Press release
Metformin Market Size Forecasted To Achieve $5.88 Billion By 2029 With Steady Growth
Metformin
What Is the Metformin Market Size and Projected Growth Rate?
The metformin market has grown steadily in recent years. It will rise from $4.17 billion in 2024 to $4.48 billion in 2025, at a CAGR of 7.4%. The growth is primarily due to the rising prevalence of diabetes, growing awareness of the condition, and increased healthcare spending.
The metformin market is expected to experience steady growth in the coming years. It is projected to reach $5.88 billion by 2029, with a compound annual growth rate (CAGR) of 7.1%. Growth is driven by the expansion in emerging markets, greater awareness and adoption of metformin, an aging population, the expiration of patents, and increased demand for combination therapies. Key trends include new product launches, lifestyle interventions, R&D activities, increasing partnerships, and advancements in manufacturing technologies.
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What Are the Major Segments in the Metformin Market?
The metformin market covered in this report is segmented -
1) By Product Type: Standard-Release Tablets, Slow-Release Tablets
2) By Dosage Type: 500MG, 750MG, 850MG, 1G
3) By End-user: Clinics, Hospitals, Homecare, Other End-Users
Subsegments:
1) By Standard-Release Tablets: 500 Mg, 850 Mg, 1000 Mg
2) By Slow-Release Tablets: 500 Mg, 750 Mg, 1000 Mg
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What Are The Driving Metformin Market Evolution?
The increasing prevalence of diabetes is expected to propel the growth of the metformin market. Diabetes, often linked to obesity, genetics, and lifestyle factors, is a significant health issue. Metformin helps manage type 2 diabetes by lowering blood sugar and improving insulin sensitivity. Diabetes Canada projected in February 2023 that the number of diabetes cases in Canada will rise from 2.4 million in 2023 to 3 million by 2033, driving demand for metformin.
Which Firms Dominate The Metformin Market Segments?
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.
What Are the Latest Developing Trends in the Metformin Market?
In the metformin market, leading corporate entities are concentrating their efforts on producing original medicines to manage diabetes such as triple-drug FDC to fortify their place in the market. Triple-drug Fixed-Dose Combinations (FDC) for diabetic treatments ordinarily involve a single tablet or capsule that combines three antidiabetic drugs. These compositions aim to provide synergistic results in controlling blood sugar levels, enhancing the overall management of glycemia in type 2 diabetes patients. To illustrate, in October 2023, Glenmark Pharmaceuticals, a pharmaceutical company based in India, introduced the first-of-its-kind triple-drug fixed-dose (FDC) combo of teneligliptin together with dapagliflozin and metformin in India called Zita DM. This FDC combines teneligliptin (20 mg), dapagliflozin (10 mg), and metformin SR (500 mg/1000 mg) at a fixed dosage. It is aimed at improving glycemic management in adults suffering from Type 2 diabetes, predominantly those patients whose diabetes is not controlled by metformin or need the addition of teneligliptin and dapagliflozin as separate medications.
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Which Is The Largest Region In The Metformin Market?
North America was the largest region in the metformin market in 2024. The regions covered in the metformin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Metformin Market?
2. What is the CAGR expected in the Metformin Market?
3. What Are the Key Innovations Transforming the Metformin Industry?
4. Which Region Is Leading the Metformin Market?
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