Top Companies in Human Insulin Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
Human Insulin Market is projected to reach a value of USD 26.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 3.2% over the forecast period.
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The Global Human Insulin Market is valued at USD 22.3 Billion in 2021 and is projected to reach USD 26.9 Billion by 2028 at a CAGR of 3.2% over the forecast period. Lifestyle changes, an increase in the number of obese people and the aging population, and insufficient healthcare services are among the factors causing an increase in diabetic patients worldwide. Favorable governmental policies and technological developments like the invention of insulin pens have also aided the development of this market. The global Human Insulin industry has promising prospects, including pipeline products and untapped emerging markets.
The use of Human Insulin will be substantially supported by the increasing incidence of diabetes worldwide, encouraging market expansion. The Human Insulin Market is expected to grow due to the rising prevalence of diabetes caused by an increase in sedentary lifestyle adoption.
However, the demand for insulin has significantly increased due to the adoption of new products and technological advancements over the past ten years. The market growth was somewhat constrained in emerging and developing nations due to the lack of reimbursement. Furthermore, the market's overall growth is hampered by a higher prevalence of undiagnosed diabetes cases in developing nations.
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Amidst Exponential Growth in Human Insulin Adoption, What Trends Should We Look Forward to?
- The increased prevalence of diabetes is one trend that is anticipated in the Human Insulin Market. The management of blood sugar levels in people with diabetes requires the use of insulin. Insulin is available in many forms, and new medications are always being developed.
- The development of medication delivery techniques is another trend that will persist in the Human Insulin Market. Due to recent advancements in its composition and delivery methods, Human Insulin is now more efficient and useful than ever.
- Products made from biosimilar insulin are getting more and more well-liked due to their lower price than branded insulin.
- Continuous glucose monitors (CGMs) are expanding due to their ability to provide real-time information about blood sugar levels.
The Human Insulin Market is dominated by globally established players such as Novo Nordisk A/S (Denmark), Eli Lilly & Company (US), Boston Scientific Corporation (US), Sanofi (France), Boehringer Ingelheim International GmbH (Germany), Biocon (India), TonghuaDongbao Pharmaceutical (China), Julphar (UAE), Wockhardt (India) and others. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Human Insulin Market.
Let's Look at the Top 5 Companies That are Taking the Human Insulin Market by Storm
The Human Insulin Market is expected to grow from USD 22.3 billion in 2021 to USD 26.9 billion in 2028 due to the development of safety pen devices and needles for efficient insulin delivery. Furthermore, the demand for Human Insulin is anticipated to increase as diabetes awareness grows.
- Novo Nordisk A/S(Denmark)
After August Krogh brought the technique for extracting and purifying insulin to Denmark from Canada, Nordisk Insulinlaboratorium commercialized the production of the drug. Diabetes was no longer a death sentence with insulin, and life expectancy significantly increased.
- Eli Lilly & Company (US)
Lilly combines compassion and research to develop medications that improve people's lives worldwide. After approximately 100 drugs and more than 140 years have passed since the invention of insulin, researchers are always looking for the next big thing and finding new methods to improve the lives of people all around the world.
- Sanofi (France)
Sanofi is a cutting-edge global healthcare firm with a single goal: to improve people's lives via science's wonders. Millions of individuals benefit from potentially life-saving treatments, immunizations, and affordable access to medications like insulin, some of the world's poorest nations.
- Biocon (India)
A multinational biopharmaceutical business committed to everyone having access to high-quality, reasonably priced healthcare. It continues to develop new therapies for autoimmune diseases, cancer, and diabetes. By providing millions of patients in more than 120 countries with access to life-saving therapies and relief, R&D focuses on prevention, alleviation, and treatment. Drugs like insulin contribute to this improvement.
- Julphar (UAE)
Middle Eastern pharmaceutical producer Julphar is Emirati. The company, which has its headquarters in Ras Al Khaimah, United Arab Emirates, employs over 5,000 people and exports its pharmaceutical goods, including insulin, to other countries.
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