Medical Human Insulin Market Is Expected to Reach $42 billion by 2019 - New Research Report by MarketsandMarkets
(PRWEB) October 19, 2014 -- The “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” provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the global human insulin market along with the estimates and forecasts of the revenue and share analysis.
The global human insulin market crossed $23 billion in 2013 and is poised to grow at a high double-digit CAGR from 2013 to 2018.
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The market is segmented based on products and types of insulin. Based on products, the global human insulin market is segmented into biologics and biobetters, and biosimilars/biogenerics. Human insulin market is also segmented into traditional and modern human insulin. Of these, modern human insulin and biosimilars will be the fastest-growing market in the next five years.The major factors propelling this growth are cost effective treatments offered while using modern human insulin and low price of biosimilars/biogeneric drugs of human insulin thereby stimulating the demand for biosimilar human insulin products.
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 the global human insulin market. 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.
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New technologies such as safety pen needles and infusion pumps have emerged as efficient modes 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.
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.
Asia-Pacific will be the fastest growing market for human insulin production, development, and distribution. Further, Asia-Pacific countries are considered to be the lucrative ones for investors to invest in for manufacturing and clinical activities of pipeline and existing human insulin product. Major players enter the Asian market with the purpose to collaborate with various CMO and CRO existing in this region that fosters the development of human insulin at lower cost compared to the other region across the globe. The demand for human insulin will be on the rise in coming five years due to the high prevalence rate of diabetes as well as low price of human insulin.
The key players in the market are Novo Nordisk (Denmark), Eli Lilly (U.S), Sanofi Aventis(France),Biocon (India), Julphar(U.A.E),Wockhardt (India),SemBioSys (Canada), and GSK (U.K.).
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