Market Trends of Basal Insulin Industry
Increasing diabetes prevalence
The diabetes population is expected to rise by more than 1.9% over the forecast period.
According to the International Diabetes Federation, the adult diabetes population in 2021 was approximately 537 million, which will increase by 643 million in 2030. Obesity is considered one of the major factors contributing to the disease, primarily Type 2 diabetes. Continued elevation in blood glucose levels in diabetes patients can contribute to progressive complications such as renal, nerve, and ocular damage. Type 2 diabetes is increasingly prevalent and associated with an increased cardiovascular and renal disease risk.
The market players are adopting various strategies such as collaborations, partnerships, mergers, acquisitions, and expansions for new products to increase market share. For instance, Eli Lilly and Boehringer Ingelheim have an alliance in developing and commercializing Basaglar (Insulin Glargine). However, the companies are working on various innovations, such as Biocon is developing Insulin Tregopil, an oral prandial insulin tablet, for treating type-1 and type-2 diabetes mellitus. The fast-acting oral insulin could improve post-prandial glucose control with reduced side effects and greater adherence, thus promising to transform type-1 management. Oramed Pharmaceuticals Inc., a clinical-stage pharmaceutical company focused on developing oral drug delivery systems, is working to bring the first oral insulin.
Owing to the factors above, the studied market is anticipated to be impacted over the analysis period.
North America holds the highest market share in the Global Basal Insulin (Long-acting Insulin) Market in the current year
North America holds the highest market share in the Global Basal Insulin (Long-acting Insulin) Market in the current year and is expected to witness a CAGR of about 0.8% over the forecast period.
The Centers for Disease Control and Prevention (CDC) National Diabetes Statistics Report 2022 estimated that more than 130 million adults live with diabetes or prediabetes in the United States. Type 2 diabetes is more common, and diabetes is more consequential among communities of color; those who live in rural areas; and those with less education, lower incomes, and lower health literacy.
According to Diabetes Canada, new 2022 figures show the continued rising trend of diabetes rates in Canada with no signs of leveling or decreasing. Diabetes continues to affect more Canadians than ever before. The new diabetes figures show a steady, continued increase in diabetes in the country, with 11.7 million Canadians living with diabetes or prediabetes; more than 5.7 million Canadians are living with diagnosed diabetes (type 1 or type 2 diabetes).
Diabetes is associated with many health complications. Patients with diabetes require many daily corrections to maintain nominal blood glucose levels, such as administering additional insulin or ingesting additional carbohydrates. Furthermore, patients attempting to control their blood glucose levels tightly to prevent the long-term complications associated with fluctuations in blood glucose levels are at greater risk for overcorrection and the resultant hypoglycemia. Achieving nominal results can be difficult without multiple daily insulins or insulin therapy injections.
The disease's growing incidence, prevalence, and progressive nature have encouraged treatment options for diabetic patients. The American Diabetes Association also helps with the costs of insulin and diabetes medication. Medicare drug plans cover insulin not used in an insulin pump and other drugs necessary to treat diabetes. In addition to providing prescription drug coverage, Medicare Part D plans may cover supplies necessary to inject insulin, including syringes, needles, alcohol swabs, and gauze.
Therefore, owing to the factors above, the studied market is anticipated to grow over the analysis period.
