The human insulin (HI) market size is predicted to reach $70.6 billion by 2023, according to P&S Intelligence.

New York, NY -- (SBWire) -- 04/22/2019 --On 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.

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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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Globally, North America dominated the human insulin market in 2017 with 39.2% revenue share. An increase in the number of diabetes patients contributed in the growth of the domain. The number of diabetic patients had grown from 108 million to 422 million between 1980 and 2014, and this number is anticipated to reach 592 million by 2035. As per the International Diabetes Federation, in 2017, 425 million people aged 20–79 across the globe had diabetes, and this number is projected to reach 629 million by 2045.

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.