Global Metformin Market, By Product Type (Standard-Release Tablets and Slow-Release Tablets), Dosage Type (500mg, 750mg, 850mg, and 1g), End-Users (Clinics, Hospitals, Homecare, and Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, and Others) - Industry Trends and Forecast to 2030.
Metformin Market Analysis and Size
Rising obesity and increasing adoption of changing lifestyle patterns also boost up the market growth. Moreover, rising in government funding, an increase in research and developmental activities, and rising healthcare expenditure act as opportunities for market growth. The high side effects associated with the drug, alternative treatment options, and strict regulatory framework may hamper the global metformin market.
Metformin medicine is used in combination with other medicine types to control high blood sugar and is a prescription medicine in patients suffering from type 2 diabetes. Metformin works by restoring the body’s proper response to the insulin produced by the human body. Moreover, it decreases the amount of sugar formed by the liver. By controlling the blood sugar level, metformin also prevents kidney damage, nerve problems, heart attack, stroke, and blindness, among other type 2 diabetes associated problems. According to WHO the prevalence of type 2 diabetes is increasing worldwide with a reported 5% increase in premature mortality due to diabetes in between 2000 to 2016 and hence expected to provide market with the lucrative growth.
Data Bridge Market Research analyses that the global metformin market was valued at USD 4,028 million in 2022 and is further estimated to reach USD 6,420.02 billion by 2030, and is expected to grow at a CAGR of 6.0% during the forecast period of 2023 to 2030. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Metformin Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Product Type (Standard-Release Tablets and Slow-Release Tablets), Dosage Type (500mg, 750mg, 850mg, and 1g), End-Users (Clinics, Hospitals, Homecare, and Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Peru, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa
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Market Players Covered
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Bristol-Myers Squibb Company (U.S.), Amneal Pharmaceuticals LLC. (U.S.), Apotex Inc.(Canada), Accel Pharma Inc (Canada), TEVA Pharmaceutical Industries ltd (Israel), Shionogi & Co., Ltd (Japan), Sanofi (France), Aurobindo Pharma (India), Cardinal Health (U.S.), Takeda Pharmaceutical Company Limited (Japan), MedPharm Ltd. U.S.), GSK plc (U.K.), Viatris Inc (U.S.), Nostrum Pharmaceuticals LLC (U.S.), Sun Pharmaceutical Industries Ltd (India), Shouguang Fukang Pharmaceutical Co., Ltd. (China), Shandong Keyuan Pharmaceutical Co, Ltd. (China), Merck KGaA (Germany), Wnabury (India), among other
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Market Opportunities
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Market Definition
The global metformin market refers to the entire market for the drug metformin. Metformin is a commonly prescribed drug used to control blood sugar in people with type 2 diabetes. Metformin belongs to the biguanide class of oral hypoglycemic agents and is considered the first-line treatment for type 2 diabetes. It helps lower blood sugar by reducing glucose production in the liver and improving the body's sensitivity to insulin.
Global Metformin Market Dynamics
Drivers
- Increasing Prevalence of Diabetes
The global increase in type 2 diabetes is a major driver of the metformin market. As the number of people diagnosed with diabetes increases, the demand for effective diabetes medications such as metformin increases.
- Growing Awareness and Adoption of Metformin
Increased awareness of the benefits of metformin among healthcare professionals and patients has contributed to its widespread adoption. Metformin is known for its effectiveness, affordability, and favorable safety profile, making it the preferred choice of many doctors and patients.
- Aging Population
Population aging is another driver of the global metformin market. The risk of developing type 2 diabetes increases with age. As the world's population ages, the demand for drugs like metformin to treat diabetes increases among older adults.
Opportunities
- Expansion in Emerging Markets
There is an opportunity for pharmaceutical companies to expand their presence in emerging markets where diabetes is rising rapidly. These markets offer untapped potential for increased metformin sales.
- Technological Advancements
Advancements in drug delivery systems and formulations can create opportunities for improved metformin products, such as extended-release formulations or combination therapies, providing better patient compliance and convenience.
Restraints/Challenges
- Side Effects and Safety Concerns
Although metformin is generally well tolerated, it can cause side effects such as gastrointestinal disturbances. Rarely, it can also cause lactic acidosis, a potentially severe condition. These safety concerns may limit the widespread use of metformin.
- Patent Expiry and Generic Competition
The challenge of patent expiration for branded metformin products can lead to increased competition from generic manufacturers. This can result in price erosion and reduced profit margins for pharmaceutical companies. Companies must find innovative ways to differentiate their products to maintain market share.
This global metformin market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global metformin market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Development
- In 2020, Sun Pharma announced the launch of RIOMET ER oral suspension in the U.S. This product contains metformin hydrochloride extended-release oral suspension, and it is a first & only U.S. FDA-approved extended-release liquid formulation of metformin for the treatment of type-2 diabetes
- In 2019, Glenmark Pharmaceuticals Inc. announced approval for launch of metformin hydrochloride extended-release tablet USP 500 mg and 1000mg. This drug can be used in treatment type-2 diabetes.
Global Metformin Market Scope
The global metformin market is segmented on the basis of product type, dosage type, end-users, and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Standard-release tablets
- Slow-release tablets
Dosage Type
- 500mg
- 750mg
- 850mg
- 1g
End users
- Clinics
- Hospitals
- Homecare
- Others
Distribution Channel
- Hospital pharmacy
- Retail pharmacy
- Online pharmacy
- Others
Global Metformin Market Regional Analysis/Insights
The global metformin market is analyzed, and market size information is provided by country, product type, dosage type, end-users, and distribution channel as referenced above.
The countries covered in the global metformin market report are the U.S., Canada, Mexico in North America, Brazil, Argentina, Peru, the Rest of South America, as part of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa, as a part of Middle East and Africa.
North America accounts for the largest market share due to a continuous increase in patients who have diabetes, obesity, among other diseases, research and development activities, and government funding. Europe is also expected to grow exponentially due to the enhanced distribution channel network and rising strategic initiatives by market players for business expansion.
Asia-Pacific is expected to account for the largest market share due to increasing awareness about different diabetes types and the rising chronic disease prevalence in emerging countries, including India and China.
The country section of the report also provides individual market-impacting factors and domestic regulation changes that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The global metformin market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kinds of products for market, impact of technology using lifeline curves, and changes in healthcare regulatory scenarios and their impact on the global metformin market. The data is available for the historic period 2015-2020.
Competitive Landscape and the Global Metformin Market Share Analysis
The global metformin market competitive landscape provides details of a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the global metformin market are:
- Bristol-Myers Squibb Company (U.S.)
- Amneal Pharmaceuticals LLC. (U.S.)
- Apotex Inc. (Canada)
- Accel Pharma Inc (Canada)
- TEVA Pharmaceutical Industries Ltd (Israel)
- Shionogi & Co., Ltd (Japan)
- Sanofi (France)
- Aurobindo Pharma (India)
- Cardinal Health (U.S.)
- Takeda Pharmaceutical Company Limited (Japan)
- MedPharm Ltd. U.S.)
- GSK plc (U.K.)
- Viatris Inc (U.S.)
- Nostrum Pharmaceuticals LLC (U.S.)
- Sun Pharmaceutical Industries Ltd (India)
- Shouguang Fukang Pharmaceutical Co., Ltd. (China)
- Shandong Keyuan Pharmaceutical Co, Ltd. (China)
- Merck KGaA (Germany)
- Wnabury (India)
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