Oct 2, 2020 8:00 PM ET
iCrowd Newswire – Oct 2, 2020
With major players such as GlaxoSmithCline, Eli Lilly, Sanofi-Aventis, Biocon, Novo Nordisk, Julphar, Ypsomed AG, SemBioSys, and Wockhardt, the global human insulin market is set to expand in the years to come.
According to the analysts at Zion Market Research, the global human insulin market added up for USD 27.00 Billion in 2015 and is likely to cross USD 43.6 Billion by end of 2021, increasing at a CAGR of almost 8.3% from 2016 to 2021.
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Increasing Risk Of Diabetes To Boost The Global Human Insulin Market
The global human insulin market is likely to see noteworthy development in the years to come. This development in global human insulin market is attributed owing to the rising market demand for human insulin analogs, increasing risk of diabetes, favorable medical reimbursements, and technological enactments in the field of human insulin delivery devices. An insulin routine is often needed in the treatment of gestational diabetes and diabetes related with specific syndromes or conditions (such as chemical or drug-induced diabetes, pancreatic diseases, insulin-receptor disorders, endocrinopathies, and specific genetic syndromes). In all cases of insulin employment, the dosage of insulin must be balanced and individualized with exercise and medical nutrition therapy, thereby boosting the global human insulin market.
Increasing technical advancements is also one of the reasons for the growth of the global human insulin market. For instance, in June 2018, Eli Lilly and Company’s Humulin R U-500 (that was used in insulin pumps) displayed greater A1C lowering in adults suffering from type 2 diabetes. This was compared extraordinary in comparison to MDI (multiple daily injections), thereby driving the growth of global human insulin market.
Biosimilars Drugs Sector To Dominate The Of Global Human Insulin Market In The Near Future
Based on drugs, biosimilar drugs were likely to add up for the biggest market share of the global human insulin market and are expected to stay the same in the near future. Requirement for biosimilar drugs is sturdy in both developing and developed nations owing to its low-cost therapy. This is boosted by the requirement for the best valuable therapy, which can frequently be expensive. Biosimilar insulin drug might provide a less-pricy option to current human insulin biologics, thus boosting the global human insulin market.
Pens Will Rule The Drug Delivery Sector Of The Global Human Insulin Market In The Forecast Period
Based on drug delivery device, the pens section is likely to add up for the biggest share of global human insulin market followed by pen needle and syringe. This development can be attributed to increasing market aim of pen makers on up-and-coming nations such as India, China, and Brazil, thereby boosting the global human insulin market. Insulin pens seem similar to big ink pens, making them a possibly discreet and convenient way of carrying insulin. This makes up for one of the demanding factors for the development of global human insulin market.
The global human insulin market is segmented as follows:
- Insulin Analogs and Biosimilars
- Human Insulin Biologics
- Drug Delivery Devices
- Pen Needles
- Insulin dependent diabetes mellitus (Type 1)
- Non-Insulin dependent diabetes mellitus (Type 2)
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Keywords: Global Human Insulin Market