The metformin global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Metformin Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size
The metformin market size has grown strongly in recent years. It will grow from $3.91 billion in 2023 to $4.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to the rise in the prevalence of diabetes, growth in awareness of diabetes, and increasing healthcare spending.
The metformin market size is expected to see strong growth in the next few years. It will grow to $5.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to expansion in emerging markets, growing awareness, and adoption of metformin, aging population, patent expiry and generic competition, increasing demand for combination therapies, and increased awareness of side effects and safety concerns. Major trends in the forecast period include the launch of new products, lifestyle interventions, research and development, increasing partnerships, and advancements in manufacturing technology.
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Scope Of Metformin Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Metformin Market Overview
Market Drivers
The increasing prevalence of diabetes is expected to propel the growth of the metformin market going forward. Diabetes is a health issue that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it makes. The prevalence of diabetes is due to several factors, such as the obesity pandemic, genetic predispositions, lifestyle modifications, restricted access to healthcare, and exposure to particular toxins. Metformin assists in managing type 2 diabetes by lowering blood sugar, increasing weight loss, enhancing insulin sensitivity, and possibly providing other cardiovascular advantages. For instance, in December 2021, according to the International Diabetes Federation, a US-based intergovernmental organization, approximately 537 million adults aged 20–79 had diabetes in 2021, with numbers expected to rise to 643 million by 2030 and 783 million by 2045. Therefore, the increasing prevalence of diabetes is driving the growth of the metformin market.
Market Trends
Major companies operating in the metformin market are focusing on developing innovative diabetes medications, such as triple-drug FDC, to strengthen their position in the market. A triple-drug Fixed-Dose Combination (FDC) for diabetes medications typically refers to a single tablet or capsule combining three different antidiabetic medications. These combinations are designed to provide synergistic effects in managing blood sugar levels and improving overall glycemic control in patients with type 2 diabetes. For instance, in October 2023, Glenmark Pharmaceuticals, an India-based pharmaceutical company, launched the first triple-drug fixed-dose combination (FDC) of teneligliptin with dapagliflozin and metformin in India. This FDC, branded as Zita DM, contains teneligliptin (20 mg), dapagliflozin (10 mg), and metformin SR (500 mg/1000 mg) in a fixed dose. It is designed to improve glycemic control in adult patients with Type 2 diabetes, particularly those whose diabetes is uncontrolled by metformin or who require the addition of teneligliptin and dapagliflozin as separate drugs.
The metformin market covered in this report is segmented:
- By Product Type: Standard-Release Tablets, Slow-Release Tablets
- By Dosage Type: 500MG, 750MG, 850MG, 1G
- By End-user: Clinics, Hospitals, Homecare, Other End-Users
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Regional Insights
North America was the largest region in the metformin market in 2023. The regions covered in the metformin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Key Companies
Major companies operating in the metformin market are Wockhardt Limited, Aarti Drugs, Abhilash Chemicals Private Limited, Farmhispania, Rochem International Inc., Jai Radhe Sales, Chr. Olesen Group, Aspire Lifesciences Pvt. Ltd., Ria Lifesciences Pvt. Ltd., Shree Sadguru, LGM Pharma, HRV Global Life Sciences, Octavius Pharma Pvt. Ltd., USV Private Limited, Zeon Pharma Industries India Pvt. Ltd., Atman Pharmaceuticals, Aastrid International Pvt. Ltd., Abhilasha Pharma, Anwita Drugs & Chemicals Pvt. Ltd., IOL Chemicals and Pharmaceuticals, Gangwal Healthcare, Granules India Limited, Alekhya Drugs Pvt. Ltd, Angels Pharma India Private Limited, Auro Laboratories Ltd.
Table of Contents
- Executive Summary
- Metformin Market Report Structure
- Metformin Market Trends And Strategies
- Metformin Market – Macro Economic Scenario
- Metformin Market Size And Growth
….. - Metformin Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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