The basal insulin market comprises medicines that help in maintaining consistent levels of insulin in the body for people with type 1 and type 2 diabetes. These drugs control blood glucose levels by slowly releasing insulin at a constant rate throughout the day. With the growing burden of diabetes worldwide due to rapid urbanization and lifestyle changes, the need for effective management of the disease has increased significantly.
The global Basal Insulin Market is estimated to be valued at US$ 18.78 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the basal insulin market is the increasing prevalence of diabetes. As per latest statistics by the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 globally which is projected to reach 643 million by 2030 and 783 million by 2045. Moreover, diabetes resulted in 6.7 million deaths globally in 2021. Basal insulin plays a crucial role in managing diabetes by maintaining a constant supply of insulin in the body throughout the day and preventing hyperglycemia. Thus, rising cases of diabetes has augmented the demand for basal insulin worldwide. Furthermore, growing awareness about diabetes self-management and improved reimbursement policies have also propelled the market growth.
Segment Analysis
The global basal insulin market is segmented on the basis of product type into long-acting insulin and intermediate-acting insulin. The long-acting insulin segment dominates the market and accounts for around 70% market share in 2024. This is because long-acting insulin provides steady basal level of insulin throughout the day with just one injection compared to multiple injections required by intermediate-acting insulin.
Key Takeaways
The global Basal Insulin Market Size is expected to witness high growth over the forecast period of 2024-2031. The global basal insulin market is estimated to be valued at US$ 18.78 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
North America dominates the basal insulin market in 2024 with a share of around 40% due to high prevalence of diabetes in the region. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period of 2024-2031 for the basal insulin market. Factors such as rapidly growing geriatric population, increasing healthcare expenditure, rising prevalence of diabetes due to changing lifestyle and rapid urbanization are driving the growth of basal insulin market in Asia Pacific region. Moreover, growing awareness about diabetes treatment and management in emerging countries of Asia Pacific is further fueling the market growth.
Key players operating in the basal insulin market are 3M Company, Turtle Wax, Inc., Meguiar's, Inc., Simoniz USA, Inc., WD-40 Company, Quixx GmbH, Langka Corporation, Scholl Concepts GmbH, WÃ1⁄4rth Group, BARDAHL Manufacturing Corporation, Gtechniq Ltd., Mothers Polishes, Waxes and Cleaners, SONAX GmbH, Chemical Guys, Surf City Garage.
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