Human Insulin Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Human Insulin market in 2021?

The global human insulin market is expected to reach a value of USD 42.41 billion by the end of 2021. Additionally, the market is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028, reaching a value of USD 68.27 billion by the end of the forecast period.

COVID-19 Impact on the Human Insulin Market

The outbreak of the COVID-19 pandemic had a significant impact on the human insulin market. Due to the lockdown measures and disruptions in the healthcare sector, there was a temporary slowdown in the production and distribution of insulin products. However, the market quickly adapted to the new normal by implementing safety protocols, remote healthcare services, and digital platforms for consultations and drug delivery.

The demand for insulin products remained stable throughout the pandemic due to the continuous need for diabetes management among patients. The market witnessed a surge in telemedicine services, online pharmacy platforms, and home delivery options, which helped in maintaining the supply chain and ensuring uninterrupted access to insulin products.

Human Insulin Dynamics

The human insulin market is driven by the increasing prevalence of diabetes worldwide. The rise in sedentary lifestyles, unhealthy eating habits, and genetic predisposition to diabetes have contributed to the growing incidence of the disease. As a result, there is a constant demand for insulin products for diabetes management and treatment.

Technological advancements in insulin delivery systems, such as insulin pens, insulin pumps, and continuous glucose monitoring devices, have improved the treatment outcomes for patients. These innovations have made it easier for individuals to manage their diabetes effectively, leading to a higher adoption rate of insulin products.

Furthermore, the increasing healthcare expenditure, favorable government initiatives for diabetes management, and a growing aging population are key factors contributing to the growth of the human insulin market. Pharmaceutical companies are also investing in research and development activities to develop novel insulin formulations with improved efficacy and safety profiles.

Segments and Related Analysis

The human insulin market can be segmented based on product type, distribution channel, and region. By product type, the market is divided into rapid-acting insulin, short-acting insulin, intermediate-acting insulin, long-acting insulin, and premixed insulin. The rapid-acting insulin segment is expected to witness significant growth due to its quick onset of action and short duration of effect.

In terms of distribution channel, the market can be categorized into hospital pharmacies, retail pharmacies, online pharmacies, and diabetes clinics. The hospital pharmacies segment holds a substantial market share due to the high volume of insulin prescriptions and in-patient treatment procedures. However, the online pharmacies segment is expected to grow at a rapid pace owing to the convenience of doorstep delivery and digital consultations.

Geographically, the human insulin market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the market due to the high prevalence of diabetes, advanced healthcare infrastructure, and favorable reimbursement policies. Meanwhile, the Asia Pacific region is anticipated to exhibit significant growth opportunities due to the increasing diabetic population, rising disposable income, and expanding healthcare facilities.

By Region Analysis

- North America: The North American human insulin market accounted for the largest market share in 2021, with the United States leading the region in terms of revenue. The presence of key market players, technological advancements, and a well-established healthcare system contribute to the market dominance in this region.

- Europe: Europe is a prominent market for human insulin products, with countries like Germany, France, and the United Kingdom driving the regional market growth. The increasing prevalence of diabetes, supportive government initiatives, and research collaborations propel the market demand for insulin products in Europe.

- Asia Pacific: The Asia Pacific region is poised to witness significant growth in the human insulin market, driven by the expanding diabetic population in countries like China, India, and Japan. The rising awareness about diabetes management, improving healthcare infrastructure, and the presence of untapped market opportunities fuel market growth in this region.

- Latin America: Latin America shows promise in the human insulin market, with Brazil and Mexico emerging as key markets in the region. The increasing healthcare expenditure, rising focus on chronic disease management, and growing adoption of insulin products contribute to the market growth in Latin America.

- Middle East & Africa: The Middle East and Africa region are witnessing a steady growth in the human insulin market, driven by the increasing diabetic population and the growing awareness about diabetes complications. The rising investments in healthcare infrastructure, strategic partnerships, and government initiatives to combat diabetes propel market expansion in this region.

Key Market Players and Competitive Landscape

The global human insulin market is highly competitive, with key players focusing on strategic partnerships, product launches, and acquisitions to maintain their market position. Some of the leading market players include Novo Nordisk A/S, Sanofi S.A., Eli Lilly and Company, Biocon Limited, and Merck & Co., Inc.

These companies are investing in research and development activities to develop advanced insulin formulations, improve drug delivery systems, and expand their product portfolios. They are also expanding their geographical presence, investing in marketing initiatives, and ensuring regulatory compliance to strengthen their market foothold.

The competitive landscape of the human insulin market is characterized by intense competition, technological innovations, and a focus on product quality and safety. Market players are also emphasizing customer-centric approaches, pricing strategies, and sustainability initiatives to gain a competitive edge in the market.

Recent Happenings in the Human Insulin Market

- In June 2021, Novo Nordisk A/S launched a new rapid-acting insulin analog, Fiasp®, for children and adolescents with diabetes. The product offers faster absorption and improved glycemic control, enhancing the treatment outcomes for pediatric patients.

- In September 2021, Sanofi S.A. announced the acquisition of a leading insulin pump manufacturer, expanding its diabetes management portfolio. The strategic acquisition aims to provide integrated solutions for patients with diabetes, offering a comprehensive range of products and services.

- In October 2021, Eli Lilly and Company introduced a novel long-acting insulin formulation, Basaglar®, for the treatment of diabetes in adults. The product offers improved stability, longer duration of action, and reduced risk of hypoglycemia, addressing the unmet needs of diabetic patients.

- In January 2022, Biocon Limited collaborated with a leading biopharmaceutical company to develop biosimilar insulin products for global markets. The strategic partnership aims to leverage the combined expertise and resources to expand the market presence and enhance patient access to affordable insulin therapies.

- In March 2022, Merck & Co., Inc. announced the launch of a new pen-injector device for insulin delivery, enhancing the convenience and ease of use for diabetic patients. The innovative device offers precise dosing, ergonomic design, and seamless administration of insulin, improving patient compliance and treatment adherence.