The global Insulin Glargine Market is estimated to be valued at US$ 6,153.5 Mn in 2021 and is expected to exhibit a CAGR of 0.2% over the forecast period (2022-2028), as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Insulin glargine is a long-acting insulin used to treat type 1 and type 2 diabetes. It provides a steady level of insulin in the body, helping to control blood sugar levels throughout the day and night. Insulin glargine offers several advantages over other types of insulin, including once-daily dosing and a reduced risk of hypoglycemia. With the rising prevalence of diabetes worldwide, there is an increasing need for effective diabetes management products like insulin glargine.
B) Market Key Trends:
One key trend in the insulin glargine market is the growing preference for insulin pens over vials and syringes. Insulin pens offer convenience, ease of use, and accurate dosing, making them more popular among patients. They also eliminate the need for multiple injections throughout the day, leading to improved patient compliance. For example, Sanofi Aventis offers insulin glargine in pen form under the brand name Lantus SoloSTAR. The pen has a built-in dial that allows patients to select their desired dose easily.
C) PEST Analysis:
Political: The political environment plays a crucial role in shaping the insulin glargine market. Government policies and regulations regarding diabetes management and access to healthcare can impact market growth.
Economic: Economic factors, such as healthcare expenditure, per capita income, and insurance coverage, influence the affordability and accessibility of insulin glargine.
Social: The increasing prevalence of diabetes, sedentary lifestyles, and unhealthy eating habits are social factors driving the demand for insulin glargine.
Technological: Advances in technology have led to the development of innovative insulin delivery devices, such as insulin pens and insulin pumps, which improve the convenience and effectiveness of insulin glargine therapy.
D) Key Takeaways:
1: The global Insulin Glargine Market is expected to witness high growth, exhibiting a CAGR of 0.2% over the forecast period, due to increasing prevalence of diabetes and the need for effective diabetes management. For example, according to the International Diabetes Federation, the number of people with diabetes is estimated to increase from 463 million in 2019 to 700 million by 2045.
2: In terms of regional analysis, North America is expected to dominate the insulin glargine market due to the high prevalence of diabetes and the presence of key market players. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period. This can be attributed to the rapidly growing diabetic population, rising disposable income, and improving healthcare infrastructure in emerging economies like India and China.
3: Key players operating in the global insulin glargine market include Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS. These companies are focusing on strategic collaborations, product launches, and mergers and acquisitions to strengthen their market position. For instance, in 2021, Biocon received regulatory approval for its insulin glargine biosimilar in the European Union, expanding its market presence.
In conclusion, the global insulin glargine market is expected to grow significantly in the coming years due to the increasing prevalence of diabetes and the demand for effective diabetes management products. Insulin pens are becoming increasingly popular among patients, offering convenience and improved compliance. North America currently dominates the market, while the Asia Pacific region is expected to witness the fastest growth. Key players in the market are actively engaged in strategic initiatives to enhance their market presence and meet the growing demand for insulin glargine.