by The human recombinant insulin market has been gaining significant traction over the past few decades. Recombinant insulin is a genetically engineered analog of human insulin produced through recombinant DNA biotechnology. It is widely used for the treatment of diabetes. Recombinant insulin helps control blood glucose levels without affecting its action on other tissues of the body. It has a rapid onset and short duration of action which are advantageous over natural insulin.
The global recombinant insulin market is estimated to be valued at US$ 47926.32 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the human recombinant insulin market are Au Optronics Corp., Blue Spark Technologies, Cymbet Corporation, E Ink Holdings Inc., Enfucell Softbattery, Imprint Energy Inc., LG Electronics, and Palo Alto Research Center Incorporated. The key players are focusing on new product launches and developments to strengthen their market presence. Rising prevalence of diabetes worldwide presents lucrative growth opportunities in the market. With increasing R&D investments in pharmaceutical sector, more companies are expected to foray into human recombinant insulin production to gain competitive edge in the market. North America dominates the global recombinant insulin market followed by Europe and Asia Pacific. However, Asia Pacific is expected to witness fastest growth over the forecast period owing to growing aging population and lifestyle changes in the region.
Key players operating in The Human Recombinant Insulin Market are focusing on expanding their global footprint through acquisitions and partnerships with regional players. For instance, in 2022, Au Optronics Corp partnered with Abbexa to distribute its human recombinant insulin kits across Europe and Asia.E Ink Holdings Inc. acquired Flexenable to enhance its capabilities in developing next-generation biocompatible electronic devices.This will help the companies serve larger customer base worldwide and gain additional revenue streams.
Market drivers
The rising prevalence of diabetes globally is a major market driver. As per IDF Diabetes Atlas 2021, approximately 537 million adults (20-79 years) were living with diabetes in 2021 which is projected to rise to 643 million by 2030. Growing geriatric population who are more prone to diabetes also supports market growth. Other factors such as increasing awareness, favorable reimbursement policies, new product introductions and technological advancements will continue to drive the human recombinant insulin market during the forecast period.
PEST Analysis
Political: The government support through subsidies and favorable policies toward diabetes and its treatment positively impact the growth of the human recombinant insulin market. However, stringent regulations for the approval of new insulin drugs may hinder the market growth to some extent.
Economic: Rising disposable income, growing awareness about diabetes treatment and management, and increasing healthcare expenditure foster the demand for human recombinant insulin across major markets.
Social: Growing sedentary lifestyle along with changing dietary patterns have significantly increased the prevalence of diabetes globally. This presents huge growth potential for the insulin drugs manufacturers.
Technological: Continuous research for developing more effective insulin analogs, convenient drug delivery devices, and artificial pancreas will allow better diabetes management and drive the recombinant insulin market forward in the long run. Advancements like the integration of connected health technologies show promise.
The United States represents the largest market for human recombinant insulin in terms of value owing to extensive medical reimbursement policies and presence of major industry players in the country. Europe is another significant regional market driven by increasing geriatric population suffering from diabetes.
The Asia Pacific market is estimated to witness the fastest growth during the forecast period. This can be attributed to growing diabetes prevalence, increasing healthcare spending, rising patient awareness, and expanding distribution channels in emerging Asian countries. The favourable policies and improving accessibility of insulin drugs in these countries will substantially fuel the regional market.
