Human recombinant insulin is a protein-based hormone used to control glucose levels in the body. It is an artificial form of human insulin produced through recombinant DNA technology in microorganisms like yeast and E.coli. Recombinant insulin is more effective with fewer side effects than animal insulins. It is widely used for the treatment of diabetes as it regulates blood sugar levels and helps maintain overall health.

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, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity
The opportunity to cater rising diabetic population across the globe is expected to drive the growth of the human recombinant insulin market. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is anticipated to rise to 783 million by 2045. Type 1 and Type 2 diabetes require constant medication and insulin therapy and recombinant insulin being the most effective treatment option available, demand is estimated to grow substantially due to increase in diabetic population base. Development of long-acting insulin analogs catering needs oftype 1 and type 2 diabetes patients can further unlock growth opportunities over the forecast period.

Porter's Analysis

Threat of new entrants: The threat of new entrants into the human recombinant insulin market is moderate as significant capital investment is required to build manufacturing facilities. Additionally, the production process requires advanced technologies and expertise.

Bargaining power of buyers: The bargaining power of buyers in the human recombinant insulin market is high as the product is standardized with little product differentiation. Buyers can easily switch between suppliers.

Bargaining power of suppliers: The bargaining power of suppliers in the market is moderate as the key raw materials used in production including enzymes and growth factors have few alternative sources of supply.

Threat of new substitutes: The threat of new substitutes in the human recombinant insulin market is low as there are limited substitutes available for recombinant insulin used for treating diabetes.

Competitive rivalry: The competitive rivalry in the market is high owing to presence of major players competing on the basis of pricing, quality, and new product innovations.

SWOT Analysis

Strength: Production of recombinant insulin requires less resources and complex regulatory clearance processes compared to animal-derived insulin. Growing prevalence of diabetes across the globe increases the demand for insulin therapies.

Weakness: High dependency on certain suppliers for key raw materials increases production costs. Storage and distribution of recombinant insulin requires stringent cold chain management.

Opportunity: Emerging economies provide large untreated patient populations with increasing healthcare spends. New recombinant insulin analogs with improved pharmacokinetic properties can further enhance treatment outcomes.

Threats: Stringent regulatory frameworks increase costs and timelines for new product approvals. Biosimilar competition erodes prices and market shares of established brands.

Key Takeaways

The Global Human Recombinant Insulin Market Growth is projected to witness high growth during the forecast period owing to the increasing prevalence of diabetes worldwide. According to WHO, diabetes was estimated to be the ninth leading cause of death in 2019, responsible for 1.5 million deaths globally. 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.

North America dominates due to the presence of well-established healthcare systems and infrastructure. However, Asia Pacific is expected to witness the fastest growth attributed to large diabetic populations, rising healthcare expenditure, and growing awareness about diabetes management.

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. Major players are focusing on new product launches, expanding manufacturing capacities, and enhancing distribution networks across emerging markets.

For More Details On The Report,  Read- https://www.newsanalyticspro.com/human-recombinant-insulin-market-growth-and-size/