Market Size of Basal Insulin Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 273.68 Million |
| Market Size (2029) | USD 344.33 Million |
| CAGR (2024 - 2029) | 4.70 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Basal Insulin Market Analysis
The Basal Insulin Market size is estimated at USD 273.68 million in 2024, and is expected to reach USD 344.33 million by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).
The market is estimated to reach a value of more than USD 4.9 billion during the forecast period.
The COVID-19 pandemic has substantially impacted the Global Basal Insulin Market. People with diabetes have a weak immune system so, with COVID-19, the immune system gets weaker very fast. People with diabetes will have more chances to get into serious complications rather than normal people. The manufacturers of diabetes care productshave taken care during COVID-19 to deliver diabetes care products to diabetes patients with the help of local governments.
Novo Nordisk stated on its website that 'Since the start of COVID-19, our commitment to patients, our employees and the communities where we operate has remained unchanged, we continue to supply our medicines and devices to people living with diabetes and other serious chronic diseases, safeguard the health of our employees, and take actions to support doctors and nurses as they work to defeat COVID-19.' Doctors around the world suggested diabetes patients should check their diabetes levels more often to be careful and the intake of medicine has increased. The pandemic also highlighted opportunities for continuing and expanding innovations in the delivery of diabetes care, through virtual consultations between healthcare providers and people with diabetes, and the use of diabetes technology. Crisis management has created unprecedented interest in remote care from both patients and providers and removed many long-standing regulatory barriers paving the way for cost-effective alternatives such as biosimilars and combination insulins.
The rate of newly diagnosed Type 1 and Type 2 diabetes cases is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in developed countries are indications of the increasing usage of diabetic care products. Leading manufacturers are focusing on technological innovations and developing advanced products to gain a substantial market share.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness negative growth over the analysis period.
