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Biguanides Global Market Sales Estimated to Hit $5.76 Billion at a CAGR of 3.8% By 2028 | Cardinal Health Inc., Pfizer Inc., Merck And Co Inc., Bayer AG, Novartis AG
Biguanides Market
As per the report, 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 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%.
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Impact Of Rising Diabetes Prevalence On Biguanides
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.
Advancements In Extended-Release Biguanides For Enhanced Diabetes Management
Major companies operating in the biguanide market are focused on developing advanced solutions, such as extended-release biguanide drugs, to improve patient compliance, enhance therapeutic efficacy, and reduce side effects. An extended-release biguanide is a medication formulated to slowly release its active component, ensuring consistent blood levels and better glycemic control for diabetes patients, thereby improving adherence to the treatment. For instance, in August 2023, Dr. Reddy's Laboratories, an India-based biotechnology company, launched saxagliptin and metformin hydrochloride extended-release drugs. This is a generic version of KOMBIGLYZE XR, approved by the US Food and Drug Administration (USFDA), which combines saxagliptin, a DPP-4 inhibitor, with metformin, a biguanide. It is designed to enhance glycemic control in adults with type 2 diabetes mellitus and is intended for use alongside diet and exercise. The extended-release formulation helps improve patient adherence and efficacy.
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
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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
Contents of the report:
1. Executive Summary
2. Biguanides Market Report Structure
3. Biguanides Market Trends And Strategies
4. Biguanides Market - Macro Economic Scenario
5. Biguanides Market Size And Growth
…..
27. Biguanides Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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