The basal insulin market has been growing significantly over the past couple of decades on account of increasing cases of diabetes globally. Basal insulin, also known as long-acting insulin, aids in reducing hyperglycemia and keeping blood glucose levels stable for up to 24 hours. Some of the commonly used basal insulin types include glargine, detemir, and degludec. These can be administered 1-2 times a day depending on the patient’s needs and blood glucose monitoring. The basal insulin offerings effectively simulate the basal insulin release by pancreas and help diabetics avoid the dawn phenomenon, which refers to higher blood glucose levels before meals.
The global basal insulin market is estimated to be valued at US$ 18.78 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 To 2031.
Rising incidence of diabetes due to sedentary lifestyle and obesity has boosted the Global Basal Insulin Market Trends for effective management of blood glucose levels. Furthermore, growing geriatric population prone to developing diabetes has augmented the sales of diabetes management drugs. According to the International Diabetes Federation, around 537 million adults were living with diabetes globally in 2021.
Key Takeaways
Key players operating in the basal insulin market are 3M Company, Turtle Wax, Inc., Meguiar’s, Inc., Simoniz USA, Inc., WD-40 Company, Quixx GmbH, Langka Corporation, Scholl Concepts GmbH, Würth Group, BARDAHL Manufacturing Corporation, Gtechniq Ltd., Mothers Polishes, Waxes and Cleaners, SONAX GmbH, Chemical Guys, Surf City Garage.
The rising population with diabetes has opened lucrative opportunities for players in the basal insulin space. Continuous innovation in dosage forms and delivery systems has further aided market penetration. players are actively focusing on emerging countries for geographical expansion and revenue generation.
Players are engaging in collaborations for co-developing novel basal insulin drugs with enhanced efficacy and safety profiles. Moreover, they are beefing up their manufacturing facilities to cater to the unmet needs in developing countries.
Market Drivers
The key driver influencing the basal insulin market growth is the rising sedentary lifestyle resulting in alarming levels of obesity. According to World Health Organization, over 650 million adults were obese in 2016 globally. Excess body weight enhances the risk of developing type 2 diabetes significantly. Thus, growing obese population will accentuate the adoption of basal insulin for diabetes management in the foreseeable future.
PEST Analysis
Political: International healthcare policies are expected to drive adoptions of basal insulin to tackle diabetes conditions. Regulations ensure quality and affordable access.
Economic: Rising income levels and evolving lifestyles increase risk of chronic lifestyle diseases like diabetes. Growing healthcare spending supports demand for cost-effective basal insulin therapeutics.
Social: Increased awareness about diabetes self-management and preventive healthcare boosts demand. Availability of advanced insulin delivery devices and digital solutions enhances treatment effectiveness and compliance.
Technological: Continuous innovations lead to more effective and patient-friendly basal insulin formulations and delivery devices. Advances in connected devices support remote monitoring.
The geographical regions concentrating the highest market share in terms of value for basal insulin are North America and Europe. North America holds the dominant share primarily due to the presence of major players and its developed healthcare infrastructure and facilities. Europe follows next due to increasing healthcare expenditures and government support.
The Asia Pacific region is expected to grow the fastest during the forecast period owing to rapidly evolving healthcare infrastructure in emerging economies like China and India along with growing medical tourism. Growing diabetes prevalence, rising affordability, and increasing patient awareness levels also support the market growth in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
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