Human Recombinant Insulin Market size is slated to expand at a prolific rate over the span of 2021-2027. This can be attributed to the rising prevalence of diabetes worldwide. According to IDF statistics, nearly 463 million adults were suffering from diabetes as of 2019, while the number is expected to rise to 700 million by 2045 end. This evokes the need for effective diabetes treatment, influencing the industry landscape of human recombinant insulin.
Recombinant human insulin has potentially replaced animal insulin and animal-based semisynthetic human insulin. The treatment is available in sufficient quantities and at affordable prices, to offer global access to insulin therapy.
Regular (short-acting) insulins are expected to gain massive proceeds in the overall market. These shots are usually taken before meals and are generally injected via a syringe or an insulin pen. Regular insulins are used to treat type 1 diabetes, type2 diabetes, gestational diabetes, and complications of diabetes. It is also used along with glucose to treat high blood potassium levels. Onset of the effect of insulin is typically observed within 30 minutes while having the ability to last for 8 hours.
Online pharmacies are likely to generate considerable gains in the coming years, given the rising prominence of e-commence platforms. Besides, presence of diverse range of products and availability of discount options would complement the segmental growth in the years to come.
North America human recombinant insulin market would grow at a significant CAGR by 2027, with the United States leading the grounds. This can be credited to the rising prevalence of diabetes in the country. According to a 2020 report by CDC, approximately 34.2 million Americans have diabetes, while 88 million American adults suffer from prediabetes. Given this rise in the diabetic population in the nation, there is a rising demand for diabetes therapeutics, which is thus enhancing the growth of market across the United States and therefore North America.
Rising technological developments in the diabetes insulin space would further boost the regional market space during the forecast time frame. Citing an example, rBIO had in early 2021 announced synthetic production of human insulin using its recombinant DNA model and process. It has been reported that the company claims to achieve increased production of insulin, potentially reducing the cost of the drug by 30% with this model.
The global human recombinant insulin market is highly consolidated and boasts of the presence of various leaders including Eli Lilly and Company, Sanofi S.A., Biocon, Novo Nordisk A/S, Zhuhai United Laboratories Co Ltd., and Gan & Lee Pharmaceuticals, Ltd. amongst others.
Key strategies adopted by these players include partnerships, collaboration, innovative product launches, mergers, and more, to expand their business portfolio globally. Meanwhile, it also allows them to gain a significant position in the overall market.
Surging COVID cases, stringent movement restrictions, a temporary halt in production, and disruption in supply chain and raw materials supply have produced a significant challenge for the market expansion during 2020 and today. However, ongoing research and developments in the field, even amidst the coronavirus pandemic scare, would potentially boost the growth graph for market in the years to come.
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