BASAL INSULIN MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Market Challenges And Opportunities

Basal Insulin Market Drivers:

• Increasing Prevalence of Diabetes: The rising prevalence of diabetes around the world is a major factor driving growth in the basal insulin market. According to International Diabetes Federation (IDF), approximately 537 million adults aged 20-79 years were living with diabetes in 2021. This number is expected to reach 643 million by 2030 and 783 million by 2045. The high and growing prevalence of diabetes globally has led to an increased demand for effective blood sugar management drugs like basal insulin. Basal insulin helps provide steady background insulin levels and lower blood glucose effectively in diabetes patients.
• Rising Obesity Rates: The increasing obesity rates across the globe is another key driver for the basal insulin market. According to the World Health Organization (WHO) report 2021, the worldwide prevalence of obesity nearly tripled between 1975 and 2016. Obesity is a major risk factor for development of type 2 diabetes. Obese and overweight people are more likely to develop insulin resistance, which raises blood glucose levels and increases the requirement for basal insulin to control hyperglycemia. The high and rising obese population globally will continue to propel the market growth during the forecast period.
• Technological Advancements in Insulin Delivery Devices: Significant improvements in insulin delivery devices like pens, pumps, jet injectors, and smart insulin patches have boosted the adoption of basal insulin therapy. Insulin pens provide ease of use, accuracy, and flexibility over traditional syringes. Insulin pumps deliver customizable and precise amounts of rapid or short-acting insulin. The integration of insulin pumps with continuous glucose monitoring system (CGMs) has improved glycemic control by enabling automatic basal rate adjustments. Advanced and easy-to-use delivery devices have made basal insulin administration more patient-friendly, supporting market expansion.
• Government Initiatives to Improve Diabetes Management: Several government initiatives to promote diabetes education, awareness, and improve access to medications are contributing to the basal insulin market growth. The introduction of national programs focusing on preventive diabetes care has increased insulin utilization. Government policies to make insulin more affordable via discounts, subsidies, and reimbursements have also enabled higher adoption among low-income groups. Increased government spending on diabetes management will further support the market growth.

Basal Insulin Market Opportunities:

• Huge Untapped Market Potential in Developing Countries: Developing nations represent significant untapped opportunities for companies in the basal insulin market owing to the high diabetic population and low insulin usage in these countries such as Brazil, Mexico, and others. Regions like Asia Pacific and Latin America have a large number of undiagnosed and untreated diabetes patients due to lack of awareness and access to medications. With rising incomes and healthcare spending, insulin adoption is increasing in these regions. Market players are expanding their presence in developing countries to capitalize on the massive unmet needs and strong growth prospects.
• Growing Demand for Biosimilars: The expiry of patents on several widely used basal insulin analogues has opened doors for manufacturers to introduce low-cost biosimilar versions. The high cost of branded basal insulin has limited adoption among low-income groups. The launch of affordable basal insulin biosimilars improves access for patients in emerging economies. Moreover, payers are promoting biosimilar adoption to reduce the economic burden of diabetes. The growing demand for biosimilars due to their cost advantages provides significant opportunities for growth.
• Rising Adoption of Prefilled Pens and Injectable Devices: The shift from vials and syringes towards convenient pen and injectable devices for insulin delivery presents lucrative opportunities for market players. Prefilled insulin pens offer ease of use, accuracy, convenience, and flexibility. Disposable pens prevent reuse and help avoid infection risks associated with needles. Injectable and wearable devices like patches also eliminate the need for daily injections. User-friendly pens and injection devices will find higher adoption among both Type 1 and Type 2 diabetes patients, driving segmental growth. For instance, in March 2023, Novo Nordisk Inc., a multinational biopharmaceutical company, announced that it is reducing the list pricing of many insulin treatments for individuals with type 1 and type 2 diabetes by up to 75% in the U.S. Products include vials of basal (long-acting), bolus (short-acting), and pre-mix insulin including Novolin, NovoLog, Levemir (insulin detemir), and NovoLog Mix 70/30. Additionally, pre-filled pens are also available. Along with each branded insulin's price reduction, Novo Nordisk is also lowering the list price of unbranded biologics.
• Increasing Online Sales Platforms: The growing e-commerce industry and internet penetration globally has opened up opportunities for increased online sales of basal insulin delivery devices and medications. Online pharmacies make it more convenient for patients to purchase insulin drugs and devices. Moreover, online platforms offer attractive discounts and deals, which increase affordability. Partnerships with digital health companies also allow access to a wider patient pool. Increasing online availability of basal insulin presents a major opportunity for manufacturers.

