Human Insulin Market Analysis of Strategies of Major Competitors
by Pramod Kumar Digital Marketing ProfessionalOn account of the growing number of diabetic patients,
increasing geriatric population, technological advancements in insulin delivery
devices, and rising population exposed to risk factors are leading to the
growth of the human insulin market. The global market generated a revenue of
$42.9 billion in 2017, and it is expected to witness a CAGR of 8.8% during the
forecast period (2018–2023). Human insulin (HI) is synthetic insulin, which
mimics the effects and functionality of natural insulin in humans. It is
generally created by growing the insulin protein in the E. coli bacteria.
In a recent P&S Intelligence research, the human
insulin market is segmented by type, application, and region. Under the
product segment, the market is further divided into HI drugs and delivery
devices. Due to increase in research and development activities for drugs discovery and
manufacture, and high prevalence of diabetes, HI drugs held the larger share
(79.5%) in the market in 2017 in terms of value. Furthermore, the rise in
geriatric population and growth in demand for HI analogs is also pushing the
market progress; analogs and biologics are two categories of the HI drugs
division.
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Looking at the market growth,
the human insulin market players, in order to increase their profits,
are joining hands with one another through partnerships and collaborations. For
instance, in August 2018, Ypsomed AG entered into a partnership with JRDF.
Under the terms of the agreement, JRDF will contribute financial resources to
help Ypsomed AG ramp up the development of its next-generation,
fully-interoperable myLife YpsoPump. Similarly, in October 2018, Koninklijke
Philips N.V. (Philips) collaborated with Ypsomed AG to develop digital
monitoring services for self-medication adherence, based on Philips’
HealthSuite digital platform and Ypsomed’s connected devices.
Therefore, it is apparent that the steady growth of the
market will give players lucrative opportunities to invest in the research and
development of improved insulin drugs and delivery systems.
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Created on Oct 14th 2019 03:49. Viewed 365 times.