The Basal Insulin Market is estimated to be valued at US$ 16.3 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Basal insulin is a long-acting insulin used to maintain normal levels of blood glucose between meals and overnight. It is different from mealtime insulins which are fast-acting and used to manage blood glucose levels after eating. Basal insulin products such as insulin glargine, insulin detemir, etc. are commercially available options used by patients with type 1 and type 2 diabetes. Advancements in delivery methods including wearable patch pumps and closed loop monitoring systems are expanding the application of basal insulin therapy.
Market Dynamics:
Growing prevalence of diabetes across the world is a prime driver boosting the basal insulin market. According to International Diabetes Federation, approximately 537 million adults aged 20-79 years were living with diabetes in 2021 which is expected to rise to 643 million by 2030. Moreover, rising awareness among patients about advanced basal insulin formulations and availability of novel drug delivery systems are encouraging the adoption rate. For instance, wearable insulin delivery patch and tubeless insulin pumps offer discreet and convenient basal insulin delivery options. Furthermore, ongoing research on dual-hormone artificial pancreas systems combining basal insulin and glucagon will simplify therapy management and propel the market growth over the forecast period.
Segment Analysis
The Global Basal Insulin Market Size is dominated by the long-acting insulin sub segment. This sub segment holds around 80% of the total basal insulin market share as long-acting insulin offers greater convenience to patients compared to short or intermediate-acting insulin. Long-acting insulin needs to be taken only once or twice a day compared to short/intermediate-acting insulin which have to be taken before every meal. This ease of administration and dosing flexibility makes long-acting insulin highly preferred by both patients and physicians.
PEST Analysis
Political: Governments across major countries are undertaking various initiatives to increase awareness about diabetes and enhance access to affordable treatment options. For example, the Indian government plans to introduce a universal health coverage program which will include diabetes treatment drugs like insulin.
Economic: Rising global diabetes prevalence coupled with growing income levels in developing nations is expected to drive overall healthcare spending as well as spending on diabetes treatment.
Social: Changing lifestyle and eating habits have led to increasing obesity rates worldwide. Obesity is a key risk factor for type 2 diabetes. Growing health consciousness among people is also boosting demand for effective diabetes management drugs.
Technological: Several drug delivery technologies like insulin pumps, insulin patches, inhalable insulin are being researched which can help simplify insulin delivery and improve compliance. Some key players are also developing artificial pancreas systems.
Key Takeaways
The Global Basal Insulin Market Size is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period, due to increasing prevalence of diabetes worldwide. International Diabetes Federation estimates that over 537 million adults were living with diabetes in 2021 globally and the figure is anticipated to reach 643 million by 2030 and 783 million by 2045.
North America currently dominates the basal insulin market, owing to the high diagnosis and treatment rate for diabetes in the region. According to CDC, in 2020, around 12% of the US population had diabetes and 1.5 million new diabetes cases were reported in the same year. However, Asia Pacific is anticipated to register the highest CAGR during the forecast period due to rising obesity rates, increasingly sedentary lifestyles and improving access to diagnosis and treatment in developing economies like India and China in the region.
Key players operating in the basal insulin market are Novo Nordisk, Sanofi, Eli Lilly, Biocon, Gan & Lee Pharmaceuticals, Tonghua Dongbao Pharmaceutical, United Laboratories, Merck, Wockhardt, Julphar Diabetes, Medtronic, Beta Bionics, Zealand Pharma, MannKind, Peptron, Dexcom, Senseonics, Medtrum Technologies, SOOIL Development, Semma Therapeutics. Major players are investing heavily in R&D of innovative insulin formulations and delivery technologies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it