Higher Prevalence of Diabetes to Accelerate Sales in Global Human Insulin Market
Rising occurrence of diabetes on the back of lifestyle changes continues to influence the demand for human insulin worldwide. Sedentary lifestyle across developed as well as emerging economies has contributed to the increasing prevalence of diabetes, which has become a major health concern among both adults and millennial population. This has led to an increase in the rate of diagnosis of diabetes type 1, wherein patients suffering from the disease are completely dependent on insulin. This has resulted in an increase in demand for insulin, in turn paving a potential pathway of growth for the human insulin market.
As per analysis of International Diabetes Federation, about 643 million individuals are expected to suffer from diabetes by 2030, and the figure is expected to grow further to touch 783 million by end of 2045. Additionally, according to The world Health Organization (WHO), deaths due to diabetes are expected to double by end of 2030 as compared to the mortalities in 2005. That said, increasing prevalence of the disease is likely to fuel the growth of the global human insulin market in the coming years.
WHO Initiatives to Regulate Demand and Supply Scenario of Human Insulin
According to World Health Organization (WHO), access to human insulin and related medical tools remains limited across several countries worldwide. WHO analysis and observations reveal that less availability and access of human insulin, high price of synthetic insulins and a small number of producers dominating the market are few of the key barriers to universal human insulin access. Shift from human insulin that can be manufactured at a relatively low price compared to its pricy analogues or synthetic insulins have been imposing a significant financial burden on mid to low-income nations. Albeit a similar effectiveness of human insulin as compared to synthetic counterparts, the latter is at least 1.5 times more expensive than the former.
Against this background, WHO has suggested various measures to improve human insulin access, to name a few, boosting production of human insulin and regulating its supply, improve affordability and cost and price transparency, promote research and development for human insulin in low-income countries, allocate sufficient funding and enhance local manufacturing capacity across under-served regions. This is expected to improve access of human insulin in regions where the demand is not completely met. This initiative is just one of the work streams of Global Diabetes Compact that was launched in 2021. Global Diabetes Compact is focusing on uniting national governments, private sector entities, UN organizations, philanthropic foundations, academic institutions and individuals suffering from the disease to work together which can help people with diabetes gain access to the care that is required. Such initiatives are likely to enhance demand and supply scenario in turn influencing the growth of the human insulin market.
Demand for Treating Diabetes Type 1 Creates Growth Opportunities for Global Human Insulin Market
The demand for human insulin in treating patients suffering from diabetes type 1 is expected to increase at a significant pace in the coming years. Increasing number of individuals suffering from type 1 diabetes has fuelled the use of human insulin, as patients suffering from this type are completely dependent on human insulin use. According to the analysis of International Diabetes Federation, in 2021, over 1.2 million adolescents and children within the age group of 0-19 years are suffering from type 1 diabetes. This factor is expected to drive the sales of human insulin for treating patients with type 1 diabetes, in turn contributing to the overall revenue of the human insulin market worldwide.
North America Likely to Account for a Lion’s Share in Global Human Insulin Market
Developed economies in North America are expected to showcase higher lucrativeness in terms of demand and use of human insulin. Increasing geriatric population, coupled with sedentary lifestyle has propelled the incidence of diabetes in the region. According to ADA, more than 34 million Americans were suffering from diabetes in 2020 and around 40% of SARS-CoV 2 deaths were diabetic patients.
This has translated in to rising expenditure on healthcare including diabetes diagnosis. For instance, in 2019, per capita expenditure on health in Canada is ranked 11th among healthcare systems in OECD (Organization for Economic Cooperation and Development). This aspect coupled with significant rise in the GDP per capita and favourable healthcare infrastructure in the region is likely to favour growth of the human insulin market in the years to follow.
Global Human Insulin Market: Competitive Landscape
Few of the 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.
Global Human Insulin Market is Segmented as Below:
Key Elements Included In The Study: Global Human Insulin Market
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