Pune, India, May 11, 2022 (GLOBE NEWSWIRE) -- The global human insulin market size was USD 19.61 billion in 2020. The market is USD 20.23 billion in 2021 and is expected to reach USD 25.83 billion in 2028 at a CAGR of 3.5% in the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Human Insulin Market Size, 2021-2028.” According to our expert analysts, the rising occurrence of diabetes owing to augmented implementation of deskbound lifestyle is anticipated to thrust the human insulin market growth.
Furthermore, according to the International Diabetes Federation (IDF), as of 2019, around 463 million adults, aged 20-79, were living with diabetes and it is further predicted that the amount of patients is likely to upsurge up to 700 million by the year 2045. Therefore, growing frequency of diabetes across the world will robustly sustain the implementation of human insulin, thus backing market growth.
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Industry Development
July 2021: Walmart declared the collaboration deal with Novo Nordisk to unveil a first-ever private brand analogue insulin, retailing up to 75% off the cash price of branded insulin products.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2018 to 2026 |
| Forecast Period 2021 to 2028 CAGR | 3.4% |
| 2026 Value Projection | USD 27.71 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 21.26 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 135 |
| Segments covered | Types, Diabetes Types, End-Users and Geography |
| Growth Drivers | Increasing Prevalence of Diabetes Around the Globe and Rising Number of Geriatric Population to Fuel the Demand for Insulin Worldwide |
| Retail Pharmacy to Hold a Leading Position in the Human Insulin Market in Terms of Revenue | |
| Diabetes Type 1 is Anticipated to Exhibit a Significant CAGR during the Forecast Period |
Drivers and Restraints
Surging Commonness of Diabetes Worldwide to Drive Demand for Insulin
The surging occurrence of diabetes, specifically in nations based in North America and developing countries in Asia Pacific is predicted to be the prime market drivers. According to the National Diabetes Statistics Report, around 34.2 million people of all age groups or 10.5% of the U.S. population were reported to have diabetes in 2018. Furthermore, rising consciousness regarding diabetes has resulted in an upsurge in the analysis rate of type 1 diabetes.
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Report Coverage
The report presents a holistic study of the human insulin market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
COVID-19 Impact
Cost Cutting of Insulin Products amid COVID-19 to Hinder Producers’ Revenue
The COVID-19 pandemic has become a prime health challenge across the world. The healthcare industry experienced a substantial influence on its revenue growth. The human insulin market on the contrary confronted an adverse growth of -5.5% in the year 2020.
To regulate the spread of COVID-19 infection, numerous actions were taken into contemplation, among these processes are national level lockdown and closure of admittance to healthcare amenities for trivial health ailments.
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Regional Insights
North America held the maximum human insulin market shares and generated a revenue of USD 9.34 billion in 2020. It is predicted to dominate the global market throughout the forecast period.
On the contrary, Europe is projected to be the second-most important region in terms of revenue by 2028 in the global market.
Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. This is attributed to the huge volume share ingestion of insulin owing to higher dominant population of diabetes in the region.
Competitive Landscape
Key Companies Responsible for Majority of Market Share in Terms of Revenue
Novo Nordisk A/S is a frontrunner in the global human insulin market and is expected to preserve its position during the forecast period. This is due to the growing collaboration deals of the company and technological inventions in drug innovation.
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List of Key Players Covered in the Human Insulin Market Report
- Novo Nordisk A/S (Bagsværd, Denmark)
- Eli Lilly and Company (Indianapolis, U.S.)
- Sanofi (Paris, France)
- Boston Scientific Corporation (Massachusetts, U.S.)
- Boehringer Ingelheim International GmbH (Ingelheim am Rhein, Germany)
- Biocon (Bengaluru, India)
- Tonghua Dongbao Pharmaceutical (Jilin, China)
- Julphar (Ras Al-Khaimah, United Arab Emirates)
- Wockhardt (Mumbai, India)
Market Segmentation:
By Type
- Analogue Insulin
The analogue insulin is projected to hold the maximum market share in the global market in 2020 and is anticipated to grow at a quicker pace during the forecast period.
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- Long-acting
- Fast-acting
- Premix
- Traditional Human Insulin
- Long-acting
- Short-acting
- Fast-acting
- Premix
By Diabetes Type
- Diabetes Type 1
- Diabetes Type 2
By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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