Global Human Recombinant Insulin Market, by Product Type (Rapid-Acting Human Insulin, Short-Acting Human Insulin, Intermediate-Acting Human Insulin, Long-Acting Human Insulin, and Premixed Human Insulin), by Brand (Humalog, Novolog, Apidra, Humulin R, Novolin R, Humulin N, Novolin N, Levemir, Lantus, Humalog Mix, Novolog Mix, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 36,134.5 Million in 2022 and is expected to exhibit a CAGR of 7.3% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The market for human recombinant insulin is expected to witness significant growth, due to the increasing prevalence of diabetes. For instance, according to the International Diabetes Federation (IDF) Diabetes Atlas 2019, the prevalence of diabetes in Chile was approximately 1,262.2 out of 100,000 in 2019 and is expected to rise by 1,531.5 out of 100,000 population till 2030.
Global Human Recombinant Insulin Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on the global human recombinant insulin market, owing to increase risk of COVID-19 infection in diabetes patients. For instance, on June 04, 2022, an study published by The American Diabetes Association (ADA) reveals that diabetes is a potential risk factor for post-acute sequelae of COVID-19 (PASC), also known as long COVID-19, a range of post-COVID-19 symptoms such as brain fog, skin conditions, depression, and shortness of breath. The findings were presented as a late-breaking poster session at the 82nd Scientific Sessions of the American Diabetes Association (ADA) in the U.S.
Global Human Recombinant Insulin Market: Key Developments
On April 1, 2022, Biocon Biologics Ltd. a pharmaceutical company announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion, recommending the granting of a marketing authorization for Inpremzia, a biosimilar version of Actrapid (human insulin). This is a ready-to-use insulin formulation for intravenous (IV) infusion developed by Celerity Pharmaceuticals LLC (Celerity), a pharmaceutical company, by using Biocon Biologics’ biosimilar human insulin drug substance.
Browse 34 Market Data Tables and 38 Figures spread through 156 Pages and in-depth TOC on “Global Human Recombinant Insulin Market”- Forecast to 2030, Global Human Recombinant Insulin Market, Product Type (Rapid-Acting Human Insulin, Short-Acting Human Insulin, Intermediate-Acting Human Insulin, Long-Acting Human Insulin, and Premixed Human Insulin), by Brand (Humalog, Novolog, Apidra, Humulin R, Novolin R, Humulin N, Novolin N, Levemir, Lantus, Humalog Mix, Novolog Mix, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, Key players operating in the market are focusing on acquisitions and partnerships, which is expected to drive the growth of the market over the forecast period. For instance, in February 2021, BIOCORP a company that designs, develops, manufactures delivery systems and innovative medical devices, entered into a partnership with Health2Sync, a Taiwan-based digital healthcare company, and SocialDiabetes, a Spain-based digital healthcare solution provider, for management of diabetes by integration of Mallya, a smart insulin pen cap manufactured by Biocorp with the digital applications developed by SocialDiabetes and Health2Sync.
Key Takeaways of the Global Human Recombinant Insulin Market: