by The Insulin Glargine market is widely used for the management of type 1 and type 2 diabetes mellitus. Insulin Glargine helps lower blood sugar levels, making it easier to manage diabetes. It is a long-acting human insulin analogue that is administered once daily and provides a steady supply of background insulin throughout the day without peaks, maintaining glucose levels over a prolonged period.
The Global Insulin Glargine market is estimated to be valued at US$1.68 billion 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.
The key opportunities in the Insulin Glargine Market Demand include the increasing prevalence of diabetes, growing geriatric population, rising awareness about diabetes treatment and management, and improvements in drug delivery devices.
Precision medicine and technological advancements are revolutionizing diabetes care. Newer technologies like continuous glucose monitoring systems, AI-powered diabetes management platforms allow for tighter glycemic control and personalized insulin dosing based on lifestyle and diet. This is expected to enhance treatment efficacy, reduce hypoglycemia risks and improve patient outcomes.
Market drivers
The increasing prevalence of diabetes across the globe is a key growth driver for the Insulin Glargine market. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally and this number is projected to rise to 783 million by 2045. Higher life expectancy, obesity epidemic, sedentary lifestyles are contributing to the growing incidence of diabetes. This massive patient pool requiring effective diabetes management creates sustained demand for long-acting insulin analogs like Insulin Glargine.
Current Challenges in Insulin Glargine Market:
The insulin glargine market is facing several challenges currently. One of the major challenges is the patent expiration of key insulin glargine drugs. The patent for Sanofi’s Lantus, one of the top-selling insulin glargine drugs, expired in 2015 leading to availability of more affordable biosimilar versions. This has increased competition and reduced profitability for manufacturers. Secondly, lack of patient adherence to insulin glargine regimen continues to be a challenge. Strict adherence to dosage timings and amounts is required which many patients find difficult. This hinders optimal clinical outcomes. Thirdly, development of alternative drug delivery methods with better efficacy and safety is an ongoing challenge. Existing vial and pen delivery devices have certain limitations. Development of smarter, wearable devices for insulin delivery holds potential but is technically complex. Overcoming these challenges will be crucial for growth of the insulin glargine market over the coming years.
SWOT Analysis
Strength: Long duration of action allowing once-daily dosing; Reduces risk of hypoglycemia compared to other insulin types; Wide regulatory approvals and clinical experience established its efficacy and safety.
Weakness: Requires strict adherence to administration schedule; Higher costs than alternatives; Increasing availability of cheaper biosimilars.
Opportunity: Expanding patient pool of diabetic population worldwide; Further geographic expansion into emerging markets; New drug delivery technologies like wearable insulin pumps holds potential.
Threats: Intense competition from alternative therapies and insulins; Risk of substitution by cheaper biosimilar versions; Stringent regulatory pathways for new drug delivery methods
The United States accounts for the largest share of the global insulin glargine market currently, both in terms of value and volume. Favorable reimbursement policies, high healthcare spending, presence of leading manufacturers, and growing prevalence of diabetes are some major factors driving the US market. China and Japan are other important markets concentrated in the Asia Pacific region due to huge population bases and improving access to insulin therapy. The Middle East and Africa region is poised to be the fastest growing market for insulin glargine over the forecast period. This is attributed to economic development, rising affluence, increasing focus on non-communicable diseases, and expansion of healthcare infrastructure in the region. In terms of growth, Latin American countries are also likely to offer lucrative opportunities to manufacturers.
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.
