July 13, 2024
Insulin Glargine market

Increased prevalence of diabetes is projected to boost the growth of insulin glargine market

The global 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 2023-2030, 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 mellitus. It works by stimulating the cells of muscles, fat, and liver to take up glucose from the bloodstream, which helps in lowering blood glucose levels. Insulin glargine has a steady absorption profile that provides effective glycemic control without sharp rises and falls in blood sugar levels. Its pharmacological properties make it a suitable option for the management of blood glucose levels in diabetic patients who require daily insulin treatment.

Market key trends:

The growing geriatric population worldwide is fueling the demand for insulin glargine. As per estimates by the United Nations, by 2050 nearly one-fifth of the world’s population will be over 60 years old. Older adults have a higher risk of developing diabetes which has led to rising insulin glargine consumption among the elderly population globally. Continuous innovation led by key players to develop superior insulin formulations is also driving market revenue growth. For example, insulin glargine biosimilars provide a cheaper treatment option for diabetic patients.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the insulin glargine market is low due to high capital requirements, licensing and intellectual property rights.

Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes however patented therapeutics make it difficult to substitute.

Bargaining power of suppliers: The bargaining power of suppliers is high owing to availability of few suppliers and complex manufacturing processes.

Threat of new substitutes: Threat of substitutes is moderate as alternate modes of treatment like insulin analogs are available in the market.

Competitive rivalry: High due to presence of few major players operating globally.

Key Takeaways

The Global Insulin Glargine Market Size is expected to witness a sluggish growth, exhibiting a CAGR of 0.2% over the forecast period, due to increasing prevalence of diabetes.

Regional analysis: North America dominated the global insulin glargine market in 2023 owing to rising obesity and diabetes among the population in the region. Rising awareness and availability of therapeutics are responsible for regional growth.

Key players operating in the insulin glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Key players are investing in research and development activities to come up with improved and cost-effective biosimilars. Players also focus on emerging markets for sustained revenues.

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