The insulin glargine market is estimated to be valued at US$ 6178.14 Mn in 2023 and is expected to exhibit a CAGR of 6.28% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength:
1) Insulin glargine has proven effective at controlling blood sugar levels over a 24-hour period with just one daily injection.
2) It has low risk of causing hypoglycemia compared to other insulin therapies.
3) Presence of large players with strong distribution networks.
Weakness:
1) Expensive cost of insulin glargine puts financial burden on patients.
2) Requires strict adherence to dosage timing which can be challenging for some patients.
Opportunity:
1) Increasing prevalence of diabetes worldwide due to obesity and sedentary lifestyles presents scope for market growth.
2) Emergence of biosimilar insulin glargine can make treatment more affordable.
Threats:
1) Development of alternative drug therapies and medical devices for diabetes treatment.
2) Patent expiries of major insulin glargine brands allowing entry of biosimilars.
Key Takeaways:
The Global Insulin Glargine Market Demand is expected to witness high growth, exhibiting CAGR of 6.28% over the forecast period, due to increasing prevalence of diabetes globally. It is estimated that over 460 million people worldwide had diabetes in 2019, and the number is projected to rise to around 700 million by 2045.
Regional analysis: North America dominates the global insulin glargine market currently. However, Asia Pacific region is expected to witness highest growth during the forecast period owing to rising diabetic population, growing healthcare expenditure, and increasing focus of market players in the region.
Key players operating in the insulin glargine market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. Eli Lilly’s Lantus and its generic versions dominate the market currently. However, patent expiries are allowing biosimilar versions from other players like Biocon, Julphar, which can make treatment more affordable.
Explorer more information on this topic, Please visit –
https://makuv.com/biosimilar-insulin-glargine-is-fastest-growing-segment-fueling-the-growth-of-insulin-glargine-market/
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