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Metformin's Role in the Fight Against Diabetes: What's Next?
According to The Business Research Company's, 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 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, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Metformin Market 2024 Key Insights:
• The metformin market size is expected to grow to$5.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Increasing Prevalence Of Diabetes Driving Growth Of The Metformin Market
• Innovative Triple-Drug Fixed-Dose Combinations For Diabetes Management
• North America was the largest region in the metformin market in 2023
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