Insulin Glargine Market Anticipated to Witness High Growth Owing to Increasing Prevalence of Diabetes

The insulin glargine market has witnessed a significant growth owing to the growing geriatric population and increasing prevalence of diabetes across the globe. Insulin glargine is a long-acting insulin analog that helps control blood sugar levels in patients with type 1 and type 2 diabetes. It works by slowly releasing insulin into the bloodstream over 24 hours to minimize the risk of low blood sugar levels between doses. Insulin glargine products are effective options for diabetes management and help improve quality of life for patients. The need for effective diabetes treatment is rising exponentially due to sedentary lifestyles and unhealthy dietary habits.

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.

Insulin Glargine Market

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. These players are focusing on developing advanced insulin glargine products and launching new products to expand their market share.

There is high growth potential in developing countries due to rising medical needs. Market players can leverage opportunities in Asia Pacific, Latin America, and Middle East & Africa by establishing manufacturing and distribution partnerships.

Many companies are engaging in merger and acquisition activities to expand globally and strengthen their product portfolio. For instance, in 2021, Siemens Healthineers acquired Varian Medical Systems to become a leader in cancer care solutions. Industry players are also focusing on collaborations with research institutes to develop improved insulin glargine formulations.

Market drivers

The primary driver for the Insulin Glargine Market Demand is the growing prevalence of diabetes across the globe due to changing lifestyle habits and urbanization. According to IDF estimates, around 537 million adults were living with diabetes in 2021. Favorable government policies and insurance coverage for diabetes care have also boosted the adoption of insulin glargine products.

Market restraints

However, the market growth can be hampered by the high cost of advanced insulin glargine therapies. Patients in developing regions face challenges in affording expensive branded products. Insulin glargine also needs to be administered via injections daily, which affects patient compliance compared to oral medications. Stringent regulatory norms for the approval of new drug formulations further restrict market expansion.

Segment Analysis

The Insulin Glargine market can be segmented based on type, distribution channel and end user. Based on type, it can be segmented as cartridge and vial. The cartridge segment dominates the market as it is more convenient to use for patients. Cartridges helps in prefilling the insulin reservoir and simplifies the process of dosage administration.

Based on distribution channel, the market is divided into hospital pharmacy, retail pharmacy and online pharmacy. The hospital pharmacy segment holds the largest share as most of the insulin glargine prescriptions are filled through hospitals.

Based on end user, the market is classified as hospitals, clinics and home healthcare. The hospital segment accounts for the highest share due to the availability of advanced healthcare facilities and trained professionals for diabetes treatment and management.

Global Analysis

Regionally, North America dominates the insulin glargine market due to rising prevalence of diabetes, growing geriatric population, availability of advanced healthcare infrastructure and presence of major market players. Europe accounts for the second largest market share owing to large patient pool of diabetes. However, Asia Pacific is expected to witness the fastest growth during the forecast period due to increasing health awareness, growing healthcare expenditure and improving accessibility of diabetes drugs.

Key players are focusing on new product launches, expansion of manufacturing facilities and strategic collaborations to strengthen their presence in various regions. For instance, in 2020, Sanofi launched Insulin Glargine injection with all-new SoloStar reusable pen in several European countries to simplify diabetes management.


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About Author:

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.

(https://www.linkedin.com/in/money-singh-590844163)

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