United States Human Insulin Market
United States Human Insulin Market to Grow at a CAGR of 4.1% during 2022-2028
Published | 22 August 2022
The growth of the United States Human Insulin Market can be attributed to rapidly increasing diabetic population, increasing geriatric and obese populations who are prone to have diabetes coupled with rising investments in research and development by key players.
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the United States Human Insulin Market is expected to grow at a CAGR of 4.1% during the forecast period (2022-2028). The growth of the market is attributable to rapidly increasing diabetic populations. According to the International Diabetes Federation (IDF), the number of diabetics worldwide will increase from 433 million in 2019 to 700 million by 2045. In the United States alone, 1.5 million Americans are diagnosed with diabetes each year [Source: American Diabetes Association (ADA)]. Moreover, a huge number of younger generations are diagnosed with diabetes and irregular blood sugar levels. This increase in the number of young diabetics is expected to drive market growth over the forecast period. Advances in the formulation are another important factor that helps to boost the growth of the US human insulin market.
Rising prevalence of obesity in young adults and growing geriatric population driving Market Growth
Older people and obese people are more prone to chronic illnesses like diabetes. Technological advances in gadgets and gadgets that make life more comfortable are driving young people to obesity, a lazy lifestyle, and many health problems that disrupt blood sugar levels in the body, which indirectly affects the growth of the human insulin market in the United States. According to The World Health Organization, in 2021, 537 million adults worldwide will have diabetes, and 1 in 10 will have another form of diabetes. Moreover, about 96 million people aged 18 years and older will have prediabetes in the U.S. in 2021. The growing geriatric population also helps in boosting the market growth.
Type I diabetes accounted for the Fastest Market Growth In 2021 By Application
Based on application, the U.S. human insulin market is segmented into two types, Type I diabetes and Type II diabetes. The type 1 diabetes segment is expected to grow at a faster CAGR. This is primarily due to the increased diagnostic rate of type 1 diabetes. According to the Centers for Disease Control and Prevention (2019), around 1.6 million adults aged 20 years or older have Type 1 diabetes and use insulin. Increasing access to insulin for type 1 diabetes is also expected to drive this market segment. The type 2 diabetes segment is expected to see a slower CAGR compared to type 1 diabetes due to the various other treatment options available for patients with type 2 diabetes and other previous treatment options. But the number of people with type 2 diabetes who need insulin treatment in recent years is growing. Therefore, type 2 diabetes will witness steady growth during the forecast period.
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Impact of COVID-19 on the United States Human Insulin Market
The Covid-19 outbreak has certainly turned the healthcare industry upside down. This is due to the significant disruptions experienced in manufacturing and supply chain operations as a result of various preventive lockdowns and other restrictions implemented by government agencies around the world. The same applies to the US market for human insulin. Moreover, with most individuals' overall economic situation severely impacted by this outbreak, consumer demand is also declining as individuals become keen to cut unnecessary expenses from their respective budgets. In addition, hospitals have reported a decrease in insulin prescriptions. These above-mentioned factors are expected to affect the revenue growth of the United States human insulin market during the forecast period. However, the impact of COVID-19 has eased since the second quarter of 2021 and helped the US human insulin market regain momentum.
The U.S. human insulin market is highly concentrated. Big players like Novo Nordisk, Sanofi, and Eli Lilly, occupy most of the market share in the United States market. Key Players operating in the United States human insulin market are AstraZeneca PLC, Biocon Limited, Dongbao Enterprise Group Co., Ltd., Eli Lilly and Company, GmbH, Julphar, Novartis International AG, Novo Nordisk A/S, Pfizer Inc., Sanofi SA, Tonghua Dongbao Pharmaceutical Co., Ltd, Wockhardt Ltd. The key marketing strategies adopted by the players are facility expansion, product development, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the United States Human Insulin Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Human Insulin Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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