Extended Reality (XR) To Boost The Human Insulin Market At A CAGR Of 12.4%

New York, United States, 2022-May-06 — /EPR Network/ —

AI-backed computer algorithms (more of sophisticated algorithms), better known as chatbots, are capable of conducting meaningful conversations (human-like) through option-based, textual, or voice-based input. The basic advantage of these chatbots would be smooth sailing on the part of patients in spite healthcare personnel being out of reach at times (due to factors like non-operation hours, disaster-induced overloads over the calls, and likewise). This would result in cutting down on long hours of drug approvals through the US FDA. This would be the functioning of the human insulin market in the next 10 years.

According to a new market report published by Persistence Market Research “Global Market Study on Human Insulin: Asia Pacific to Witness fastest Growth by 2020,” the global human insulin market was valued at USD 24,332.6 million in 2014 and was expected to grow at a CAGR of 12.4% from 2014 to 2020, to reach an estimated value of USD 49,197.3 million in 2020.

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Globally, the human insulin market is witnessing significant growth due to increasing prevalence of diabetes and increasing awareness among people about diabetes care. In addition, technological advancements in insulin delivery devices and increasing prevalence of lifestyle related disorders such as obesity are also driving the growth of the market.

However, uneven pricing and limited access to human insulin in emerging countries such as Brazil, India, and China are inhibiting the growth of the human insulin market. In addition, strict regulatory requirements for drug approval are also restraining the growth of the market.

Some of the major players in the human insulin market:

• Novo Nordisk A/S.
• Eli Lilly and Company.
• Sanofi.
• Biocon.
• Tonghua Dongbao Pharmaceutical Co., Ltd.
• Adocia, Merck & Co., Inc.
• Pfizer, Inc.
• Wockhardt.
• Julphar.
• Bristol-Myers Squibb Company.
• GlaxoSmithKline Plc.
• Oramed Pharmaceuticals, Inc.
• Other.

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In North America, increasing prevalence of diabetes with growing age and availability of advanced human insulin infusion devices are driving the use of human insulin in the market.

In addition, increasing prevalence of lifestyle associated disorders such as obesity is also boosting the growth of the human insulin market in this region. For instance, according to the Centers for Diseases Control and Prevention (CDC), a U.S.-based national public health institute, over one-third children and adolescents were obese in 2012 in the U.S.

In Europe, the human insulin market is driven by rising aging population and increasing prevalence of diabetes. In addition, in Germany the market is evolving due to rising prevalence of diabetes and increasing awareness among people about diabetes care. However, in Asia-Pacific the growth for human insulin is much higher than developed countries due to increasing prevalence of diabetes and increasing government initiatives for improving healthcare.

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The human insulin market is segmented as follows:

Human insulin market, by type

• Traditional human insulin
• Modern human insulin

Traditional human insulin market, by type

• Short acting human insulin
• Intermediate acting human insulin
• Premixed human insulin

Modern human insulin market, by type

• Rapid-acting human insulin
• Long-acting human insulin
• Premixed human insulin

Human insulin market, by disease

• Type 1 diabetes
• Type 2 diabetes

Traditional human insulin market, by brand

• Humulin
• Insuman
• Others

Modern human insulin market, by brand

• Lantus
• Novolog
• Humalog
• Levemir
• Novomix
• Apidra
• Others

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