Insulin glargine is a long-acting insulin analog used to treat diabetes. It works by maintaining blood glucose levels throughout the day and night. Insulin Glargine helps in mimicking the body's natural basal insulin levels and stabilizes blood sugar by keeping it within normal ranges. It is safer than other human insulin counterparts as it does not peak like regular human insulin and has a steady release pattern. Insulin Glargine is used as part of a diabetes treatment plan that may include diet, exercise, and other diabetes medications.
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 growing prevalence of diabetes across regions is fueling the demand for insulin glargine globally. As per the International Diabetes Federation (IDF), around 537 million adults were living with diabetes in 2021 worldwide and this number is expected to rise to 783 million by 2045. Technological advancements like integration ofconnected healthcare platforms, AI-driven monitoring devices are enabling efficient tracking and control of blood glucose levels thereby propelling the insulin glargine market growth.
Market Trends
The key trends in the Insulin Glargine Market Demand include growing adoption of combo insulin technologies and increasing popularity of wearable insulin delivery devices. Combo insulin like insulin glargine and liraglutide combination offers dual action of basal insulin and GLP-1 agonist with enhanced glycemic control. Wearable insulin delivery devices like insulin patches are gaining traction as they provide non-invasive and discreet insulin administration with increased compliance.
Market Opportunities
The rising geriatric population suffering from diabetes and growing healthcare expenditure in emerging nations presents significant growth opportunities in the insulin glargine market. Furthermore, the development of long-acting premium insulin analogs with more stable release profiles and reduced adverse effects will further aid the market expansion over the forecast period.
Impact of COVID-19 on Insulin Glargine Market Growth
The COVID-19 pandemic has significantly impacted the growth of the insulin glargine market. During the initial phases of the pandemic, restrictions on travel and movement led to disruption in global supply chains. This created shortage of raw materials required for manufacturing insulin glargine. Production facilities were operating at reduced capacities to ensure social distancing norms. These factors negatively affected market growth in 2020. However, with rising cases of diabetes and obesity among COVID patients, the demand for insulin glargine saw an uptick.
Post pandemic, the market is expected to witness steady growth. Teleconsultation and home delivery of insulin has picked up significantly. This has improved accessibility and treatment adherence among diabetes patients. At the same time, governments and pharma companies are taking measures to strengthen supply networks to avoid future disruptions. Investments are being made to expand production facilities and establish strategic reserves of raw materials. Ongoing digitalization of healthcare is also facilitating remote monitoring of patients. This helps maintain glycemic control and reduces risk of COVID complications.
Insulin Glargine Market in North America
North America accounts for the largest share of the global insulin glargine market in terms of value. The key factors driving the market growth in the region include high prevalence of diabetes, rising obese population, growing healthcare expenditure, availability of advanced treatment options and presence of major market players. United States holds the major market share within North America due to large patient pool and superior reimbursement framework. Increasing focus on self-care and self-monitoring is also boosting the adoption of insulin glargine in home settings.
Insulin Glargine Market in Asia Pacific
Asia Pacific is recognized as the fastest growing regional market for insulin glargine. Growing cases of diabetes, rising health awareness, rapidly developing healthcare infrastructure and improving access to diabetes care are some of the major growth determinants. China and India represent the high potential markets owing to their huge population bases and increasing economic abilities. Moreover, presence of less stringent regulations and lower manufacturing costs are encouraging international players to tap into production and R&D opportunities in APAC countries. Rising medical tourism from developed nations is another favorable factor driving the regional insulin glargine market.
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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.
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