by Basal insulin, also known as long-acting insulin, is administered to maintain normal blood glucose levels between meals and overnight in patients with type 1 and type 2 diabetes. The rising prevalence of diabetes has augmented the demand for basal insulin globally. According to the International Diabetes Federation, over 537 million adults were living with diabetes in 2021, and the number is projected to reach 643 million by 2030 and 783 million by 2045. Basal insulin aids in controlling fasting plasma glucose and reducing HbA1c levels in diabetic patients. With the growing diabetic population and increasing awareness about glycemic control, the basal insulin market is bound to witness exponential growth.
The global Basal Insulin Market is estimated to be valued at US$ 18.78 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the major trends propelling the basal insulin market is the launch of novel and improved basal insulins. Basaglar, developed by Eli Lilly and Boehringer Ingelheim, was the first follow-on version of Sanofi’s Lantus to receive approval from the FDA in 2016. In 2020, Eli Lilly launched a new version of Basaglar called KwikPen, which is smaller and can deliver doses in 1-unit increments. Similarly, companies are focusing on developing ultra-long-acting basal insulins that stay active for more than 24 hours. For instance, Insulin lispro is a new basal insulin launched by Eli Lilly that retains its activity for over 24 hours. Such novel product launches are expected to fuel the growth of the basal insulin market over the forecast period.
SWOT Analysis
Strength: Basal insulin provides a constant, around-the-clock insulin supply to help control blood glucose levels. It mimics the body’s natural basal levels of insulin secretion throughout the day and night.
Weakness: Basal insulin alone may not be sufficient to control blood glucose in all people with type 1 or type 2 diabetes and some may require bolus insulin as well. Injections can be painful and inconvenient for some.
Opportunity: Growth of the diabetes population worldwide due to increasing prevalence of obesity and sedentary lifestyles creates an opportunity for basal insulin market. Need for safe and effective diabetes management drugs presents scope.
Threats: Patent expiries of branded drugs enable market entry of biosimilar basal insulin products, intensifying competition. Side effects and high costs associated with insulin therapy act as a restraint.
Key Takeaways
The global Basal Insulin Market Size is expected to witness high growth. The global basal insulin market is estimated to be valued at US$ 18.78 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
North America currently dominates the basal insulin market due to high obesity rates, unhealthy diets and sedentary lifestyles contributing to high prevalence of diabetes in the region. Asia Pacific is expected to be the fastest growing market due to widening patient pool, growing awareness and improving healthcare infrastructure in emerging countries.
Key players operating in the basal insulin market include 3M Company, Turtle Wax, Inc., Meguiar’s, Inc., Simoniz USA, Inc., WD-40 Company, Quixx GmbH, Langka Corporation, Scholl Concepts GmbH, Würth Group, BARDAHL Manufacturing Corporation, Gtechniq Ltd., Mothers Polishes, Waxes and Cleaners, SONAX GmbH, Chemical Guys, Surf City Garage. Major players are focusing on developing biosimilar versions of branded insulin drugs to gain market share as key branded drugs reach patent expiry. Partnerships, mergers and acquisitions are among other strategies followed to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
