Insulin glargine is a long-acting recombinant human insulin analogue used for the management of diabetes. It provides stable and flexible control of blood sugar levels with its smooth pharmacokinetic profile and predictable duration of action. The global Insulin Glargine Market is estimated to be valued at US$ 1.68 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of diabetes across the world due to sedentary lifestyle and unhealthy dietary patterns has boosted the demand for long-acting insulin.Insulin glargine is preferred over other long-acting insulin due to its ability to provide stable and effective control of blood sugar with once-daily dosing. Its predictable duration of action makes it a popular choice for improving glycemic control among diabetic patients.
SWOT Analysis
Strength: Global Insulin Glargine Market Size has a longer duration of action which provides better glycemic control in diabetic patients. It can be taken once daily which improves patient compliance.
Weakness: High cost of insulin glargine treatment poses a major constraint in its adoption. Several alternative biosimilar and generic versions are available at lower costs.
Opportunity: Growing geriatric population and rising prevalence of diabetes present significant growth opportunities. Increasing access to healthcare in developing nations will further aid the market expansion.
Threats: Stringent regulatory processes and safety concerns associated with insulin therapies can impede the market growth. New drug developments for diabetes treatment also increase the competition.
Key Takeaways
The global insulin glargine market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America region holds majority share of the insulin glargine market owing to presence of large patient pool of diabetes patients and frequent new product launches. The US accounts for the major share in this region due to supportive reimbursement policies and rise in medical spending.
Key players operating in the insulin glargine market are Siemens Healthineers, Mckesson Corporation, IBM Corporation, Genpact Limited, Epic Systems Corporation, Deloitte, Cerner Corporation, Accenture Plc, Allscripts Healthcare Solutions Inc., and Cognizant Technology Solutions Corporation, among others. The market is highly competitive with major players focusing on new product development and adopting collaborative strategies to strengthen their geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it