New York, United States , June 12, 2024 (GLOBE NEWSWIRE) -- The Global Insulin Glargine Market Size is to Grow from USD 1.38 Billion in 2023 to USD 2.50 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.12% during the projected period.
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Insulin glargine is a synthetic form of human insulin approved by the FDA for the treatment of type 1 diabetes in adults and children, as well as type 2 diabetes in adults, to enhance and maintain glycemic control. Insulin glargine is a long-acting basal insulin that is given to diabetic patients every day to regulate blood sugar levels. Insulin Glargine, a synthetic insulin, aids in removing sugar from the blood in diabetics and limits the liver's sugar production. it has a duration of action exceeding 24 hours, suitable for once-daily dosing. The insulin glargine market is propelled by factors such as the increasing prevalence of diabetes both type 1 and type 2, advancements in insulin formulations, growing adoption of insulin analogs, technological innovations in drug delivery devices, expanding geriatric population, penetration into emerging markets, and enhanced patient education and awareness initiatives. These drivers collectively fuel the demand for insulin glargine, supporting market growth globally. However, the global insulin glargine market faces challenges including regulatory hurdles, competition from generics, cost concerns, logistical issues, technological advancements, safety concerns, and healthcare policy changes.
Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the "Global Insulin Glargine Market Size, Share, and COVID-19 Impact Analysis, By Type (Lantus, Basaglar, Toujeo, Soliqua, Rezvoglar, and Others), By Diabetes Type (Type 2 Diabetes, Type 1 Diabetes), By Distribution Channel (Hospital Pharmacies, Online Pharmacies and Retail Pharmacies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
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The Lantus segment is anticipated to hold the greatest share of the global insulin glargine market during the projected timeframe.
Based on the type, the global insulin glargine market is categorized into, by type Lantus, Basaglar, toujeo, soliqua, rezvoglar, and others. Among these, the Lantus segment is anticipated to hold the greatest share of the global insulin glargine market during the projected timeframe. Lantus has developed strong brand recognition among patients and physicians over the years. Its ability to manage blood sugar levels throughout the day with a single dose has made it the preferred treatment option for many diabetes patients.
The type 2 diabetes segment is expected to have the largest market share during the projection period.
On the basis of diabetes type, the global insulin glargine market is divided into type 2 diabetes and type 1 diabetes. Among these, the type 2 diabetes segment is expected to have the largest market share during the projection period. Insulin glargine is often used to treat type 2 diabetes because of its long-acting nature and efficiency in managing blood sugar levels over time. People with Type 2 diabetes can usually manage their condition with oral medications and lifestyle changes in the early stages. However, as the disease progresses, insulin supplementation becomes necessary for many people.
The retail pharmacies segment had the greatest revenue share market during the projected time period.
Based on the distribution channel, the global insulin glargine market is classified into hospital pharmacies, online pharmacies, and retail pharmacies. Among these, the retail pharmacies segment had the greatest revenue share market during the projected time period. Retail pharmacies are increasingly becoming the go-to choice for Type 2 diabetes patients to fulfill their insulin prescriptions due to their convenience. Patients find it easier to pick up insulin supplies during their regular visits, saving time compared to hospitals or specialty pharmacies. Retail chains offer extended hours and multiple locations, improving accessibility. Expert advice and monitoring during the initiation phase ensure safe insulin use, reducing health risks and promoting adherence to therapy, ultimately minimizing disease development in the long term.
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North America is expected to hold the largest share of the global insulin glargine market over the forecast period.
North America is expected to hold the largest share of the global insulin glargine market over the forecast period. The significant diabetic population in the United States contributes to its prominent position, with approximately one in ten Americans affected by the condition. This high prevalence underscores the demand for long-acting insulin treatments like insulin glargine. Moreover, North America hosts leading insulin manufacturers such as Sanofi, Eli Lilly, and Novo Nordisk, all of which have established robust production and distribution networks to cater to the regional market.
Asia Pacific is predicted to grow at the fastest pace in the global insulin glargine market during the projected timeframe. Various socioeconomic factors contribute to the increasing prevalence of diabetes in the Asia-Pacific region. Factors such as rapid urbanization, economic growth, and an aging population play significant roles. Additionally, improved healthcare access and coverage enable more diabetes patients to opt for patented medications like insulin glargine, which are made more affordable due to their reasonable prices.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the global insulin glargine market include Biocon, Gan & Lee, Sanofi, Kalbe Pharma, Nova Nordisk AS, Cipla Inc., Lupin Ltd, Pfizer Inc., Ypsomed AG, Wockhardt, Elli Lilly, Biogenomics Ltd., Polus Biopharm, and others.
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Recent Developments
- In April 2023, Rezvoglar (insulin glargine-aglr) injection, a basal insulin that is biosimilar to and interchangeable with Lantus (insulin glargine) injection, will be available for $92 per five pack of KwikPens, representing a 78% savings over Lantus.
- In July 2021, Biocon Biologics Ltd., a biopharmaceutical company, and Viatris Inc., a global pharmaceutical company, announced that Semglee (insulin glargine-yfgn injectable) was approved by the United States Food and Drug Administration (FDA) as the first interchangeable biosimilar under the 351(k) regulatory pathway.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global insulin glargine market based on the below-mentioned segments:
Global Insulin Glargine Market, By Type
- Lantus
- Basaglar
- Toujeo
- Soliqua
- Rezvoglar
- Others
Global Insulin Glargine Market, By Diabetes Type
- Type 2 Diabetes
- Type 1 Diabetes
- Others
Global Insulin Glargine Market By Distribution Channel
- Hospital Pharmacies
- Online Pharmacies
- Retail Pharmacies
Global Insulin Glargine Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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