Insulin Glargine Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Diabetes and Growing Geriatric Population
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, from 2022 to 2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview
Insulin glargine is a long-acting insulin analog that helps regulate blood sugar levels in individuals with diabetes. It is used to treat both type 1 and type 2 diabetes and provides a steady release of insulin over a 24-hour period. This allows for better control of blood sugar levels and reduces the risk of complications associated with diabetes, such as kidney disease, cardiovascular disease, and nerve damage.
The market for insulin glargine is driven by the increasing prevalence of diabetes worldwide. According to the International Diabetes Federation, the number of adults with diabetes is expected to rise from 463 million in 2019 to 700 million by 2045. Additionally, the growing geriatric population, who are more prone to developing diabetes, further fuels the demand for insulin glargine.
B) Market Dynamics
1. Driver: Increasing Prevalence of Diabetes
The rising prevalence of diabetes is a major driver for the insulin glargine market. Factors such as sedentary lifestyles, unhealthy dietary habits, and obesity contribute to the growing incidence of diabetes globally. The demand for insulin glargine is expected to increase as more individuals require insulin therapy to manage their diabetes.
For example, in the United States, the Centers for Disease Control and Prevention (CDC) reported that 34.2 million people, or 10.5% of the population, had diabetes in 2020. This number is projected to rise to 54.9 million by 2030.
2. Opportunity: Growing Geriatric Population
The aging population is another significant factor driving the demand for insulin glargine. As people age, their risk of developing diabetes increases. The World Population Ageing report by the United Nations predicts that the number of people aged 60 years and above will reach 2.1 billion by 2050, nearly double the number in 2019. This demographic shift presents a vast market opportunity for insulin glargine manufacturers.
C) Segment Analysis
One of the dominating sub-segments in the insulin glargine market is the type 2 diabetes segment. Type 2 diabetes accounts for the majority of diabetes cases worldwide. The high prevalence of type 2 diabetes, along with the rising adoption of insulin therapy in these patients, contributes to the dominance of this segment. Additionally, the development of biosimilar insulin glargine products has also increased the availability and affordability of insulin glargine for type 2 diabetes patients.
D) PEST Analysis
Political: Governments worldwide are implementing healthcare reforms to improve access to diabetes care and reduce the burden of chronic diseases. For instance, the Affordable Care Act in the United States has expanded healthcare coverage, including access to insulin for diabetes patients.
Economic: The rising healthcare expenditure and increasing affordability of insulin glargine is driving market growth. The introduction of generic and biosimilar insulin glargine products has lowered the cost of treatment, making it more accessible to a larger patient population.
Social: The growing awareness about diabetes management and the importance of insulin therapy has resulted in increased adoption of insulin glargine. Patients are becoming more proactive in managing their diabetes and are seeking long-acting insulin options like glargine for better glucose control.
Technological: Advancements in insulin delivery devices, such as insulin pens and insulin pumps, have improved convenience and ease of use for patients. These technological innovations enhance patient compliance and contribute to the market growth of insulin glargine.
Key Takeaways
1: The global Insulin Glargine Market Growth is expected to witness high growth, exhibiting a CAGR of 0.2% over the forecast period, due to increasing prevalence of diabetes and growing geriatric population.
2: In terms of regional analysis, North America is anticipated to be the fastest growing and dominating region in the insulin glargine market. This can be attributed to the high prevalence of diabetes, well-established healthcare infrastructure, and favorable reimbursement policies in the region.
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 research and development activities to introduce new and improved insulin glargine products and gain a competitive edge in the market.
