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Safety pen needlesand human insulin under pipeline will be the new revenue pockets for the global human insulin market
The demand for human insulin will be on the rise for combating the growing issue of diabetes among population. To meet this growing need, key players are investing resources on research and development for the development of innovative products under human insulin categories. Currently, more than 20 biologics human insulin drugs are under pipeline. Of all, six human insulin drugs of Novo Nordisk are under pipeline, where three are on the stage of receiving marketing approval.
Moreover, the players have also invested in development and production of biosimilars which add significant impetus to the growth of human insulin market. The three key biologics going off-patent in 2014-2015 are insulin glargine, insulin aspart, and insulin lispro. Biocon, a leading biopharmaceutical company in India, has three biosimilars of insulin under pipeline.
New technologies such as safety pen needles and infusion pumps for effective delivery of human insulin will enhance the usage of human insulin. This is due to the various advantages associated in using safety pen needle such as minimum needlestick injuries, needle anxiety, implementation of regulations against needlestick injuries, and growing awareness regarding the danger of blood-borne pathogen transmission, thereby representing huge market opportunity for human insulin.
North Americawas the largest contributor in 2013 and ranked third in terms of growth rate in the coming years. Factors accelerating growth in the North American market are the presence of financial support from the government, expanding aging population, and parallel increase in the number of diabetic patients.
Asia is poised to be the fastest growing market from 2014 to 2019. China will remain the blue-eyed market for investors to invest in owing to favourable government initiatives. Saudi Arabia, South Korea, India, and other Southeast Asian countries will be other promising destinations for the human insulin market players.
Human Insulin Market by Product Type [Human Insulin (Short Acting, Intermediate Acting, Premixed), Modern Human Insulin (Rapid Acting, Long Acting, Premixed)], by Brand (Lantus, Apidra, Levemir, NovoRapid, Novomix, Tresiba, Others) - Forecast to 2019
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