Human insulin is a synthetic insulin grown in the laboratory, which imitates the functioning of insulin already present in the human body. The use of human insulin is fairly recent and animal insulin (most often porcine insulin) was used by medical practitioners before that.
Browse the full Global Human Insulin Market Report: http://www.mrrse.com/human-insulin-market
The growth of the human insulin market is primarily attributed to the alarming rise in obese and diabetic population across the globe. According to the WHO, an estimated 1.5 million people died in 2012 as a direct result of diabetes. This disease is likely to become the 7th leading cause of death by 2030. The WHO further reveals that in 2014 alone, 1.9 billion adults were considered to be overweight, 600 million of which were obese.
Healthy Growth in Store for Global Human Insulin Market
According to a report by Persistence Market Research, the global market for human insulin is projected to grow from a value of US$24,332.6 million in 2014 to that of US$49,197.3 million by 2020 at a strong growth rate of 12.4% during that period.
Here’s a look at some of the factors that have an impact on the global human insulin market.
· Rise in geriatric population
· Increasing prevalence of lifestyle-related disorders such as obesity and diabetes
· Strong pipeline and development of molecules from a newer class of drugs for diabetes
· Availability of technologically advanced human insulin infusion devices in developed markets such as North America
· Rising research and development investments in Japan
· Availability of large number of drug manufacturing companies in developing countries
· Increase in disposable income and patient pool in emerging economies such as China and India
· Growth of medical tourism in the Middle East (Saudi Arabia, Qatar, Egypt, and the UAE) and Latin America (Brazil and Mexico)
· Growing awareness about diabetes and related disorders
· Uneven pricing in developing countries
· Limited access to advanced human insulin infusion devices in emerging countries
· Strict regulatory requirements for drug approval
Competitive Nature of the Vendor Landscape
Browse the full Press Release of Global Human Insulin Market: http://www.mrrse.com/global-human-insulin-market
The worldwide human insulin market is rather competitive, given the strong presence of leading drug manufacturers across the globe. Some of the prominent names in the human insulin market are Bristol-Myers Squibb Company, Eli Lilly and Company, Wockhardt, Tonghua Dongbao Pharmaceutical Co., Ltd., Oramed Pharmaceuticals, Inc., Biocon, GlaxoSmithKline Plc, Novo Nordisk A/S, Pfizer, Inc., Merck & Co., Inc., Julphar, ADOCIA, and Sanofi.
The demand for modern human insulin surpasses that of traditional insulin. According to Persistence Market Research, the value of the modern human insulin segment is projected to rise from US$19,526.8 million in 2014 to US$40,987.1 million by 2020. Some of the leading brands of modern human insulin available today are Levemir, Apidra, Novomix, Humalog, Novolog, and Lantus. Given the effective results provided by modern human insulin over the traditional kind, the market for the former is forecast to grow at a 13.2% CAGR by 2020.
The introduction of innovative and advanced insulin infusion devices and aids such as the insulin pen will be the driving force of the human insulin market in the coming years.