Why are Sales of Human Insulin Drugs Shooting Up in Asia-Pacific?
The increasing prevalence of diabetes is fueling the demand for human insulin drugs across the world. According to the World Health Organization (WHO), around 422 million people suffer from diabetes all over the world. Furthermore, the organization found that a majority of the people diagnosed with diabetes reside in low- and middle-income countries and the disease claims 1.6 million lives every year. As per the International Diabetes Federation (IDF), 425 million people in the age bracket–20–79 years were suffering from diabetes in 2019.
Access Report Summary - Human Insulin Market Segmentation Analysis
This number is predicted to rise to 629 million by 2045, thereby causing a sharp surge in the worldwide demand for human insulin drugs. Apart from this, the surging population of geriatric people in several countries is also positively impacting the worldwide sales of human insulin drugs, which will, in turn, help the human insulin market progress at a CAGR of 8.8% from 2018 to 2023. In addition, the market revenue is expected to rise from $42.9 billion in 2017 to $70.6 billion by 2023.
For example, Ypsomed AG started a collaboration with Koninklijke Philips N.V. (Philips) in October 2018 for jointly developing new digital self-medication adherence monitoring services based on its connected devices and the cloud based HealthSuite digital platform developed by Phillips. With the help of these partnerships, market players are aiming to strengthen their position and expand their customer pool. Depending on product, the market is divided into human insulin (HI) delivery devices and drugs. Between these, the HI delivery devices category is predicted to register faster growth in the market in the forthcoming years.
As per the IDF, around 82 million people in the age group of 20 to 79 years were diagnosed with diabetes in various South-East Asian countries in 2017. Due to the high prevalence of the ailment, the governments of several developing nations such as India and China are launching action plans aimed at increasing diabetes screening at the primary healthcare level and conducting training of healthcare workers. Additionally, the governments are also taking steps to raise public awareness of the disease.