Sarasota, FL -- (SBWIRE) -- 10/25/2017 -- According to the report, the global Human Insulin Market accounted for USD 27.00 billion in 2015 and is expected to reach USD 43.6 billion by 2021, growing at a CAGR of around 8.3% between 2016 and 2021.
Diabetes is described as a group of metabolic diseases in which the person has high blood glucose level than normal, either because insulin production is inadequate, or because the body's cells do not respond properly to insulin. Diabetes is a lifelong condition that is characterized by a raised blood glucose level. Diabetes is characterized into two types of diabetes: Insulin dependent diabetes mellitus (type 1) and Non-insulin dependent diabetes mellitus (type 2). Signs of diabetes include an increased sense of thirst, frequent urination, fatigue, weight and muscle loss, delayed wound healing and blurred vision. Human insulin therapy is utilized for the treatment of both type1 and type 2 diabetes mellitus.
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The global rise in human insulin market is mainly due to the increase in diabetic disorder patient across the globe. Moreover, the factors those are responsible for increasing numbers of the diabetic population globally include sedentary lifestyles, obesity, the rise in geriatric populations and poor healthcare services. Furthermore, advanced technology like pen device, safety pen needles for efficient delivery of insulin is fueling the growth of the global human insulin market. However, production cost, manufacturing complexities and critical regulatory requirements for the approval of biotechnology derived products are factors which are expected to restraint the growth of the global human insulin market. Nonetheless, pipeline insulin products and untapped market of Asia Pacific and Africa are major opportunities for upcoming manufacturers of global human insulin markets.
Global Human Insulin Market Based on products, the global human insulin market is segmented into two types: drugs and drug delivery devices. Drugs segment of human insulin market was contributing maximum market shares in 2015 followed by drug delivery devices. This segment is propelled by factors which include increasing in insulin dependent diabetic population, low cost, growing R&D for drug discovery, rising proportion of aging population in developed countries. In addition, increasing market accessibility of generic human insulin and rising government initiatives to support the development and commercialization of effective biosimilars are expected to fuel the growth of human insulin market over the forecast period
Based on drug type, the global human insulin market is segmented into two types: Biosimilars and Human Insulin Biologics. In terms of revenue, biosimilars were the leading segment of human insulin market in 2015 followed by human Insulin biologics. Meanwhile, biosimilar will rise approximately at a steady CAGR of 7.34% during the forecast period.
Based on application, the global human insulin market is segmented into two types: type 1 diabetes and type 2 diabetes. Type 1 diabetes mellitus was the dominating segment in terms of revenue generated in 2015 followed by type 2 diabetes mellitus. Type 1 Diabetes Mellitus is an autoimmune disorder characterized by a lack of insulin formation in the body. About 100,000 new cases are diagnosed annually in North America. Human insulin serves as only medication for treating type 1 diabetes mellitus.
Key market players of human insulin market include Eli Lilly, GlaxoSmithCline, Biocon, Sanofi Aventis, Julphar, Novo Nordisk, SemBioSys, and Wockhardt.