The global biguanide market is expected to show a considerable CAGR of more than 7.0% rate during the forecast period. 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.
The global biguanide market is segmented based on type and dosage form. By type, the market is further segmented into Metformin IR, Metformin ER, and other biguanide. Both the metformin combined covers almost most of the market. However other biguanides such as Buformin, Phenformin, Chlorproguanil, and Chloroguanide are used to treat other diseases including malaria in some parts of the globe. By dosage form, the market is segmented into tablets and solutions. Tablet holds a major market share. Generally, Metformin is offered in 500 mg and 1000 mg packaging.
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Biguanide Market Segmentation
By Type
- Metformin IR (Immediate-Release)
- Metformin ER (Extended Release)
- Other Biguanide (Buformin, Phenformin, Chlorproguanil, Chloroguanide)
By Dosage Form
- Tablet
- Solution
Regional Analysis
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
