The biguanides market, while mature, remains a crucial segment of the diabetes treatment landscape. Valued at USD 4.96 billion in 2023, the market is projected to grow to USD 6.19 billion by 2032, exhibiting a modest CAGR of 2.5% during the forecast period. This growth reflects the continued importance of biguanides, particularly metformin, in managing type 2 diabetes.
Market Overview:
Biguanides are a class of oral antidiabetic drugs primarily used to treat type 2 diabetes. Metformin is the most commonly prescribed biguanide and is considered a first-line therapy for many patients with type 2 diabetes. Biguanides work by reducing glucose production in the liver and improving insulin sensitivity.
Some of the major players operating in the global market include:
- AstraZeneca
- Bayer AG
- Boehringer Ingelheim
- Bristol Myers Squibb
- Dr. Reddy’s Laboratories
- Eli Lilly and Company
- GlaxoSmithKline
- Lupin Pharmaceuticals, Inc.
- Merck & Co., Inc.
- Novartis
- Pfizer Inc.
- Sanofi
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Zydus Cadila
Key Drivers of Market Growth:
- High Prevalence of Type 2 Diabetes: The increasing global prevalence of type 2 diabetes is the primary driver of the biguanides market. Lifestyle changes, aging populations, and genetic predisposition contribute to the rising incidence of this chronic condition.
- Metformin’s Established Efficacy and Safety: Metformin has a long history of use and a well-established safety profile, making it a preferred treatment option for many healthcare providers. Its cost-effectiveness also contributes to its widespread use.
Recent Developments:
- Zydus Pharmaceuticals’ ANDA Approval: The provisional approval from the USFDA for Canagliflozin and Metformin Hydrochloride Tablets highlights the trend towards combination therapies in diabetes management. Combining metformin with other antidiabetic drugs can improve glycemic control and address multiple aspects of the disease.
- Akums Drugs and Pharmaceuticals’ Vildagliptin SR and Metformin SR Tablets Launch: This launch also reflects the growing use of combination therapies. Combining metformin with a dipeptidyl peptidase-4 (DPP-4) inhibitor like vildagliptin can offer better glycemic control than metformin alone for some patients.
Market Trends:
- Combination Therapies: The use of metformin in combination with other antidiabetic drugs, such as DPP-4 inhibitors, SGLT2 inhibitors, and GLP-1 receptor agonists, is increasing. Combination therapies can address different pathophysiological mechanisms of type 2 diabetes and improve glycemic control.
- Generic Availability: The availability of generic versions of metformin has increased access to this essential medication and has helped to control healthcare costs.
- Focus on Cardiovascular Outcomes: Clinical trials have demonstrated that metformin can reduce cardiovascular events in patients with type 2 diabetes, further solidifying its role in diabetes management.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
Biguanides Market, Type Outlook (Revenue – USD Billion, 2019-2032)
- Metformin
- Phenformin
- Others
Biguanides Market, Distribution Channel Outlook (Revenue – USD Billion, 2019-2032)
- Retail Pharmacy
- Hospital Pharmacy
- Others
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Market Opportunities:
- Emerging Markets: The increasing access to healthcare and growing awareness of diabetes in emerging markets present growth opportunities for the biguanides market.
- Fixed-Dose Combinations: The development of new fixed-dose combinations of metformin with other antidiabetic drugs can improve patient compliance and simplify treatment regimens.
Challenges:
- Gastrointestinal Side Effects: Metformin can cause gastrointestinal side effects, such as diarrhea and nausea, which can limit its use in some patients.
- Lactic Acidosis Risk: Although rare, metformin can increase the risk of lactic acidosis, a serious metabolic complication, particularly in patients with kidney or liver problems.
- Competition from Newer Drug Classes: The emergence of newer classes of antidiabetic drugs, such as SGLT2 inhibitors and GLP-1 receptor agonists, is creating competition for biguanides.
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/biguanides-market
Table of Contents:
- Global Biguanides Market Insights
4.1. Biguanides Market – Industry Snapshot
4.2. Biguanides Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. First-Line Treatment is projected to spur the product demand
4.2.1.2. Surging prevalence of type 2 diabetes is expected to drive market growth
4.2.2. Restraints and Challenges
4.2.2.1. Prevalence of side effects is likely to impede the market growth
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (Low)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PESTLE Analysis
4.5. Biguanides Industry trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global Biguanides Market, by Type
5.1. Key Findings
5.2. Introduction
5.2.1. Global Biguanides, by Type, 2019-2032 (USD Billion)
5.3. Metformin
5.3.1. Global Biguanides Market, by Metformin, by Region, 2019-2032 (USD Billion)
5.4. Phenformin
5.4.1. Global Biguanides Market, by Phenformin, by Region, 2019-2032 (USD Billion)
5.5. Others
5.5.1. Global Biguanides Market, by Others, by Region, 2019-2032 (USD Billion)
6. Global Biguanides Market, by Distribution Channel
6.1. Key Findings
6.2. Introduction
6.2.1. Global Biguanides Market, by Distribution Channel, 2019-2032 (USD Billion)
6.3. Retail Pharmacy
6.3.1. Global Biguanides Market, by Retail Pharmacy, by Region, 2019-2032 (USD Billion)
6.4. Hospital Pharmacy
6.4.1. Global Biguanides Market, by Hospital Pharmacy, by Region, 2019-2032 (USD Billion)
6.5. Others
6.5.1. Global Biguanides Market, by Others, by Region, 2019-2032 (USD Billion)
Conclusion:
The biguanides market, while mature, will continue to play a vital role in the management of type 2 diabetes due to the drug’s efficacy, safety, and affordability. The increasing use of combination therapies, the availability of generics, and the growing prevalence of diabetes will support market growth. However, the market will also face challenges from newer drug classes and the need to manage potential side effects. Ongoing research and development efforts are focused on improving the safety and efficacy of biguanides and exploring their potential use in combination with other therapies.
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