Human Insulin Market, by product type (traditional human insulins, basal or long-acting insulins, bolus or fast-acting insulins, insulin combinations, and biosimilar insulins), Drugs (Biologics, Biosimilars), Brands (Lantus, NovoRapid, Humalog), Delivery Devices (Pens, Pen Needles, Syringes) Application (Type 1 Diabetes, Type 2 Diabetes) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Human Insulin market size was estimated at USD 25.96 billion in 2023 and is projected to reach USD 33.38 billion in 2030 at a CAGR of 3.2% during the forecast period 2023-2030.
Human Insulin or Insulin is a hormone produced in the human pancreas that regulates the amount of glucose (sugar) in the bloodstream and the metabolism of fats, proteins and carbohydrates in the human body. Insulin is available in different strengths; the most common is U-100, which is used as a dietary and exercise supplement to improve glucose balance in children and adults.
The growth of the global market is attributed to key factors such as increasing demand for human insulin analogues and affordable reimbursements. Technological innovations in human insulin delivery devices are also boosting the market. For example, in August 2020, the US FDA approved the MiniMed 770G, an innovative diabetes management device. This device automatically monitors glucose levels and delivers the correct basal insulin doses to pediatric patients with type 1 diabetes with minimal client (caregiver) input.
The COVID-19 pandemic has significantly affected the human insulin drug market. Patients with type 1 diabetes were more affected during Covid-19. Diabetics have a weak immune system, so in case of COVID-19, the immune system weakens very quickly. Diabetics are more likely to develop serious complications than the general population. In the midst of the pandemic, there have been delays and disruptions in the supply of medicines due to strategies designed to contain the spread of SARS-CoV-2. In addition, hospitals reported a decrease in insulin prescriptions. However, in several countries, the impact of COVID-19 decreased after the second quarter of 2021, helping the market to pull back.
The global market is driven by advances in technology, increasing R&D funding, increasing government support and prevalence of diabetes. In addition, R&D's role in the insulin market is increasing as researchers around the world strive to develop a better insulin molecule for diabetics that increases efficacy and reduces side effects. In addition, the market is expected to grow in the absence of drug cap rules, which will result in several major pharmaceutical companies raising the prices of generic drugs, including insulin. Global market players can also capitalize on the opportunities in the premixed insulin segment due to its ease of use and portability, as well as premixed insulin delivery devices.
North America to Dominate the Market