July 16, 2024
Insulin Glargine Market

Increasing Global Demand For Diabetes Management To Boost Growth Of The Insulin Glargine Market

The global Insulin Glargine Market is estimated to be valued at US$ 1.45 billion in 2023 and is expected to exhibit a CAGR of 6.28% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Insulin glargine is a long-acting insulin analog used for the management of diabetes mellitus. It has a steady and prolonged effect as compared to other forms of insulin. Insulin glargine is injected subcutaneously once or twice a day and maintains glucose homeostasis by stimulating peripheral glucose uptake, inhibiting gluconeogenesis, and regulating glycogen synthesis and breakdown. Its extended duration of action helps preventing overnight hypoglycemia. Due to rising diabetes prevalence globally, demand for long-acting insulin variants like insulin glargine is rising.

Market key trends:

One of the key trends in the insulin glargine market is the focus on developing improved formulations. Companies are investing in R&D to develop insulin glargine formulations that provide better glucose control and require less frequent administration. For instance, a new extended-release version called insulin glargine 300 units/mL was approved in 2015 which has a much slower absorption leading to flatter and more prolonged action. Similarly, concentrated insulin glargine formulations are being evaluated which would reduce injection volumes. This can drive better patient adherence to treatment regimens.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants in the insulin glargine market is low given the significant capital requirements and regulatory barriers needed for manufacturing insulin glargine biosimilar products.

Bargaining power of buyers: The bargaining power of buyers in the insulin glargine market is moderate as multiple branded and biosimilar options are available, giving buyers alternatives to consider.

Bargaining power of suppliers: The bargaining power of suppliers in the insulin glargine market is low as production requires specialized equipment and expertise, limiting the number of suppliers.

Threat of new substitutes: New substitutes continue to emerge for insulin glargine therapy, such as oral antidiabetic drugs, posing a moderate threat in the long run.

Competitive rivalry: The insulin glargine market features fierce competition between several major players.

Key Takeaways:

The Global Insulin Glargine Market Size is expected to witness high growth, exhibiting CAGR of 6.28% over the forecast period, due to increasing prevalence of diabetes. The market size for 2023 is US$ 1.45 billion.

Regional analysis: North America currently dominates the insulin glargine market and is expected to continue its dominance over the forecast period. This is attributed to increasing prevalence of diabetes and technological advancements in the region. Asia Pacific is anticipated to witness fastest growth during the forecast period due to rising awareness and increasing healthcare expenditure.

Key players: Key players operating in the insulin glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Eli Lilly produces the branded version Lantus while other players manufacture biosimilar versions. Julphar is a major biosimilar manufacturer with significant market share in emerging markets like Asia and Africa.

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