Human recombinant insulin is used for the treatment of diabetes. It regulates blood sugar levels by facilitating the passage of glucose from the bloodstream into cells to be used as energy. The rising cases of diabetes globally have fuelled the demand for insulin significantly.

The global human recombinant insulin market is estimated to be valued at US$ 41,602.7 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing prevalence of diabetes has propelled the adoption of human recombinant insulin products. It is estimated that nearly 10% of the global population suffers from diabetes. According to the International Diabetes Federation, over 537 million adults aged 20-79 years were living with diabetes in 2021 globally. Nearly half of these cases remain undiagnosed. The rising cases of diabetes have resulted in significant demand for insulin drugs and this trend is expected to continue in the foreseeable future.

SWOT Analysis
Strength: Recombinant insulin offers benefits like consistency in dosage and purity. It is produced through recombinant DNA technology and provides precise control over dosage.
Weakness: High costs involved in R&D and production of recombinant insulin. Stringent regulations associated with production and approval of biosimilar insulins.
Opportunity: Growing prevalence of diabetes worldwide and increasing demand for biosimilar insulins present lucrative growth opportunities. Favorable policies supporting the development of biosimilars.
Threats: Patent expiries of major insulin brands enabling market entry of biosimilars posing pricing pressure. Stringent regulations delaying approval and market entry of biosimilars.

Key Takeaways
The global human recombinant insulin market is expected to witness high growth over the forecast period owing to the increasing prevalence of diabetes worldwide. The global Human Recombinant Insulin Market is estimated to be valued at US$ 41602.7 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

Regional analysis: North America dominated the global market in 2022 owing to the rising incidence of diabetes and supportive reimbursement policies for insulin therapies in the region. Asia Pacific is anticipated to witness fastest growth propelled by growth in diabetes patients, increasing healthcare spending and presence of major manufacturers in the region focusing on affordable insulins.

Key players: Key players operating in the human recombinant insulin market are Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Julphar Gulf Pharmaceutical Industries, Biocon Limited, Bioton S.A., Gan & Lee Pharmaceuticals, Ltd., Zhuhai United Laboratories Co., Ltd., Wanbang Biopharmaceuticals Co., Ltd., and Dongbao Enterprise Group Co., Ltd. Novo Nordisk A/S dominated the global market in 2022 owing to its wide portfolio of drug formulations and delivery devices for diabetes management.

Get more insights on this topic:

https://insightskies12.blogspot.com/2023/12/human-recombinant-insulin-market-is.html