The Basal Insulin market is estimated to be valued at US$ 16.3 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Basal insulin refers to long-acting insulin that is used to maintain normal levels of blood glucose between meals and overnight. It is administered via injection once or twice daily and works slowly to regulate basal glucose production in the liver. Key products in this category include Lantus, Levemir, Toujeo and others. It is considered a foundational treatment for type 1 and type 2 diabetes.
Market Dynamics:
The basal insulin market is primarily driven by the growing prevalence of diabetes globally. According to the International Diabetes Federation, around 537 million people aged 20-79 years suffered from diabetes in 2021 worldwide and this figure is projected to rise to 643 million by 2030 and 784 million by 2045. Moreover, the increasing acceptance of basal insulin as the first line of treatment for type 2 diabetes patients is also propelling market growth. However, the development of novel oral anti-diabetic drugs may restrain the market to some extent over the forecast period.
SWOT Analysis
Strength:
- High level of effectiveness in managing blood glucose compared to other methods.
- Easy availability of generic versions reducing treatment cost.
- Increasing demand for basal insulin due to rising prevalence of diabetes.
Weakness:
- Possibility of hypoglycemia if not administered properly.
- Require patient compliance and frequent monitoring.
Opportunity:
- Growing geriatric population prone to diabetes augments market growth.
- Advancements in delivery methods like insulin pumps expanding opportunities.
Threats:
- Alternative treatment options like GLP1 agonists pose competition.
- Stringent regulations for drug approval.
Key Takeaways
The Global Basal Insulin Market Size is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period, due to increasing prevalence of diabetes worldwide. As per WHO, around 463 million people suffer from diabetes globally and it is projected to rise to 700 million by 2045.
Regional analysis - North America dominates the basal insulin market currently and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population in the US and Canada which are more prone to diabetes. However, Asia Pacific is projected to witness the fastest growth owing to increasing obesity rates and sedentary lifestyles in major countries like China and India.
Key players operating in the basal insulin market are Novo Nordisk, Sanofi, Eli Lilly, Biocon, Gan & Lee Pharmaceuticals, Tonghua Dongbao Pharmaceutical, United Laboratories, Merck, Wockhardt, Julphar Diabetes, Medtronic, Beta Bionics, Zealand Pharma, MannKind, Peptron, Dexcom, Senseonics, Medtrum Technologies, SOOIL Development, Semma Therapeutics. Novo Nordisk and Sanofi collectively hold over 70% of market share currently due to their diversified product portfolio and strong global presence.
Read More : https://www.pressreleasebulletin.com/basal-insulin-market-analysis-growth-forecast-outlook-2023-2030/
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