Biguanides Market Overview, Segmentation, Outlook And Trends Report 2033

Global biguanides market size is expected to reach $5.76 Bn by 2028 at a rate of 3.8%, segmented as by type, metformin, phenformin, other types

Aug 26, 2024 - 12:55

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Biguanides Market Overview, Segmentation, Outlook And Trends Report 2033

Biguanides refer to a group of medications primarily used to treat type 2 diabetes. They help lower blood sugar levels by reducing the amount of sugar produced by the liver and improving the body's response to insulin. These medications are also used to treat polycystic ovary syndrome (PCOS) and other metabolic disorders.

Sizing and Forecast

The biguanides market size has grown steadily in recent years. It will grow from $4.79 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to a rise in demand for oral hypoglycemic drugs, growth in the geriatric population, rise in obesity rates, and increased awareness about diabetes management.

The biguanides market size is expected to see steady growth in the next few years. It will grow to $5.76 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to the growing adoption of combination therapies, advancements in drug delivery technologies, increasing investment in research and development, rising healthcare expenditure, and expanding applications in the treatment of polycystic ovary syndrome. Major trends in the forecast period include increasing focus on developing extended-release formulations, growing preference for fixed-dose combination therapies, expanding applications in oncology, and the emergence of novel biguanides with improved efficacy and safety profiles.

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Segmentation & Regional Insights

The biguanides market covered in this report is segmented –

1) By Type: Metformin, Phenformin, Other Types

2) By Dosage Form: Tablets, Oral Solutions

3) By Formulation: Immediate Release, Extended Release

4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

Asia-Pacific was the largest region in the biguanides market in 2023. Middle East And Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the biguanides market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The rise in diabetes is expected to propel the growth of the biguanides market going forward. Diabetes refers to a chronic metabolic disorder characterized by high levels of blood sugar (glucose) resulting from the body's inability to produce enough insulin. Rising diabetes is driven by several factors, including lifestyle changes, population aging, genetic predisposition, improved diagnosis, and environmental influences. Biguanides, such as metformin, mitigate diabetes by improving insulin sensitivity, reducing glucose production in the liver, and lowering blood sugar levels in individuals with type 2 diabetes. For instance, in March 2024, according to the Office for Health Improvement & Disparities, a UK-based government department, between March 2022 and March 2023, the percentage of individuals with type 1 diabetes receiving all eight recommended care processes increased by 22%, and for type 2 diabetes, it increased by 21%, while the percentage achieving target HbA1c levels rose to 37.9%, the highest value ever reported. Therefore, the rising prevalence of diabetes is driving the growth of the biguanides market.

Key Industry Players

Major companies operating in the biguanides market are Cardinal Health Inc., Pfizer Inc., Merck And Co Inc, Bayer AG, Sanofi-Aventis LLC, AstraZeneca plc, Novartis AG, GlaxoSmithKline plc, Takeda Pharmaceuticals Company Limited, Novo Nordisk A/S, Viatris Inc., Daiichi Sankyo Company Limited, Wanbury Ltd, Boehringer Ingelheim International GmbH, Intas Pharmaceuticals Ltd., Aurobindo Pharma Ltd., Cipla Ltd, Shionogi & Co Ltd, Dr. Reddy's Laboratories, Lupin Limited, Zydus Lifesciences Limited, Apotex Inc, Torrent Pharmaceuticals Limited, Panacea Biotech Ltd., Auro Laboratories Limited

The biguanides market report table of contents includes: