The growing prevalence of diabetes across the world is prophesied to expand the global human insulin market. The above information was provided by Fortune Business Insights in a report, titled “Human Insulin Market Size, Share and Global Trend by Drug Type (Biologics, Biosimilar), By Delivery Devices (Vials & Syringes, Insulin Pens, Insulin Pumps), By Type of Patients (Type 1 diabetes, Type 2 diabetes), By Mode of Action (Long-Acting, Rapid-Acting, Short-Acting, Intermediate-Acting, Premix Insulin), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and Geography Forecast till 2026.” These numbers are primarily increasing on account of growing obesity rates. The International Diabetes Foundation (IDF) estimates the prevalence of diabetes to grow in the coming years. The number of diabetic patients registered in 2017 were 425 Million and is projected to reach 629 Million by 2045.
Market Sees Stronger Sales of Biosimilars Than Other Drugs
As per drug type, biosimilars are projected to grow at a considerable rate throughout the forecast years. The cost-effectiveness of these drugs is expected to fuel their demand in the coming years. Furthermore, the U.S. Food and Drug Administration revealed that biosimilars are safe and effective for the treatment of diabetes.
Top Key Players Covered:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the Human Insulin Market. Some of the companies operating the global market are;
- GlaxoSmithKline plc.
- Novartis AG
- Omron Healthcare, Inc.
- Philips Respironics, Inc.
- Sunovion Pharmaceuticals Inc.
- Merck & Co., Inc.
- Boehringer Ingelheim International GmbH
Market Advances with Rapid Improvements in Insulin Delivery in North America
Among regions, North America is anticipated to dominate the global human insulin market during the forecast period. The growth is majorly witnessed on account of the rising prevalence of diabetes and its related disorders. Furthermore, the demand for human infusion insulin devices is increasing owing to their availability and technological improvements. On the other hand, the market in Asia Pacific is likely to witness high growth between 2018 and 2026. The rising research and development (R&D) investments and presence of well-known manufacturing companies in this region are creating ample growth opportunities for the market. These companies are likely to boost the human insulin market in the upcoming years.
The World Health Organization (WHO) has recently developed an action plan to prevent and control non-communicable diseases or NCDs. The plan was implemented in South-East Asia and offered a roadmap for different programmes and policies at local and international level. This is further expected to transform the human insulin structure, thus driving the human insulin market.
Contrary to this, less availability of patient-friendly insulin devices and mounting costs of branded products may hamper the growth of the market.