The rising prevalence of diabetes worldwide coupled with the growing obese population due to the change in lifestyle are the major factors driving the human insulin market. Furthermore, the introduction of pen devices as well as the safety pen needles for effective delivery of insulin are the propelling factors for the global human insulin market. This is owing to various advantages while injecting insulin through safety pens as compared to the other standard needles. The human insulin market consists various opportunities such as implementation of regulations against needlestick injuries, needle anxiety, and growing awareness associated to the danger of blood borne pathogen transmission. Furthermore, growing demand for biosimilar drugs due to their cost effectiveness are also the high impact rendering drivers for the market.
The human insulin market is analyzed by segmenting the market on the basis of product type and brands. On the basis of product type, the market is segmented as short acting human insulin, intermediate acting human insulin, long acting human insulin, fast acting human insulin and premixed human insulin. The short acting human insulin, also known as regular insulin, covers the largest share in the market owing to its slow acting and adjustability with the human body. On the basis of brands, the market is segmented into Humalog, Apidra, Actrapid, Mixtard, Insulatard, Humilin, Lantus, Insuman, Levemir, Tresiba, Novorapid and Novomix insulin.
North America is the dominant region with the largest revenue share in the global human insulin market. Rising incidences of diabetes and increasing geriatric population are the major factors driving this region. Euopean countries such as Gemany, France and Italy are developing in terms of revenues. Whereas, Asia Pacific is expected to witness a high growth during the forecast period. Favorable government initiatives coupled with rising R&D initiatives by large companies are boosting the human insulin market in this region during the forecast period.
The key players in this market include Eli Lilly, Novo Nordisk, Biocon, Sanofi Aventis, Wockhardt, Julphar, GSK and SemBioSys. These companies are planning heavy investments and creating various strategies such as expansions, collaborations, innovations and new product launches to maintain their market share and growth rate in the human insulin market.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.