by The global Insulin Glargine Market is estimated to be valued at US$ 6178.14 Mn or Bn 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 for the treatment of diabetes. It provides stable basal insulin levels for 24 hours with once-daily administration. Insulin glargine offers more effective insulin release pattern which closely matches the body’s natural basal insulin secretion.
Market key trends:
One of the key trends in the insulin glargine market is the rise in research and development activities for novel formulation of insulin glargine. Several pharmaceutical companies are engaged in developing improved formulation of insulin glargine to provide enhanced efficacy and safety. For instance, Biocon is developing an insulin glargine biosimilar ‘Insulin Glargine (rDNA origin) injection’ and filed an Investigational New Drug application with the US FDA in 2018. If approved, it will provide a more affordable treatment option for diabetes in the country.
Market key trends:
One of the key trends in the insulin glargine market is the growing prevalence of diabetes. As per the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 700 million by 2045. This rising prevalence of diabetes is expected to significantly drive the demand for long-acting insulin glargine for effective diabetes management and control over the forecast period.
SWOT Analysis
Strength: Insulin glargine is a long-acting insulin that provides basal insulin requirement for up to 24 hours. This reduces the needs for frequent dosing.
Weakness: High cost of insulin glargine therapy poses an affordability challenge for many patients.
Opportunity: Growing diabetes populations in emerging economies present an opportunity for market players. Partnerships for expanding access in low and middle-income countries can further aid market growth.
Threats: Entry of generics and biosimilars poses pricing pressure on leading brands. Stringent regulations for approvals also delay market entry of new products.
Key Takeaways
The Global Insulin Glargine Market Size is expected to witness high growth, exhibiting CAGR of 0.2% over the forecast period 2023 to 2030, due to increasing prevalence of diabetes worldwide. The market size for 2023 is estimated to be US$ 6178.14 Mn.
Regional analysis: North America dominated the global insulin glargine market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the presence of advanced healthcare facilities and higher adoption of advanced insulin therapies in the region. Asia Pacific is anticipated to exhibit the fastest growth rate over the forecast period owing to rising diabetes incidence coupled with growing healthcare investments in many APAC countries.
Key players operating in the insulin glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Eli Lilly’s Basaglar has been the leading brand globally. However, entry of several biosimilars from Julphar, Biocon and other players have intensified market competition in recent years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
