Exploring the Global Human Insulin Market: Trends, Growth, and Future Prospects
The global human insulin market is experiencing robust growth, driven by the rising prevalence of diabetes, lifestyle changes, and increasing demand for insulin. The sedentary lifestyle adopted across developed and emerging economies has led to a surge in diabetes cases, making it a significant health concern among adults and millennials alike. This surge in diabetes diagnoses, particularly type 1 diabetes, where patients are entirely dependent on insulin, has resulted in a substantial increase in insulin demand.
According to the International Diabetes Federation, it is estimated that approximately 643 million individuals will be affected by diabetes by 2030, and this number is projected to rise to 783 million by 2045. The World Health Organization (WHO) predicts that diabetes-related deaths will double by 2030 compared to the mortality rates in 2005. The escalating prevalence of diabetes is expected to drive the growth of the global human insulin market in the coming years.
WHO Initiatives Aim to Regulate Human Insulin Access
The World Health Organization (WHO) has identified limited access to human insulin and related medical tools as a significant challenge in many countries. Key barriers to universal human insulin access include limited availability, high prices of synthetic insulins, and a small number of dominant producers in the market. The shift from affordable human insulin to costly analogues or synthetic insulins has imposed a substantial financial burden on low to middle-income nations, despite the similar effectiveness of human insulin.
To address these issues, WHO has proposed several measures, including boosting human insulin production and regulating its supply, improving affordability, enhancing cost and price transparency, promoting research and development of human insulin in low-income countries, allocating sufficient funding, and enhancing local manufacturing capacity in underserved regions. These initiatives are expected to improve access to human insulin in regions with unmet demand, ultimately influencing the growth of the human insulin market. This effort is part of the Global Diabetes Compact, launched in 2021, which aims to unite governments, private sector entities, UN organizations, philanthropic foundations, academic institutions, and individuals affected by diabetes to improve access to necessary care.
Demand for Treating Diabetes Type 1 Drives Growth Opportunities
The demand for human insulin for treating type 1 diabetes is projected to grow significantly in the coming years. The rising number of individuals, particularly adolescents and children, diagnosed with type 1 diabetes has led to an increased reliance on human insulin. According to the International Diabetes Federation, in 2021, over 1.2 million adolescents and children aged 0-19 years were suffering from type 1 diabetes. This growing patient population is expected to boost the sales of human insulin for type 1 diabetes treatment, contributing to the overall revenue of the global human insulin market.
North America Leading the Global Human Insulin Market
North America, with its developed economies, is anticipated to demonstrate high demand for and use of human insulin. The region’s increasing geriatric population, coupled with a sedentary lifestyle, has driven up diabetes rates. According to the American Diabetes Association (ADA), more than 34 million Americans had diabetes in 2020, with approximately 40% of SARS-CoV-2 deaths occurring in diabetic patients.
This has resulted in higher healthcare expenditures, including diabetes diagnosis and management. For instance, in 2019, Canada ranked 11th among healthcare systems in the Organization for Economic Cooperation and Development (OECD) in terms of per capita healthcare expenditure. With a substantial rise in GDP per capita and a favorable healthcare infrastructure, North America is poised for continued growth in the human insulin market.
Global Human Insulin Market: Key Players
Key players in the global human insulin market include Eli Lilly, Biocon, Novo Nordisk, Sanofi Aventis, GlaxoSmithKline, Wockhardt, SemBioSys, Julphar, Boston Scientific, Tonghua Dongbao Pharmaceuticals, Bristol Myers Squibb, and Merck & Co. Inc.
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This press release first seen on Brilad