Insulin Glargine Market is Set for Remarkable Double-Digit CAGR Growth Over 2020-2026 – Zion Market Research
Zion Market Research has published a new report titled “Global Insulin Glargine Market by Type (Pre-filled Syringe and Single Dose Vial), by Application (Type 1 Diabetes and Type 2 Diabetes), by Distribution Channel (Hospital Pharmacy, Online Sales, Retail Pharmacy and Other Distribution Channels): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2025”. According to the report, global demand for insulin glargine market was valued at approximately USD 3.88 billion in 2018, and is expected to generate revenue of around USD 9.26 billion by end of 2025, growing at a CAGR of around 13.25% between 2019 and 2025.
Insulin glargine is a product that is used in the treatment of type 1 diabetes and type 2 diabetes. In both these conditions the body is unable to produce insulin and hence cannot regulate the blood sugar levels. Hence, such products are required by those suffering from diabetes to control blood sugar levels. Type 1 diabetes can be treated by two types of insulin – insulin glargine and short-acting insulin. Type 2 diabetes can be treated by two types of insulin – insulin glargine and another type of insulin or oral medication. Insulin glargine has the same functions of natural insulin and is also long-lasting. The normal insulin is replaced by insulin glargine and subsequently it helps to control blood sugar levels. It also controls the production of sugar by the liver.
Major factors driving the growth of the global insulin glargine market are increasing prevalence diagnosis of diabetes and increasing demand for insulin analogs for diabetes management. Additionally, increasing health awareness, favorable reimbursement policies and technological advances in insulin delivery devices boost the growth of this market. However, the high costs of products, availability of large number of substitutes and strict regulations for product approval may hamper the market growth of the insulin glargine market.
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Global insulin glargine market is segmented based on type, applications, distribution channel and region. Based on type the market is segmented into single dose vial and pre-filled syringe. Pre-filled syringe segment was the largest type segment in 2018. The pre-filling of syringes is carried out when injections consisting of NPH and regular insulin have to be administered. Fastest growth is projected for single dose vial during the forecast period.
Based on applications insulin glargine market has been segmented into type 1 diabetes and type 2 diabetes. Based on distribution channel, market is categorized into online sales, hospital pharmacy, retail pharmacy and other distribution channels. In 2018, hospital pharmacy segment held largest revenue share. Fastest growth is projected for online sales segment in the coming years owing to growing penetration of e-pharmacies worldwide.
Regions that dominate this market are North America, Europe, and Asia-Pacific. North America is the prominent player in this market due to increase in occurrence of diseases such as diabetes which require insulin glargine. There are a large number of patients and doctors who recommend the use of insulin glargine to treat diabetes. There is lack of exercise and hereditary issues leading to rise in incidence of diabetes among people of North America. Also the health infrastructure is highly sophisticated and developed resulting in the growth of the market. European markets have a large share of the market owing to a large number of cases of diabetes that have increased over the years. The incidence of diabetes increases due to the sedentary lifestyles of most people.
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There are many leading companies producing insulin glargine. There is rise in incidence of diseases which are causing diabetes or are a result of diabetes such as nerve problems, damage of the kidney, blindness and loss of limbs. Insulin glargine reduces risk of such diseases as well as diabetes related major problems such as a stroke or heart attack.
Asia Pacific region will experience a significant growth in its CAGR for the global insulin glargine market in the future. This is because of the readiness of patients to increase their budget for health care expenses and the steadily developing health and medical centers which has resulted in an increase in the growth of the insulin glargine market. However, the high cost of insulin delivery devices and operations for treating diabetes is stopping people from using insulin glargine and other insulin-related products; hence impeding the growth of this market. Middle East and Africa region will experience noticeable growth in the years to come but slow as compared to other countries as insulin producing products are expensive and are not affordable among local masses. Latin America is projected to exhibit moderate growth for global insulin glargine market during the forecast period.
- CDN Newswire