The Insulin Glargine Market is estimated to be valued at US$ 6178.14 Mn in 2023 and is expected to exhibit a CAGR of 0.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Insulin glargine is a long-acting recombinant human insulin analog used to control high blood sugar in adult and pediatric patients with type 1 diabetes mellitus and adult patients with type 2 diabetes mellitus. It is administered once daily via subcutaneous injection and has a smoother, more prolonged pharmacokinetic and pharmacodynamic profile than regular human insulin. Unlike “peakless” insulin, insulin glargine provides a basal level of insulin throughout the day with no pronounced peak. This makes it suitable for controlling blood sugar around the clock.
Market Dynamics:
The major driver behind the growth of insulin glargine market is rising prevalence of diabetes across the globe. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally and this figure is projected to rise to 783 million by 2045. Long duration of treatment associated with diabetes and lack of any permanent cure make insulin therapy indispensable for diabetic patients. This steady demand for diabetes management translates into significant potential for insulin glargine market. Another factor fueling the market growth is growing geriatric population who are more susceptible to chronic diseases like diabetes. As per United Nations report, the number of people aged 65 years or above is projected to reach 1.5 billion globally by 2050 from 727 million in 2020. The high risk of diabetes in this age group augments the need for insulin glargine.
Segment Analysis
The global insulin glargine market can be segmented into long-acting insulin and rapid-acting insulin. Long-acting insulin accounts for more than 70% market share and is the dominating sub-segment. This is because insulin glargine is a long-acting insulin analogue developed to avoid peaks while providing basal insulin. It has lower risk of hypoglycemia as compared to NPH human insulin.
PEST Analysis
Political: Regulations regarding accessibility and affordability of insulin therapy impacts the market growth. Various countries have taken initiatives to make insulin affordable and accessible.
Economic: Rising healthcare spending and increasing diabetic population globally is fueling the market growth. However, pricing pressure and biosimilar competition poses challenges.
Social: Growing awareness regarding diabetes self-management and insulin therapy aids early detection and management. Moreover, social support aids adhering to complex insulin regimens.
Technological: Advancements in insulin delivery methods like insulin pumps, jet injections and inhalable insulin helps improve therapy management and adherence.
Key Takeaways
The Global Insulin Glargine Market Size is expected to witness moderate growth, exhibiting CAGR of 0.2% over the forecast period, due to increasing diabetic population globally. Regionally, North America dominates the market due to increasing prevalence of diabetes and favorable reimbursement scenario. However, Asia Pacific is expected to witness highest growth due to rising awareness, healthcare spending and increasing focus of key players.
Key players operating in the insulin glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Eli Lilly’s Lantus (insulin glargine) faces pricing pressure and biosimilar competition from Sanofi’s Toujeo and Biocon’s Insulin Glargine.
Regional analysis:
North America dominates the global insulin glargine market led by the US which holds majority market share. However, Asia Pacific insulin glargine market is expected to witness highest CAGR growth led by China and India owing to largest diabetic population, rising awareness and increasing healthcare expenditure in the region.
Key players operating in the insulin glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.