It has a protracted duration of action of over 24 hours after single daily administration and provides effective improvement in glycemic control along with low risk of hypoglycemia compared to intermediate-acting human insulin. 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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of diabetes across the globe has accelerated the adoption of insulin therapy. According to the International Diabetes Federation, approximately 537 million adults aged 20-79 years were living with diabetes in 2021, and this number is expected to rise to 643 million by 2030 and 783 million by 2045. Insulin glargine is one of the key drugs used for the treatment of diabetes. Therefore, the growing burden of diabetes mellitus has significantly fueled the demand for insulin glargine over the recent years.
Segment Analysis
The Global Insulin Glargine Market Size is dominated by the prefilled syringe sub-segment. Prefilled syringes are easy-to-use and convenient, as they eliminate the need for drawing insulin from a vial. This reduces the risk of dosing errors. Prefilled syringes also allow for accurate dosing of insulin compared to vials. Due to these advantages, prefilled syringes are the preferred choice among healthcare providers and insulin-dependent patients.
Key Takeaways
The global insulin glargine market is expected to witness high growth over the forecast period of 2024 to 2031. The market is projected to reach a value of US$ 1.68 Bn by 2024, expanding at a CAGR of 19%.
Regional analysis: Europe currently dominates the global insulin glargine market. Countries in Europe have a high prevalence of diabetes, improved access to healthcare, and governments that provide partial to full reimbursement for diabetic drugs and devices. However, the Asia Pacific region is expected to be the fastest-growing market during the forecast period. Rapid economic development, growing geriatric population, increasing obesity rates and sedentary lifestyles are fueling the demand for insulin glargine in Asia Pacific countries.
Key players: 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. Allscripts Healthcare Solutions Inc. offers an insulin glargine biosimilar called Basaglar, which is co-developed with Eli Lilly. Accenture Plc provides strategic advisory, implementation and managed services to life sciences players including those dealing in insulin glargine.
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