Human Insulin Market worth $42 Billion by 2018 - growing at double digit CAGR during 2013 to 2018
Dallas, TX (PRWEB) June 30, 2014
Growth of human insulin market has been supported by several initiatives and healthcare reforms developed in order to support the adoption of human insulin among diabetic population as diabetes will be the seventh leading cause of mortality by 2030. WHO and IDF began joint initiative to reduce the impact of diabetes and related chronic conditions on the health of children and adults worldwide. Apart from this, the U.S. government has now started taking various initiatives to boost its biosimilars market. In 2013, Obama’s administration sponsored a budget of $4.5 billion, an increase of 17% over 2012, to FDA in order to support the review of generics and biosimilars. The funding would mostly come from user fees paid by drug makers. More than $364 million will be allocated to support generic drug activities and development of biosimilars, out of which $20 million will be allocated to the FDA for biosimilars.
Modern human insulin accounted for the largest share -84%- of global human insulin market as per the global report on human insulin market by product type and brand (Lantus, Apidra, Levemir, NovoRapid, Novomix, Tresiba, Others) covering forecasts to 2018 available at http://www.reportsnreports.com/reports/291200-human-insulin-market-by-product-type-human-insulin-short-acting-intermediate-acting-premixed-modern-human-insulin-rapid-acting-long-acting-premixed-by-brand-lantus-apidra-levemir-novorapid-novomix-tresiba-others-forecast-to-2018.html. Premixed modern human insulin and long acting human insulin are estimated to grow at a brisk pace over the next five years. The high growth in these segments can be attributed to the growing demand of Apidra, Lantus, and Levemir. Furthermore, these drugs reported high efficiency and effectiveness as compared to other synthetic insulin, animal insulin, and other human insulin.
New technologies such as safety pen needles and infusion pumps have emerged as efficient mode of delivery for human insulin. Pen needles offer significant benefits to the healthcare sector. The usage of easy to fit needles is rising due to the convenience offered by them. These needles are easy to attach, remove, and dispose, thus they can be easily used by patients with manual dexterity problems, and visual impairment. Diabetes educators and clinicians across the world recommend the usage of needles with shorter lengths and higher gauge sizes for convenience and to minimize pain. Owing to these factors, technological advancement is expected to be a major revenue pocket for the human insulin market in the coming years.
Countries such as China, India, Japan, and Korea will also offer potential growth opportunities to human insulin market. Of all the countries, China is estimated to be the fastest growing market for human insulin market. Saudi Arabia, Qatar, Egypt, U.A.E, and Brazil will also emerge as lucrative markets for human insulin market.
Companies profiled in this human insulin market research report for 2014-2018 include Novo Nordisk, EliLilly, Sanofi Aventis, Biocon and Julphar Pharmaceuticals. Order a copy of this report at http://www.reportsnreports.com/Purchase.aspx?name=291200.
Most of the early biologic human insulin lost their patent protection in the first half of the 20th century, while many of the current best-selling drugs such as insulin glargine, insulin as part, and insulin lispro are all set to lose their patent protection in the coming years. This creates new opportunities for biosimilar drugs which is estimated to grow at a CAGR of 35% from 2014-2019.
The grey area while estimating the market size is the variable price of human insulin across the globe as it differs widely across each country. From an insight perspective, this research report focuses on the qualitative data, market size, share, and growth of various segments and sub-segments, competitive landscape, and company profiles.
The qualitative data covers various levels of industry analysis, such as market dynamics (drivers, restraints, opportunities, and threats), and porter’s five forces analysis at global level. The report also offers market shares, sizes, and related growth of various segments in the industry. It also focuses on the emerging and high-growth segments of human insulin market (Biosimilars of human insulin, long acting human insulin, and premixed human insulin), high-growth regions (Asia-Pacific), and the initiatives of their respective governments.
The competitive landscape covers the growth strategies adopted by industry players in the last three years. The company profiles comprise the basic views on the key players in the human insulin market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above-mentioned market research data, current market size, and forecast of future trends will help the key players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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