June 25, 2024
Insulin Glargine Market

The Growing Need For Diabetes Care Drives Growth Of The Insulin Glargine Market

Insulin glargine is a long-acting recombinant human insulin analog used for the management of diabetes. It is commonly prescribed to patients requiring basal or long-acting insulin. As diabetes patient numbers continue to surge globally, the demand for insulin glargine and other diabetes drugs and devices is increasing rapidly.

The global insulin glargine market is estimated to be valued at US$ 1.68 billion in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. The market growth can be attributed to the growing prevalence of diabetes and the need for more effective diabetes management.

Market key trends:

One of the key trends in the Global Insulin Glargine Market Size is the introduction of biosimilar versions. Biosimilar insulin glargine products offer comparable efficacy and safety to the reference product at significantly lower costs. Their market entry has led to more treatment options and cost savings for patients. Major pharmaceutical companies are actively developing biosimilar insulins to gain a share in the lucrative diabetes drug market. This is expected to boost the overall insulin glargine market size over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in the insulin glargine market as it requires high R&D investments and regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is moderate as insulin glargine is a biological drug and switching costs are high for patients.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as the industry relies on few suppliers for raw materials.

Threat of new substitutes: The threat of new substitutes is moderate as new insulin analogs can be developed as substitutes.

Competitive rivalry: The competitive rivalry is high among existing players due to their large product portfolios and global distribution networks.

Key Takeaways

The global insulin glargine market is expected to witness high growth during the forecast period.

North America accounts for the largest share of the insulin glargine market owing to rising diabetes prevalence and increasing healthcare expenditure in the region.

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.

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