• Increasing Prevalence of Diabetes
• Rising Obesity Rates
• Technological Advancements in Insulin Delivery Devices
• Government Initiatives to Improve Diabetes Management

Basal Insulin Market Restraints:

• High Cost of Branded Insulin Analogs: The high cost of patented and branded basal insulin analogs has been a major factor restraining the market growth, especially in developing economies. Long-acting analogs are considerably more expensive than traditional insulin. Many uninsured and underinsured patients are unable to afford the high prices of branded drugs. Pricing pressures also strain healthcare resources and payer budgets, limiting reimbursements. The premium pricing of patented insulin products has restricted their adoption among low-income patient groups.
• Side Effects such as Hypoglycemia and Allergic Reactions: Safety concerns regarding adverse effects like hypoglycemia and allergic reactions are impeding uptake of certain basal insulin formulations. Prolonged hypoglycemia is the most common side effect and can result in exacerbation of existing medical ailments. Allergic reactions to insulin or excipients may also occur in some patients. Severe hypoglycemia and hypersensitivity reactions can limit persistency. This has made healthcare providers cautious regarding high-dose basal insulin prescriptions. For instance, according to the U.S. Food and Drugs Administration (FDA), the most common side effects associated with insulin glargine products other than hypoglycemia include edema (fluid retention), lipodystrophy (pitting at the injection site), weight gain and allergic reactions, such as injection site reactions, rash, redness, pain, and severe itching.
• Insufficient Healthcare Infrastructure in Developing Regions: The lack of adequate healthcare infrastructure and facilities in emerging economies is a major bottleneck hindering market penetration. Many rural areas lack diabetes clinics, trained medical professionals, and cold storage supply chain for drugs. Poor health literacy regarding insulin usage and administration also exists. Healthcare spending and reimbursements are low in low-income countries. The dearth of proper medical infrastructure has deterred the adoption of injectable basal insulin therapy in developing regions.

Recent Developments:

New product launches:

• In March 2023, Eli Lilly and Company, a U.S.-based pharmaceutical company, announced its plans to launch Rezvoglar, an interchangeable insulin glargine biosimilar, at a 78% discount to the originator (Lantus). In November 2022, Rezvolgar (insuling glargine-aglr) became the fourth biosimilar to be authorized and given an interchangeability designation.
• In November 2021, Viatris Inc., a global healthcare company, and Biocon Biologics Ltd., a subsidiary of Biocon, announced the launch of interchangeable biosimilars SEMGLEE (insulin glargine-yfgn) injection, a branded product, and Insulin Glargine injection, an unbranded product, in the U.S. to help control high blood sugar in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes.
• In September 2022, Novo Nordisk Inc., a global biopharmaceutical company, announced the launch of Tresiba (insulin degludec) injection, a long-acting, once-daily basal insulin intended to treat high blood sugar in diabetics aged 1 year or older

Acquisitions and partnerships:

• In September 2023, Biocon Biologics Ltd., announced that the company has completed the integration of the acquired biosimilars business from Viatris, a worldwide pharmaceutical and healthcare organization in North America, which includes insulin biosimilars such as Semglee (Insulin Glargine)
• In May 2023, Medtronic plc, a healthcare technology company, announced that it has entered into a set of definitive agreements to acquire EOFlow Co. Ltd., a manufacturer of the EOPatch device, a tubeless, wearable and fully disposable insulin delivery device
• In October 2022, PureHealth, a U.A.E.-based medical devices company, announced the launch of the first factory in the Middle East to produce Glargine (the first long-acting biological alternative to insulin) for the treatment of diabetes in partnership with Gulf Pharmaceutical Industries Company (Julphar), one of the leading pharmaceutical companies in the U.A.E.