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Biguanides Global Market is Projected to Increase Revenues Growth, Business Insights, Future Demand and Forecast 2024-2033 | Cardinal Health Inc., Pfizer Inc., Merck And Co Inc, Bayer AG, Sanofi-Aventis LLC
Biguanides Market
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According to The Business Research Company's, 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 ova*ry 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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Market Drivers and Trends:
The rise in the prevalence of chronic diseases is expected to drive the growth of the automated liquid handling technologies market going forward. Chronic disease refers to a health condition or disease that is persistent or long-lasting in its effects, usually lasting for three months or longer, and may get worse over time. The prevalence of chronic diseases is due to various factors, such as the aging population, unhealthy lifestyle choices, a lack of preventive measures, and genetic predispositions. Automated liquid handling technologies enhance laboratory processes' efficiency, accuracy, and reproducibility, significantly contributing to the advancement of research, diagnostics, and treatments for chronic diseases. For instance, in January 2023, according to the National Center for Biotechnology Information, a US-based company that creates and manages bibliographic and molecular databases, the number of people aged 50 and older with at least one chronic illness is expected to increase from approximately 71.52 million in 2020 to 142.66 million by 2050, representing a 99.5% rise. Therefore, the rise in the prevalence of chronic diseases is expected to propel the growth of the automated liquid handling technologies market.
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.
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Major Key Players of the Market:
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
Biguanides Market 2024 Key Insights:
• 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%.
• Impact Of Rising Diabetes Prevalence On Biguanides
• Advancements In Extended-Release Biguanides For Enhanced Diabetes Management
• Asia-Pacific was the largest region in the biguanides market in 2023
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