Basal or long-acting insulin helps maintain a steady level of insulin in the body between meals and overnight. It controls blood sugar levels around the clock and is commonly used daily by diabetics on a continuous basis. The growing diabetic population worldwide is driving the demand for basal insulin to manage their condition effectively. As per International Diabetes Federation reports, around 537 million adults suffered from diabetes in 2021 globally and this number is projected to reach 643 million by 2030 and 783 million by 2045.
The global basal insulin market is estimated to be valued at US$ 18.78 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising prevalence of diabetes especially type 1 diabetes presents a major market opportunity for basal insulin manufacturers. Type 1 diabetes cannot be prevented and patients relying on insulin for survival. With no cure available, lifelong dependence on insulin poses sustained demand. Developing economies with large diabetic populations like India and China offer immense scope for basal insulin uptake. Increasing awareness about diabetes management and regular availability of generic versions of insulin boosts accessibility and affordability in these regions. Significant investments in R&D of novel insulin delivery systems would further augment market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the basal insulin market requires high capital requirements for R&D and manufacturing facilities. However, existing players find opportunities to develop affordable biosimilar products.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as buyers have multiple product options from established players. However, ongoing unmet needs ensure continued demand.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials are commodities available from multiple suppliers. Suppliers face pressure on pricing due to established supply relationships.
Threat of new substitutes: The threat of new substitutes is moderate as new insulins continue to emerge. However, overall treatment needs ensure ongoing basal insulin demand.
Competitive rivalry: The competitive rivalry is high among leading players due to their global presence and investments in innovations.
SWOT Analysis
Strengths: Established product portfolios, global presence, extensive R&D and marketing investments enable players to benefit from economies of scale.
Weaknesses: High manufacturing costs, pricing pressures from generic competition, stringent regulations for product approvals.
Opportunities: Expanding patient pool, partnerships for biosimilars, emerging economies with increasing healthcare spends present new avenues.
Threats: Supply chain disruptions, price controls in certain regions, changing reimbursement policies add uncertainties.
Key Takeaways
The global Basal Insulin Market Size is expected to witness high growth over the forecast period supported by an increasing diabetic patient population globally. The global basal insulin market is estimated to be valued at US$ 18.78 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
The North America region currently dominates the basal insulin market owing to the presence of major established players and availability of advanced healthcare facilities. Asia Pacific is expected to be the fastest growing market for basal insulin during the forecast period. This can be attributed to factors such as rapidly developing economies, growing healthcare infrastructure, rising awareness regarding diabetes treatment and management.
Key players operating in the basal insulin market are 3M Company, Turtle Wax, Inc., Meguiar's, Inc., Simoniz USA, Inc., WD-40 Company, Quixx GmbH, Langka Corporation, Scholl Concepts GmbH, Würth Group, BARDAHL Manufacturing Corporation, Gtechniq Ltd., Mothers Polishes, Waxes and Cleaners, SONAX GmbH, Chemical Guys, Surf City Garage. These companies focus on expanding their global presence through mergers and acquisitions with regional and local players. Product innovations and launches of affordable biosimilars also remain key strategies adopted by leading market participants.
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