Human Insulin Market To Hit USD 24.6 Billion By 2032, Fueled By Rising Diabetes Cases And Innovation – SNS Insider

Pune, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Global Human Insulin Market Size & Growth Analysis:

According to SNS Insider, The Human Insulin Market Size was valued at USD 18.1 billion in 2023 and is expected to reach USD 24.6 billion by 2032 and grow at a CAGR of 3.4% over the forecast period 2024-2032.

Market Overview

The growing prevalence of diabetes-the global health threat mainly dominated the market for human insulin. Recent statistics from the International Diabetes Federation estimate that about 537 million adults are living with diabetes, with projections indicating a rise to 643 million by 2030. With such a huge percentage of the population requiring insulin therapy for the management of blood glucose levels, the demand for human insulin products has exponentially risen. The supply side is characterized by heavy competition for market leaders such as Novo Nordisk, Sanofi, and Eli Lilly, who continue to innovate and enrich product portfolios. Additionally, penetration by online and retail pharmacies for insulin is increasing and has made this accessible to patients and could contribute to further growth of the market. The growing awareness about the treatment of diabetes and the inclusion of insulin pumps and pens have also acted as an encouraging factor for the rising demand for human insulin products.

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Key Human Insulin Market Leaders:

• Sanofi
• Oramed
• Adocia
• Merck & Co.Inc
• Novo Nordisk A/S
• Eli Lilly and Company
• Biocon
• Julphar
• BIOTON S.A.
• Pfizer Inc.
• Gan & Lee Pharmaceuticals
• Bristol-Myers Squibb Company
• GlaxoSmithKline Plc
• Wockhardt
• Tonghua Dongbao Pharmaceutical Co., Ltd., and others

Human Insulin Market Report Scope:

Segment Analysis

By Type

Analogue insulin accounted for the largest market share in 2023 with a share of 54.6% because of its advantageous features over conventional human insulin including high compliance to the therapy, better glycemic control, and less risk of hypoglycemia as compared to conventional insulin. states that analogue insulin is faster and more predictable, which has led to an increasing appeal for healthcare providers and patients. The generic versions like Novo Nordisk's NovoLog and NovoLog Mix have further increased the growth prospects in this segment. With low penetration rates in traditional human insulin, the market is likely to grow at a slightly slower rate as healthcare providers increasingly opt for analogue insulin due to its higher efficacy and patient response.

By Diabetes Type

In 2023, the type 1 diabetes segment held the dominant share with 57.8%. The growing incidence of type 1 diabetes, where patients receive daily insulin injections to control blood glucose, drives the type 1 diabetes segment. The IDF also emphasizes that for a type 1 diabetes patient, insulin is still the most important drug. The type 2 diabetes segment will grow at a relatively slower CAGR on account of an alternative treatment option available. Although several type 2 diabetes patients may switch to the use of insulin only after other therapies fail, the tremendous risk of developing type 2 diabetes globally ensures that this segment remains relevant in the market.

By Distribution Channel

Retail and online pharmacies were the biggest share of 59.2% of insulin revenues, which is supplemented further by involvement from giants like Amazon and Walmart. Those have come out with more affordable options for insulin usage, such as Walmart's ReliOn brand and analogue insulin at drastically reduced prices. Hospital pharmacy is expected to grow modestly, driven by improved hospital infrastructure and increased availability of insulin, but retail and online pharmacies are most likely to dominate the market's revenue sources.

Human Insulin Market Key Segmentation:

By Type

• Analogue Insulin

• 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

• Hospital Pharmacies
• Retail & Online Pharmacies

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Regional Analysis

North America is expected to remain at the dominant position in the Human Insulin Market, where significant shares were expected in the year 2023. The region holds high diabetes prevalence, advanced healthcare infrastructure, and major pharmaceutical companies situated within the region. Developments in insulin delivery systems and an increase in biosimilar adoption support market growth as well. Companies like Eli Lilly have made a robust presence, with new and innovative products in insulin, while others, such as Novo Nordisk, cater to different patient needs.

Europe is emerging as the fastest-growing region in the Human Insulin Market, which is influenced by the escalating awareness towards diabetes management and surging healthcare expenditure. The European market is dominated by the high adoption of analogue insulins and biosimilars, with companies like Sanofi holding the top position there. Moreover, there is regulatory support for the acceptance of biosimilars, giving patients access to cheap treatment options.

Recent Development

• In January 2024, Novo Nordisk launched the biosimilar, NovoLog Mix, which will be sold at a relatively low price for patients.
• Eli Lilly launched Lyumjev (insulin lispro) in June 2023, which would provide faster action-based insulin therapy
• Sanofi launched Lantus with a new formulation in February 2024; with this newly developed formula, the company hopes to increase compliance in patients
• Boehringer Ingelheim announced the commercial launch of its newest biosimilar product for diabetes sometime in March 2024.
• In April 2024, Biocon Biologics gained regulatory approval for the human insulin product formulation aimed at emerging markets.
• Walmart started its ReliOn brand analog insulin under this head, in June 2021.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

• Incidence and Prevalence of Cancer, by Type (2023)
• Adoption Trends of Liquid and Tissue Biopsy Techniques, by Region (2023)
• Volume of Human Insulin Procedures, by Region (2020-2032)
• Healthcare Spending on Cancer Biopsies, by Region (Government, Commercial, Private, Out-of-Pocket), 2023
• Trends in Human Insulin Technology and Innovation (2023)
• Regulatory Approvals and Guidelines for Human Insulin Devices and Methods (2023)

6. Competitive Landscape

7. Human Insulin Market Segmentation, by Type

8. Human Insulin Market Segmentation, by Diabetes Type

9. Human Insulin Market Segmentation, by Distribution Channel

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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