Global Human Recombinant Insulin Market - Segmented by Product, Brand, Distribution Channel (Hospital, Retail & Online Pharmacies) and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global human recombinant insulin market is projected to grow at a CAGR of approximately 7.2% during the forecast period (2018 - 2023). Recombinant human insulin is the synthetic insulin which was developed using recombinant DNA technology by harvesting insulin proteins within Escherichia coli (E.coli).
Increasing Prevalence of Diabetes around the World Boost the Growth of Human Recombinant Insulin Market
Diabetes is one of the most malignant diseases of the 21st century. According to WHO, it has been predicted that diabetes would be the seventh most-leading cause of death by 2030. According to Diabetes UK, in 2017, there are almost 3.7 million people diagnosed with diabetes in the UK and it has been estimated that up to 549,000 people in the country have diabetes that is yet to be diagnosed. Obesity is the most potent factor for Type 2 diabetes, which accounts for 80-85% of overall risk of developing Type 2 diabetes. As per Diabetes UK 2016, almost two in every three people in the UK are overweight or obese, in which 59% are women and 68% are men. So, due to the exponential rise in the prevalence of diabetes there is an urgent demand for establishing effective diabetes therapy in countries which are burdened by inadequate health care budgets, malnutrition and infectious diseases. Also, Recombinant human insulin has replaced animal insulin and animal-based semisynthetic human insulin thereby available in sufficient quantities and at affordable prices able to provide global access to insulin therapy.Additionally, technological advancement in drug delivery devices and increasing investments in diabetes research activities are also spurring the growth of the market.
High Cost of Recombinant Insulin Hindering Human Recombinant Insulin Market
High cost of the recombinant insulin is restraining the growth of the market as many patients from low and middle income countries are unable to afford these recombinant insulin. According to the Pharmaceutical Care Management Association (PCMA), May 2018 report, prices of recombinant insulin have increased over 10-fold since 1985 and prices have exhibited significant rise during the last past 10 years (2008 to 2018). According to PCMA, cost of Humulin/Novolin have also increased. Thus high cost of recombinant insulin is acting as a major barrier for the growth of the market. Also, risks associated with recombinant insulin is also hindering the growth of the human recombinant insulin market.
North America has the Largest Share in Global Human Recombinant Insulin Market
The largest share of North America is attributed due to the fact that there is an increasing prevalence of diabetes in the US as according to The American Diabetes Association (ADA) it has been estimated that the total cost of known diabetes in the US rose by about 40% over a five-year period from 2011-2016 which represents 20% of all healthcare dollars in the USA.
Key Developments in the Human Recombinant Insulin Technology Market
• Jun 2018: Eli Lilly and Company’s Humulin R U-500 which was administered in an insulin pumps showed greater A1C reduction in adults with type 2 diabetes which was compared to multiple daily injections (MDI).
• Jul 2018: Eli Lilly and Company established a helpline called as Lilly Diabetes Solution Center for assisting people that need help paying for their insulin.
Market Major players: BIOCON, BIOTON S.A., ELI LILLY AND COMPANY, GAN & LEE PHARMACEUTICALS, LTD., JULPHAR GULF PHARMACEUTICAL INDUSTRIES, NOVO NORDISK A/S, SANOFI S.A., and ZHUHAI UNITED LABORATORIES CO., LTD among others.
Reasons to Purchase Human Recombinant Insulin Market Report
• Current and future global human recombinant insulin market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3-month analyst support along with the market estimate sheet (in Excel).
Customization of Human Recombinant Insulin Market Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Increasing Prevalence of Diabetes around the World Boost the Growth of Human Recombinant Insulin Market
Diabetes is one of the most malignant diseases of the 21st century. According to WHO, it has been predicted that diabetes would be the seventh most-leading cause of death by 2030. According to Diabetes UK, in 2017, there are almost 3.7 million people diagnosed with diabetes in the UK and it has been estimated that up to 549,000 people in the country have diabetes that is yet to be diagnosed. Obesity is the most potent factor for Type 2 diabetes, which accounts for 80-85% of overall risk of developing Type 2 diabetes. As per Diabetes UK 2016, almost two in every three people in the UK are overweight or obese, in which 59% are women and 68% are men. So, due to the exponential rise in the prevalence of diabetes there is an urgent demand for establishing effective diabetes therapy in countries which are burdened by inadequate health care budgets, malnutrition and infectious diseases. Also, Recombinant human insulin has replaced animal insulin and animal-based semisynthetic human insulin thereby available in sufficient quantities and at affordable prices able to provide global access to insulin therapy.Additionally, technological advancement in drug delivery devices and increasing investments in diabetes research activities are also spurring the growth of the market.
High Cost of Recombinant Insulin Hindering Human Recombinant Insulin Market
High cost of the recombinant insulin is restraining the growth of the market as many patients from low and middle income countries are unable to afford these recombinant insulin. According to the Pharmaceutical Care Management Association (PCMA), May 2018 report, prices of recombinant insulin have increased over 10-fold since 1985 and prices have exhibited significant rise during the last past 10 years (2008 to 2018). According to PCMA, cost of Humulin/Novolin have also increased. Thus high cost of recombinant insulin is acting as a major barrier for the growth of the market. Also, risks associated with recombinant insulin is also hindering the growth of the human recombinant insulin market.
North America has the Largest Share in Global Human Recombinant Insulin Market
The largest share of North America is attributed due to the fact that there is an increasing prevalence of diabetes in the US as according to The American Diabetes Association (ADA) it has been estimated that the total cost of known diabetes in the US rose by about 40% over a five-year period from 2011-2016 which represents 20% of all healthcare dollars in the USA.
Key Developments in the Human Recombinant Insulin Technology Market
• Jun 2018: Eli Lilly and Company’s Humulin R U-500 which was administered in an insulin pumps showed greater A1C reduction in adults with type 2 diabetes which was compared to multiple daily injections (MDI).
• Jul 2018: Eli Lilly and Company established a helpline called as Lilly Diabetes Solution Center for assisting people that need help paying for their insulin.
Market Major players: BIOCON, BIOTON S.A., ELI LILLY AND COMPANY, GAN & LEE PHARMACEUTICALS, LTD., JULPHAR GULF PHARMACEUTICAL INDUSTRIES, NOVO NORDISK A/S, SANOFI S.A., and ZHUHAI UNITED LABORATORIES CO., LTD among others.
Reasons to Purchase Human Recombinant Insulin Market Report
• Current and future global human recombinant insulin market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3-month analyst support along with the market estimate sheet (in Excel).
Customization of Human Recombinant Insulin Market Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
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