July 24, 2024

Basal Insulin Market is Estimated to Witness Strong Demand Owing to Rising Prevalence of Diabetes

Basal insulin helps in maintaining normal blood sugar levels between meals and overnight. It is a long-acting insulin that works slowly and continuously in the body for an extended period to keep blood sugar at safe levels.
Market Dynamics:
The basal insulin market is expected to witness strong growth over the forecast period owing to the rising prevalence of diabetes globally. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Another key factor driving the market growth is the increasing obese population. Obesity is a major risk factor for type 2 diabetes and according to the WHO, the number of obese people worldwide has nearly tripled since 1975.

Increasing prevalence of diabetes globally is a major driver for basal insulin market
The basal insulin market is witnessing significant growth owing to the exponential rise in the prevalence of diabetes worldwide. As per recent estimates by the International Diabetes Federation, over 537 million adults globally are living with diabetes in 2021. This number is projected to jump to around 643 million by 2030 and further to 783 million by 2045. Type 2 diabetes accounts for about 90% of all diabetes cases across the globe. Requirement of insulin to manage blood glucose levels makes basal insulin a necessary treatment option for a large diabetic patient pool. Growing cases of diabetes pose huge demand potential for basal insulin products over the coming years.

Increased number of new drug approvals expanding treatment portfolio is boosting market growth
The basal insulin market is increasingly gaining from the rising number of new drug approvals which are offering more efficacious and user-friendly treatment options to patients and healthcare professionals. Several pharmaceutical companies are investing heavily in R&D to develop advanced basal insulin formulations. For instance, approval of insulin glargine 300 U/mL (Toujeo) and insulin degludec (Tresiba) has enabled better glycemic control and reduced hypoglycemia risk versus preceding insulin therapies. Similarly, short-acting insulin such as insulin glulisine (Apidra) and insulin lispro (Humalog) are enhancing flexibility and convenience of insulin administration. Greater treatment choices catalyzed by novel launches are driving wider adoption of basal insulin across global healthcare facilities.

Cost of insulin and therapy poses affordability challenge
One of the key restraints undermining the development of the basal insulin market is the affordability challenge associated with the high cost of insulin products and overall treatment expenses. The prices of insulin brands have risen significantly over the past few years despite their easy availability as generic drugs. The annual cost of insulin therapy ranges anywhere between $5,700 to $6,800 in the US, making it unaffordable for many diabetic patients. This is a critical concern especially in developing Asian and African markets where a large diabetic patient base lacks health insurance. High diagnosis and therapy related out-of-pocket expenditure act as a treatment access barrier, limiting sales potential of basal insulin formulations globally.

Increasing healthcare expenditure in emerging nations forms lucrative opportunity
The basal insulin market stands to benefit largely from the rising healthcare spending observed across developing Asian and Latin American countries. Many emerging economies are ramping up public funding for chronic disease management including diabetes. Governments are introducing universal healthcare programs and insurance schemes to augment treatment access and affordability for citizens. This represents an opportune environment for basal insulin manufacturers. Growing medical infrastructure and healthcare professional pool in these nations ensure adequate product demand and availability. Favorable regulatory assistance along with economic reforms are invigorating indigenous insulin production as well. Expanding health budgets paired with growing diabetes burden point at attractive business prospects for players in basal insulin domain.

Advent of alternative insulin delivery methods opens new avenues
One of the defining trends currently shaping the competitive dynamics of the basal insulin market is the ongoing research in novel delivery technologies. Growing preference for user-friendly, discreet and precise administration systems is prompting insulin manufacturing companies to invest in innovative drug formulations and devices. Development of insulin patches, inhaled insulins, pump therapies and smart insulin pens are aimed at enhancing treatment convenience, safety and outcomes. Recently approved systems like flexible insulin t:slim X2 pump with control-IQ technology represent advanced options for type 1 diabetes care. Advancements in areas such as closed-loop insulin delivery systems, dual/multi-hormone formulations are further expanding product diversity. Their rising commercial availability worldwide will boost adoption of technologically enhanced basal insulin regimens.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it