by Human Insulin Drugs are used for the treatment of diabetes by controlling the levels of blood sugar in the body. It is administered when the body is unable to produce sufficient insulin or is resistant to the native insulin. The growing prevalence of diabetes globally has boosted the demand for human insulin drugs. It is estimated that over 422 million people suffer from diabetes worldwide and the number is projected to rise to over 640 million by 2040.
The global human insulin drug market is estimated to be valued at US$ 56921.85 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of diabetes is one of the key factors driving the demand for human insulin drugs globally. As per estimates, over 29 million people in the United States suffer from diabetes as of 2020. Moreover, another 88 million Americans aged 18 years or older have prediabetes with high risks of developing type 2 diabetes within five years. If the current scenario continues, 1 in 3 Americans could have diabetes by 2050. This growing prevalence of diabetes has spurred the demand for effective treatment options such as human insulin drugs among patients. Furthermore, increasing awareness among people about diabetes management is also boosting the market growth.
SWOT Analysis
Strength: Human insulin drugs are effective in managing blood sugar levels in patients with diabetes. They mimic the action of naturally produced insulin in the body.
Weakness: Insulin therapy requires injections which some patients find inconvenient and painful. Cost of treatment can also be high for some patients.
Opportunity: Rise in prevalence of diabetes worldwide has increased the demand for effective treatment options like insulin drugs. Growing elderly population also increases the market potential.
Threats: Alternative treatment options like oral antidiabetic drugs are becoming increasingly effective and less invasive. Biosimilar insulin drugs pose price competition to established brands.
Key Takeaways
The Global Human Insulin Drug Market Demand is expected to witness high over the forecast period owing to the growing diabetes patient pool worldwide. The global human insulin drug market is estimated to be valued at US$ 56921.85 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
The Asia Pacific region currently dominates the market and is expected to maintain its leading position over the coming years. This can be attributed to rise in diabetes incidence supported by increasing geriatric population, growing obesity levels and sedentary lifestyles in developing countries.
Key players operating in the market are Ecolab Inc., Rollins Inc., Rentokil Initial Plc., ServiceMaster Company, LLC, Massey Services Inc., Arrow Exterminators Inc., Sanix Incorporated, Asante Inc., Dodson Pest Control, Inc., Target Specialty Products, Pelsis Ltd., Killgerm Ltd., WinField Solutions, LLC, and Univer Inc. The major players are focusing on new product development and launches, acquisitions and partnerships to strengthen their market presence and global distribution networks especially in emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
