The insulin glargine market is growing in demand owing to the increasing prevalence of diabetes worldwide. Insulin glargine is a long-acting recombinant human insulin analog that provides a steady supply of insulin over 24 hours with just one daily injection. It mimics the body’s natural basal insulin levels resulting in fewer instances of hypoglycemia compared to other insulin therapies.
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. The increasing prevalence of diabetes worldwide is fueling the demand for insulin glargine. As per WHO reports, diabetes affected 422 million people globally in 2014 and is projected to affect 640 million by 2040. The increasing geriatric population suffering from diabetes is another key factor boosting market growth. Manufacturers are expanding their production facilities globally to cater to the rising demand from emerging markets in Asia Pacific, Latin America, and Middle East & Africa.
Key players operating in the Insulin Glargine Market Demand are focusing on product innovation and strategic collaborations to consolidate their market position. For instance, in 2019, Sanofi launched its next-generation insulin glargine named as Toujeo which has an extended duration of action of up to 36 hours with just one daily injection. The product launch helped Sanofi strengthen its leadership position in the long-acting basal insulin market.
Market key trends
One of the major trends gaining traction in the insulin glargine market is the introduction of long-acting biosimilar insulin analogs. Several pharmaceutical companies are developing insulin glargine biosimilars which can provide similar therapeutic efficacy as branded insulin glargine at lower costs. This is expected to make insulin therapy more affordable and accessible to millions of diabetic patients globally. For example, in 2019, the FDA approved Semglee, the first interchangeable biosimilar insulin glargine developed by Mylan. Its approval is anticipated to increase treatment uptake through competitive pricing.
Porter’s Analysis
Threat of new entrants: High investments required for research and manufacturing facilities make it difficult for new players to enter the market.
Bargaining power of buyers: Large pharmaceutical companies have significant influence on prices of insulin glargine.
Bargaining power of suppliers: Suppliers of raw materials have limited influence due to availability of substitute options.
Threat of new substitutes: Some new insulin analogs poses threat but limited by regulatory approvals and availability.
Competitive rivalry: Intense competition between existing insulin glargine manufacturers to gain higher market share.
The geographical region accounting for the major share in insulin glargine market in terms of value is North America. North America accounts for the largest share owing to the increasing cases of diabetes, advanced healthcare infrastructure, and presence of key manufacturers in the region.
Asia Pacific region is poised to grow at the fastest pace over the forecast period in the global insulin glargine market. Improving access to healthcare services, rising healthcare spending, growing diabetes patient pool, and increasing awareness about insulin therapy are some factors driving the insulin glargine market in Asia Pacific. Additionally, growing geriatric population, adoption of sedentary and unhealthy lifestyles propel the demand for insulin glargine drugs in the region.
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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.