Insulin Glargine Market is Driven by Growing Prevalence of Diabetes
The insulin glargine market comprises long-acting insulin analogs that help regulate blood sugar in patients suffering from type 1 and type 2 diabetes. Insulin glargine acts as a basal insulin that maintains blood glucose levels between meals and overnight. It is administered through subcutaneous injections via insulin pens or syringes. Insulin glargine provides precise and consistent insulin levels for 24 hours with a low risk of hypoglycemia. The increasing prevalence of diabetes, rising obesity rates, growing geriatric population, and technological advancements in drug delivery devices are some of the major factors fueling demand for insulin glargine globally.
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 incidences of diabetes, demand for long-acting insulin like glargine is growing rapidly. The International Diabetes Federation estimates that over 537 million adults worldwide will have diabetes by 2030. Key players are expanding their geographic footprints and product portfolios to capitalize on the lucrative opportunities in emerging markets.
Growing demand in the Insulin Glargine Market Demand is attributed to the increasing diabetic patient pool worldwide. A surge in obesity and sedentary lifestyles has led to a rise in type 2 diabetes cases. According to the World Health Organization, diabetes was the seventh leading cause of death in 2016 and caused around 1.6 million deaths that year. Insulin glargine proves effective in maintaining blood sugar control and reducing complications associated with uncontrolled diabetes.
Global expansion of key market players like Sanofi, Eli Lilly and Novo Nordisk has augmented access to affordable insulin glargine therapies worldwide. These companies are expanding into low and middle-income countries in Asia Pacific, Latin America, Middle East, and Africa through partnerships with local drug manufacturers and distributors. Convenient product offerings, patient support initiatives, and awareness campaigns are helping tackle challenges like limited access.
Market drivers
The primary driver augmenting demand for insulin glargine is the rapidly growing global diabetic population. As per the International Diabetes Federation, around 537 million adults are estimated to have diabetes by 2030. Increasing rates of obesity and physical inactivity along with aging populations are major contributors to the surging diabetes prevalence globally. Additionally, technological advancements are enabling stable and precise insulin delivery via insulin pens, pumps and other smart devices. This is encouraging uptake of insulin glargine substantially. Favorable reimbursement policies for diabetes management drugs in the US and Europe are further promoting adoption of insulin glargine therapy in these regions.
Geopolitical situation impact on insulin glargine market growth
The current geopolitical tensions and conflicts across regions are negatively impacting the growth of the insulin glargine market. Restrictions in trade and movement of goods across borders due to sanctions and lockdowns are disrupting supply chains. This is affecting the timely availability of insulin glargine drugs in many countries. Additionally, declining economic conditions and rising unemployment rates in several parts of the world due to the pandemic have reduced the purchasing power of many diabetics. This is limiting their access to expensive drugs like insulin glargine.
To counter these challenges, companies in the insulin glargine market need to focus on building a resilient and flexible supply network. They must look at alternative sourcing options and redundant manufacturing facilities in different geographies. Investing in innovations to develop more affordable biosimilar and generic versions of insulin glargine should also be a priority. Collaborating with governments and health organizations to enhance public funding and coverage for diabetes treatment can help improve patient access.
Regions contributing most to value of insulin glargine market
North America dominates the insulin glargine market and holds over 40% share in terms of value. High prevalence of diabetes, growing obese population, rising healthcare spending, and presence of advanced healthcare infrastructure have been driving the demand for insulin glargine drugs in the region. The United States in particular accounts for the major revenue share due to the availability of favorable reimbursement policies and wide acceptance of innovative therapies.
Asia Pacific is projected to witness the fastest growth during the forecast period in the insulin glargine market. Rapid economic development, large patient pool, increasing government focus on diabetes care, and growing medical tourism are fueling the growth of the regional market. In addition, rising health awareness and higher adoption of treatment among middle-class population offer lucrative opportunities for market players in Asia Pacific countries like China and India.
Get more insights on Insulin Glargine Market
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.