The global Insulin Glargine Market is estimated to be valued at US$ 6,178.14 Mn in 2023 and is expected to exhibit a CAGR of 0.2% over the forecast period 2023-2030, 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 mellitus. Its advantages include providing continuous basal insulin levels for 24 hours, reduced risk of hypoglycemia, and improved glycemic control. Insulin glargine is mostly prescribed by doctors for Type 1 and Type 2 diabetes patients who require insulin injections to control blood glucose levels.
Market key trends:
Growing geriatric population suffering from diabetes is a key factor driving the insulin glargine market growth. According to WHO, by 2050, the number of people aged 60 years and older will total 2 billion, up from 900 million in 2015. Older adults are more prone to develop diabetes owing to weakened immune system and decreased glucose tolerance with aging. Increased research into novel formulations of insulin glargine having enhanced pharmacokinetics is another trend observed in recent years. Drug makers are developing formulations to provide optimum insulin release for longer duration to boost efficacy and improve convenience and compliance for patients.
Segment Analysis
The global insulin glargine market is segmented based on type, distribution channel, and region. Based on type, the market is divided into prefilled syringes and vials. Among these, the prefilled syringes segment dominates the market and accounts for the largest revenue share. Prefilled syringes offers greater convenience of use and reduces risk of dosing errors. Based on distribution channel, the market is bifurcated into retail pharmacies and hospital pharmacies. Retail pharmacies dominate the market as insulin glargine prescriptions are generally purchased from retail pharmacies.
Key Takeaways
The Global Insulin Glargine Market Size is expected to reach US$ 6,260.64 Mn by 2030, expanding at a CAGR of 0.2% over the forecast period. The growth can be attributed to the increasing prevalence of diabetes globally. Regionally, North America holds the highest share in the global market and is expected to maintain its dominance over the forecast period. This is due to the growing geriatric population and rising healthcare expenditures in the region. Key players operating in the insulin glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Eli Lilly dominates the market owing to its innovative product portfolio and strong distribution network both at global and regional level.
Regional Analysis
North America dominates the global insulin glargine market with the highest market share. This can be attributed to growing geriatric population suffering from diabetes and rising healthcare expenditures. Europe holds the second largest share in the global market. However, Asia Pacific is expected to exhibit the highest growth over the forecast period owing to increasing prevalence of diabetes and improving access to insulin therapies in major Asian countries such as India and China.
Key Players Analysis
Key players operating in the insulin glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS. Eli Lilly dominates the market owing to its wide portfolio of insulin analogs and strong distribution network. The company is continuously investing in R&D to launch next-generation insulin products and strengthen its market position globally.
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The Insulin Glargine Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Insulin Glargine Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/insulin-glargine-market/download-sampleMarket DynamicsThe rising burden of diabetes drives the global insulin glargine market.
As per Diabetes Research and Clinical Practice, the global diabetes prevalence in 2019 is estimated to be 463 million people, rising to 578 million by 2030 and 700 million by 2045.
However, lack of knowledge about diabetes treatment in rural areas will hinder the market’s growth.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
