The global biguanide market is expected to show a considerable CAGR of more than 7.0% rate during the forecast period 2020-2026. Biguanide is a group of oral drugs used to treat type 2 diabetes. It works by reducing the amount of sugar released by the liver in the blood. In addition, it also improves the response of the body towards insulin. Metformin is the most common biguanide available in the global market. It is used as a first-line treatment for type 2 diabetes.
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Increasing prevalence of type 2 diabetes cases all across the globe is the major factor for the increase in demand for the biguanide during the forecast period. As per the International Diabetes Federation (IDF), the global prevalence of diabetes in the age group of 20-79 years was 463 million in 2019. It is further estimated to reach 578 million by 2030. Moreover, annual global demand for Metformin drug is growing significantly owing to the increasing stature of the drug as a safe, proven, cost-effective, gold-standard drug of choice for treatment of diabetes. Moreover, the increasing demand for Metformin in combination with other drugs has encouraged major players in the global market. However, the presence of new alternatives for managing type 2 diabetes, and recall of the metformin are some of the major factors challenging market growth.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Biguanide Market by Type
- Metformin IR (Immediate-Release)
- Metformin ER (Extended Release)
- Other Biguanide (Buformin, Phenformin, Chlorproguanil, Chloroguanide)
Global Biguanide Market by Dosage Form
- Tablet
- Solution
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Aarti Drugs Ltd.
- Amneal Pharmaceuticals, Inc.
- Apotex Corp.
- AstraZeneca PLC
- BOEHRINGER Ingelheim International GmbH
- Bristol-Myers Squibb Co.
- Cadila Healthcare Ltd.
- Reddy’s Laboratories, Inc.
- Eli Lilly and Co.
- Glenmark Pharmaceuticals, Ltd.
- Harman Finochem Ltd.
- Lupin, Ltd.
- Marksans Pharma Ltd.
- Merck & Co., Inc.
- Mylan N.V.
- Novartis AG
- Shandong Keyuan Pharmaceutical Co., Ltd.
- Teva Pharmaceutical Industries Ltd
- USV Pvt. Ltd.
- Vistin Pharma ASA
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Biguanide market.
- Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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