The global human insulin market is set for lucrative growth in the coming years, as per the forecast of P&S Intelligence, a market research company based in India. The factors driving the expansion of the market are the increasing prevalence of diabetes, surging population of ageing people, rapid technological advancements and innovations being made in insulin delivery devices, and the rising exposure of people to various risk factors that cause diabetes across the world.
According to various reports, the total number of diabetic patients around the world grew from 108 million in 1980 to 422 million in 2014, and it is predicted to rise to 592 million by 2035. As per the International Diabetes Federation (IDF), 425 million people in the age bracket- 20–79 years were diagnosed with diabetes in 2017, and this number is expected to grow to 629 million by 2045.
The boom in the population of diabetic people is being observed in both developing and developed countries. Depending on product, the human insulin market is divided into delivery devices and human insulin (HI) drugs. Between these, the HI drugs category dominated the market in 2017. This was because of the high incidence of diabetes, huge demand for HI analogs, surging geriatric population, and the rise in research and development (R&D) activities for drug development and discovery.
This category is further divided into biologics and analogs, while, the HI delivery devices category is sub-categorized into pens, syringes, pen needles, and pumps. Out of these, the pens sub-category, under the product segment of the human insulin market, is further bifurcated into disposable and reusable. The HI analogs sub-category is further divided, based on type, into long-acting, premixed, and rapid-acting, and also into Lantus, Humalog, Novomix, Apidra, Levemir, and NovoRapid/Novolog, when brand is taken into consideration.
This is ascribed to the massive rise in the incidence of type II diabetes across the world. Geographically, the human insulin market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be a result of the growing incidence of diabetes, unhealthy dietary preferences and lifestyle choices of people because of rapid urbanization, and the soaring geriatric population in the regional countries such as India and China.
Hence, it can be safely said that the market will register huge expansion in the coming years, primarily because of the surging population of diabetic people all over the world, increasing geriatric population in several countries, and the development of technologically advanced and innovative insulin delivery devices.