June 22, 2024
Insulin Glargine Market

The Rapid Adoption Of Biosimilar Insulin Glargine Is Anticipated To Openup The New Avenue For Insulin Glargine Market

The Insulin Glargine Market is estimated to be valued at US$ 1.45 billion in 2023 and is expected to exhibit a CAGR of 6.28% 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 for the treatment of diabetes. It is an artificially synthesized human insulin and acts as a substitute for the basal insulin that the pancreas produces. Insulin Glargine helps to control high blood glucose by stimulating peripheral glucose uptake, especially by skeletal muscle and fat tissue, and by inhibiting hepatic glucose production.

Market Dynamics:

Rising prevalence of diabetes across the globe is one of the major factors driving growth of the insulin glargine market. According to International Diabetes Federation, in 2021, approximately 537 million adults (20-79 years) were living with diabetes and by 2030, the number is projected to rise to 643 million. Chronic nature of diabetes requires lifelong medication which is further fueling demand for insulin glargine. Additionally, increasing healthcare expenditure in emerging economies is also positively impacting the market growth. However, availability of biosimilar insulin analogs is expected to hinder the market growth of branded insulin glargine to some extent during the forecast period. Biosimilar insulin products are more cost effective compared to branded version.

Segment Analysis:

The global Insulin Glargine market is dominated by the diabetes care segment. More than 80% of the market demand comes from this segment as Glargine is a long-acting insulin analog used to control high blood sugar in people with diabetes. It is prescribed for both type 1 and type 2 diabetes patients. Within diabetes care, the large diabetes population segment constitutes the major share due to increasing prevalence of diabetes worldwide.

PEST Analysis:

Political: Healthcare reforms and favorable medical insurance coverage for chronic diseases like diabetes in various countries positively impact market growth.

Economic: Rising incidence of diabetes due to changing lifestyle and growing economy increases healthcare spending on diabetes management, benefiting market players.

Social: Growing health consciousness and awareness about diabetes self-management boosts demand for long-acting insulin analogs like Glargine.

Technological: Advances in diabetes drug delivery systems and innovations in insulin storage and delivery devices expand the reach of insulin treatment.

Key Takeaways:

The Global Insulin Glargine Market Growth is expected to witness modest, exhibiting CAGR of 6.28% over the forecast period, due to increasing diabetes prevalence worldwide. The market size for 2023 is estimated at US$ 1.45 billion.

Regional analysis: North America dominates the global market due to large patient population and conducive medical reimbursement structure for diabetes drugs. U.S and Canada constitute over 50% of regional market share. Asia Pacific is anticipated to exhibit fastest growth due to rising economic prosperity, healthcare investments and growing awareness about diabetes management.

Key players operating in the Insulin Glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Eli Lilly is the leading player with over 30% market share due to its extensive product portfolio and geographic presence across major markets. Biocon also has a significant market share in the developing markets through its affordable biosimilar Glargine.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it