June 18, 2024
Global Basal Insulin Market

Basal Insulin Market Is Estimated To Witness High Growth Owing To Increasing Diabetes Cases

The basal insulin market works on the principle of controlling blood glucose levels and maintaining them at an optimal level for diabetic patients. Basal insulin controls the basal or background levels of insulin required by the body throughout the day, providing an alternative to synthetic human insulin or insulin analogs. It is taken once or twice daily to regulate the baseline levels of glucose in the blood so as to prevent hyperglycemia or hypoglycemia. The growing diabetes burden across the world has fueled the demand for better management of the condition through effective drugs such as basal insulin.

The Global basal insulin market is estimated to be valued at US$ 18.78 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.

Key Takeaways

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, Würth Group, BARDAHL Manufacturing Corporation, Gtechniq Ltd., Mothers Polishes, Waxes and Cleaners, SONAX GmbH, Chemical Guys.
Key opportunities in the basal insulin market include – Rising cases of type 1 and type 2 diabetes will boost demand for basal insulin therapy, increasing geriatric population who are more prone to diabetes, growing awareness regarding diabetes management. Technological advancements in the development of newer generations of basal insulin analogs aim to achieve better glycemic control with less side effects.

Market Drivers

The primary driver for theGlobal Basal Insulin Market Trends  is the growing prevalence of diabetes across the world. As per International Diabetes Federation reports, around 537 million adults were living with diabetes in 2021 globally, and this figure is predicted to rise to around 700 million by 2045. Other key drivers include increasing awareness about diabetes management, growing geriatric population prone to diabetes, rising healthcare expenditure, new product launches, and government support initiatives. Stringent regulatory norms for drug approval and high R&D costs associated with new drug development pose challenges to market growth.

Current Challenges in Basal Insulin Market

The basal insulin market is facing several challenges currently. The most significant challenge is strict regulations for drug approval across regions. Getting new drugs approved by regulatory bodies like FDA and EMA involves lengthy clinical trials and processing times which delays their commercial launch. Lack of reimbursement and high treatment costs also limit widespread adoption of novel basal insulin drugs especially in developing nations. Ensuring therapy adherence among patients also remains a concern due to complex dosage routines. Changing disease patterns towards type 2 diabetes and resistance to existing drugs require continuous innovative research and product development by pharma companies.

SWOT Analysis

Strength: Long-acting property provides continuous basal insulin supply. Commonly used as foundational therapy in diabetes management.
Weakness: Limited innovation in recent years. High dependency on existing top selling drugs.
Opportunity: Rising diabetes burden worldwide drives market potential. Novel drug delivery technologies can expand product offerings.
Threats: Patent expiries of blockbuster drugs increase competition. Biosimilars further cut prices and margins.

Geographical Regions

North America currently dominaAtes the basal insulin market in terms of value. This is attributed to the high diagnosis and treatment rates in the US supported by favorable reimbursement systems. Asia Pacific region is expected to be the fastest growing market during the forecast period supported by rising diabetes prevalence, improving accessibility and expanding healthcare investments in major countries like India and China. Developing economies represent a key area of focus for leading basal insulin manufacturers.

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