the population aged 65 will double by 2050, while the global life expectancy beyond 65 will increase by 19 years.

Global Human Insulin Drug Market Trends:

People with diabetes require insulin as part of their treatment. Therefore, there is an increase in demand for insulin drugs across the globe as the prevalence of diabetes is increasing rapidly worldwide. As a result, players in the market are focusing on developing and launching novel drugs in the market. This trend is expected to continue during the forecast period, driving the growth of the human insulin drug market.

Moreover, one of the major trends in the market is the increase in adoption of biosimilar insulin drugs worldwide. Biosimilar insulin is a biological copy of an original insulin and there is rise interest in developing and using them. Semglee is the first interchangeable biosimilar product approved in the U.S. for the treatment of diabetes. This trend is also expected to continue over the forecast period, driving the growth of the market.

Global Human Insulin Drug Market Restraints:

Rising incidents of hypoglycemia due to lack of awareness among people is expected to hinder growth of the global human insulin drug market. For instance, hypoglycaemia (low blood sugar level) is where the level of sugar (glucose) drops too low. It mainly affects people with diabetes. Lack of awareness about hypoglycemia is a major risk factor, and therefore, it is important to be aware of the condition or low blood sugar levels.

Rising prices of insulin is expected to hamper growth of the human insulin drug market. For instance, the price of insulin has skyrocketed over the years, and the out-of-pocket prescription costs patients now face have doubled. As a result, individuals with diabetes are struggling to afford insulin drugs to maintain blood sugar level. Insulin prices are higher in the U.S. than in 32 high-income comparison nations combined, according to a new RAND Corporation study (published in October 2020).

Figure 2. Global Human Insulin Drug Market Share (%), by Product Type, 2021

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Global Human Insulin Drug Market Segmentation:

The global human insulin drug market report is segmented into Product Type and Geography.

Based on Product Type, the market is segmented into Human Insulin, Basal Insulin, Bolus Insulin, Insulin Combinations, and Biosimilar Insulins. Of which, Human Insulin Segment is expected to dominate the global human insulin drug market over the forecast period and this is attributed to the rise in prevalence of diabetes across the globe. Human insulin is used to control blood sugar in people who have type 1 and type 2 diabetes.

Biosimilar Insulins Segment is also expected to witness significant growth in the near future and this is due to the rise in adoption or introduction of biosimilar insulin. Biosimilar insulin is a biological copy of an original insulin and there is rise interest in developing and using them.

Global Human Insulin Drug Market: Key Developments

In October 2022, Glenmark Pharmaceuticals launched Thiazolidinedione Lobeglitazone in the country for the treatment of type 2 diabetes in adults. The firm has launched the medication under the brand name LOBG and is priced at around Rs 10 per tablet.

In April 2018, Boehringer Ingelheim and Eli Lilly announced an academic collaboration with the University of Oxford, to investigate the effects of Jardiance in adults with chronic kidney disease.

In March 2018, Sanofi Aventis announced that the European Commission granted marketing authorization for SuliquaTM, the once-daily titratable fixed- ratio combination of basal insulin glargine 100 Units/mL and GLP-1 receptor agonist lixisenatide for the treatment of adults with Type 2 diabetes.

Global Human Insulin Drug Market: Key Companies Insights

The global insulin drug market is highly competitive. This is attributed to the rise prevalence of diabetes and growing geriatric population around the world, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global human insulin drug market are Wockhardt, SEDICO, Exir, Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others.

*Definition: insulin is used to control blood sugar in people with type 1 diabetes and type 2 diabetes. Insulin is mostly used to treat type 1 diabetes, but can be used in people with type 2 diabetes if insulin levels remain low despite the use of other types of drugs.