by The insulin glargine market has been gaining prominence over the recent years on account of rising diabetes prevalence worldwide. Insulin glargine, also known as Lantus, is a long-acting insulin analog used for controlling blood sugar levels in patients suffering from type 1 and type 2 diabetes. It provides an unmatched safe and effective way to manage diabetes by offering an action profile that closely matches the body’s natural overnight insulin levels. This reduces the risk of hypoglycemia and patients find it easier to fit glargine into their daily routine.
The global Insulin Glargine market is estimated to be valued at US$ 1.68 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the insulin glargine market are Siemens Healthineers, Mckesson Corporation, IBM Corporation, Genpact Limited, Epic Systems Corporation, Deloitte, Cerner Corporation, Accenture Plc, Allscripts Healthcare Solutions Inc., and Cognizant Technology Solutions Corporation, among others. With rising prevalence, several new players are entering the market with biosimilar versions of glargine which is fueling competitiveness.
The Insulin Glargine Market Growth provides immense opportunities for players dealing with diabetes devices and management systems. Advancing technologies are helping develop cost-effective closed loop insulin delivery systems that use continuous glucose monitoring to automatically adjust insulin levels. This represents a lucrative avenue for companies in the coming years. Regionally, North America currently dominates global sales owing to high adoption rates. However, Asia Pacific and Latin America are emerging as high growth territories with India and China likely to account for fastest gains.
Market drivers
The key driver for the insulin glargine market is the rising prevalence of diabetes globally. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 with the numbers projected to rise to 643 million by 2030 and 783 million by 2045. Since diabetes requires lifelong medication management, this steady patient base drives demand for long-acting insulin drugs like glargine. Furthermore, growing awareness, improved access to diagnostics and treatment in developing nations, and increasing obese population susceptible to diabetes also fuel market growth.
PEST Analysis
Political: Regulations related to healthcare, drug approvals and pricing have a significant impact on the insulin glargine market. Any changes in these regulations directly influence the market.
Economic: Growing healthcare spending and rising diabetes incidence rate, especially in developing countries, are positive factors boosting demand. However, economic downturns can negatively impact the market.
Social: Increased awareness about diabetes and availability of advanced treatment options are major social drivers augmenting growth. Rising geriatric population also favors the market.
Technological: Ongoing R&D for improved insulin delivery systems like insulin pens, pumps and inhalers are likely to accelerate demand. Development of long-acting insulin analogs is another technological driver for the market.
In terms of value, North America holds the largest share and is expected to continue dominating the market during the forecast period. This can be attributed to the presence of major players, strong healthcare infrastructure, high healthcare spending and rising diabetes incidence rate in the region.
Asia Pacific is projected to grow at the fastest pace over the next few years fueled by large diabetic population, growing medical tourism, increasing standards of living and healthcare reforms in several countries. Rapid economic development, rising incomes and Westernization of lifestyles in developing Asia Pacific nations are widening the consumption base for diabetes management products like insulin glargine.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
