Basal Insulin (Long-Acting Insulin) Market is Segmented By Product Type (Lantus, Levemir, Toujeo, Basaglar, Tresiba, Insulin Glargine Biosimilars), By Application(Type 1 Diabetes, Type 2 Diabetes), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Basal Insulin (Long-Acting Insulin) Market Overview
The Global Basal Insulin (Long-Acting Insulin) Market reached USD 234.8 million in 2022 and is projected to witness lucrative growth by reaching up to USD 331.6 million by 2030. The global basal insulin (long-acting insulin) market is expected to exhibit a CAGR of 4.5% during the forecast period (2024-2031). The growing prevalence of diabetes, favorable reimbursement policies, and market developments such as product launches, product approvals, mergers, acquisitions, collaborations and expansion among others are driving the global basal insulin (long-acting insulin) market growth. The key players in this market include Novo Nordisk AS, Sanofi Aventis, and Biocon among others.
Basal Insulin (Long-Acting Insulin) Market Scope
| Metrics | Details |
| CAGR | 4.5% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Product Type, Application, Distribution Channels |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Basal Insulin (Long-Acting Insulin) Market Dynamics
Increasing Market Developments Drive the Growth of the Basal Insulin (Long-Acting Insulin) Market
The increasing market development such as product launches, product approvals, mergers, collaborations, acquisitions, and expansions among others are driving the global basal insulin (long-acting insulin) market growth. For instnace, in November 2022, the FDA authorized Rezvoglar (insulin glargine-aglr), a biosimilar for Lantus (insulin glargine) that was primarily authorized in December 2021, for an interchangeability title, permitting the development to be swapped for the reference product at the pharmacy level without needing physician permission.
The Presence Of Favorable Reimbursement Policies Provides The Global Basal Insulin (Long-Acting Insulin) Market With Growth Opportunities.
The presence of favorable reimbursement policies for insulin treatment is presenting the global basal insulin (long-acting insulin) market with lucrative growth opportunities in the upcoming years. For instance, insulin producers deliver insulin at no cost via their patient assistance programs to individuals who are not insured and satisfy income eligibility prerequisites.
The Side Effects Of Insulin are Hampering The Global Basal Insulin (Long-Acting Insulin) Market Growth.
The side effects of insulin are hampering the global basal insulin (long-acting insulin) market growth. For instance, the typical insulin side effects enclose hypoglycemia (low blood glucose), injection site allergies, and weight increase. Infrequent side effects of insulin include lipodystrophy (abnormal fat distribution) and swelling in the arms and legs.
Basal Insulin (Long-Acting Insulin) Market Segment Analysis
The global basal insulin (long-acting insulin) market is segmented based on product type, application, distribution channels and region.
Owing to High Prevalence, Type-2 Diabetes Segment is Estimated to Hold Approximately 82% of the Basal Insulin (Long-Acting Insulin) Market Share by 2030.
Owing to the high prevalence of type-2 diabetes in comparison with type-1 diabetes, it is estimated to dominate the global basal insulin (long-acting insulin market) by holding around 79.4% of the global market share by 2030. For instance, type 2 diabetes is more typical in older adults. Whereas, the gain in the number of kids with obesity has directed to more additional patients of type 2 diabetes in younger individuals.
Source: DataM Intelligence Analysis (2023)
Basal Insulin (Long-Acting Insulin) Market Geographical Penetration
North America is Estimated To Hold Approximately 37.7% of the Market Share, Owing to The Increasing Prevalence of Diabetes in This Region.
Owing to the rising prevalence of diabetes in North America, the region is estimated to dominate the global basal insulin (long-acting insulin) holding about 37.7% of the total market by 2030. For instance, according to the Centers for Disease Control and Prevention (CDC), National Diabetes Statistics Report 2022 assessed that over 130 million grown-ups are with diabetes or prediabetes in the United States. Type 2 diabetes is highly common, and diabetes is highly significant in neighborhoods of color, those in rural regions, and those with low education, low incomes, and inferior health literacy. Moreover, according to Diabetes Canada, new 2022 figures indicate the persistent advancing tendency of diabetes rates in Canada with no indications of leveling or declining. Diabetes persists to impact more Canadians than ever earlier. The new diabetes figures indicate a constant, steady gain in diabetes in the nation, with 11.7 million Canadians with diabetes or prediabetes, and over 5.7 million Canadians with diagnosed diabetes (type 1 or type 2 diabetes).
Source: DataM Intelligence Analysis (2023)
Basal Insulin (Long-Acting Insulin) Companies
The major global players in the basal insulin (long-acting insulin) market include Novo Nordisk AS, Sanofi Aventis, Biocon, Julphar, Pfizer, Ganli Pharmaceutical Co., Ltd, Mylan, Wockhardt, and Eli Lily among others.
COVID-19 Impact on Basal Insulin (Long-Acting Insulin) Market
Russia Ukraine Conflict Analysis
The Russia-Ukraine conflict is estimated to have a moderate impact on the global basal insulin (long-acting insulin) market, owing to the low prevalence and absence of key market players in this region. However, persisting to countenance invasions from Russian armies, Ukrainian clinics are pushed by the rising number of deaths and limited medical reserves. There are deficiencies across all kinds of medicine, but restricted access to insulin reserves has guided to an uptick in disorders associated with uncontrolled diabetes. Also, the influence of the import and export of raw materials are anticipated to have little influence over the global basal insulin (long-acting insulin) market growth over the forecast period.
Key Developments
- In March 2023, Novo Nordisk, a Danish global pharmaceutical corporation, declared that the enterprise intends to decrease costs for vials and pens of NovoLog and additional insulin trademarks by 75% starting January 1, 2024, in the United States. The cost for some additional Novo Nordisk insulin trademarks will be decreased by 65%.
- In October 2022, Novo Nordisk, a Danish global pharmaceutical corporation, reported headline outcomes from the ONWARDS 5 phase 3a trial with once-weekly insulin icodec in individuals with type 2 diabetes.
Why Purchase the Report?
- To visualize the global basal insulin (long-acting insulin) market segmentation based on product type, application, distribution channels and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of basal insulin (long-acting insulin) market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global basal insulin (long-acting insulin) market report would provide approximately 53 tables, 54 figures and 195 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
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