APAC Biguanide Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.97 Billion |
| Market Size (2029) | USD 2.17 Billion |
| CAGR (2024 - 2029) | 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Biguanide Market Analysis
The APAC Biguanide Market size is estimated at USD 1.97 billion in 2024, and is expected to reach USD 2.17 billion by 2029, growing at a CAGR of 2% during the forecast period (2024-2029).
Biguanides are a class of medications used to treat type 2 diabetes. They work by reducing the production of glucose that occurs during digestion. Metformin is the only biguanide currently available in most countries for treating diabetes. Glucophage (metformin) and Glucophage XR (metformin extended release) are well-known brand names for these drugs. Others include Fortamet, Glumetza, and Riomet. Metformin is also available in combination with several other types of diabetes medications, such as sulfonylureas.
As Type 2 diabetes is associated with both poorer clinical outcomes during the COVID-19 pandemic and an increased risk of death in such hospitalized patients, the role of glucose control has been emphasized to improve the prognosis. Metformin is the first-line choice for the management of hyperglycemia in T2DM. Besides being an important glucose-lowering agent, metformin also has significant anti-inflammatory.
Therefore, metformin has been a potential candidate for treating patients affected by COVID-19 infection, with type 2 diabetes, as well as an excellent antidiabetic (glucose-lowering) agent during COVID-19 pandemic times.
Diabetes is associated with many health complications. Patients with diabetes require many corrections throughout the day for maintaining normal blood glucose levels, such as oral anti-diabetic medication or the ingestion of additional carbohydrates, by monitoring their blood glucose levels.
Over the past few decades, Asian countries have witnessed a rapid increase in diabetes patients, especially those with type 2 diabetes. Developing countries have more than 70% of the global diabetes population. The Asia -Pacific is anticipated to experience considerable growth due to a more geriatric population and rising prevalence of diabetes mainly due to the enhanced stress level, sedentary lifestyles, smoking, and excessive consumption of alcohol that elevates the body's sugar levels have led to the growth of the market. Moreover, the production basis of certain antidiabetic drug companies in the region also boosted market growth.
APAC Biguanide Market Trends
Rising diabetes prevalence
The diabetes population in the Asia-Pacific region is expected to rise by more than 1% over the forecast period.
The Asia-Pacific region has witnessed an alarming increase in the prevalence of diabetes in recent years. In developing countries such as China and India, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Approximately 90 million adults in the IDF South-East Asia Region had diabetes, according to the International Diabetes Federation. The number of people with this condition is expected to rise to 152 million by 2045, and the 206 million adults in the IDF Western Pacific Region who had diabetes will likely reach 260 million by 2045.
Metformin is typically the first medication used in the treatment of type-2 diabetes due to its wide range of efficacy, safety, and mechanisms of action. Metformin and other anti-diabetic drug combinations have a low risk of hypoglycemia, provide beta cell protection, offer cardio-renal benefits, and are safe for patients with kidney or liver conditions and senior citizens.
In July 2022, Zydus Lifesciences announced that it had received final approval to market empagliflozin and metformin hydrochloride tablets in multiple strengths. Empagliflozin and metformin hydrochloride tablets are used with proper diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus. They are also used to lower the risk of cardiovascular death in patients with type-2 diabetes mellitus and established cardiovascular disease.
Owing to the rising rate of obesity, the growing genetic factors for type-2 diabetes, the increasing prevalence, and the aforementioned factors, it is likely that the market will continue to grow.
China holds the highest market share in the Asia-Pacific Biguanide Market in the current year
China holds the highest market share in the Asia-Pacific biguanide market and is expected to register a CAGR of around 2% over the forecast period.
China has been recognized as a potential developing market due to the growing diabetic population in this region. It is a mature market with some associated challenges, like slow economic growth, an aging population, and increased competition. The country is witnessing a significant increase in the number of generic drug manufacturers.
Furthermore, the leading global players in the market studied are facing intense competition from regional players. In this region, there is a growing preference for oral anti-diabetics among type-2 diabetic patients. The high prevalence of type-2 diabetes is associated with a significant economic burden. The costs of diabetes are increased in patients with comorbidities such as hypertension and hyperlipidemia and in patients who develop complications. Costs increase with an increasing number of complications.
Diabetes reduces lifespan, and people with the disease are likely to experience blindness and be hospitalized for amputations, kidney failure, heart attacks, strokes, and heart failure. The first-line therapy used in patients with T2DM is metformin monotherapy. When metformin is contraindicated or not tolerated, or when treatment goals are not achieved after three months of use at the maximum tolerated dose, other options need to be considered. Dipeptidyl peptidase-4 (DPP-4) inhibitors, sodium-glucose cotransporter-2 (SGLT-2) inhibitors, and glucagon-like peptide-1 (GLP-1) agonists are newer drugs for diabetes mellitus. They are usually used with metformin to treat diabetes.
Owing to the aforementioned factors, the market is expected to grow during the forecast period.
APAC Biguanide Industry Overview
The Asia-Pacific biguanide market is fragmented, with manufacturers like Takeda, Merck, Sanofi, GlaxoSmithKline, Bristol-Myers Squibb, and Boehringer Ingelheim Pharmaceuticals having a global market presence and the market is highly competitive due to other generic drugs manufacturers' presence.
APAC Biguanide Market Leaders
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Takeda
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Bristol-Myers Squibb
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Glenmark
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Merck and Co.
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Sanofi Aventis
*Disclaimer: Major Players sorted in no particular order
APAC Biguanide Market News
- February 2023: Zydus Lifesciences Limited received tentative approval from the USFDA for Invokamet tablets (canagliflozin and metformin hydrochloride combination). Canagliflozin and metformin combination products are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus who are not adequately controlled on a regimen containing metformin or canagliflozin or in patients already being treated with both canagliflozin and metformin.
- July 2022: The drug pricing regulator NPPA in India fixed the retail prices for 84 drug formulations, including those used for the treatment of diabetes, headaches, and high blood pressure. As per the order, a single tablet of (SR) Metformin Hydrochloride is expected to be priced at INR 10.47 (USD 0.13), excluding GST.
APAC Biguanide Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
- 5.1 Biguanide
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5.2 Geography
- 5.2.1 Japan
- 5.2.2 South Korea
- 5.2.3 China
- 5.2.4 India
- 5.2.5 Australia
- 5.2.6 Vietnam
- 5.2.7 Malaysia
- 5.2.8 Indonesia
- 5.2.9 Philippines
- 5.2.10 Thailand
- 5.2.11 Rest of Asia-Pacific
6. MARKET INDICATORS
- 6.1 Type-1 Diabetes Population
- 6.2 Type-2 Diabetes Population
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Merck
- 7.1.2 Takeda
- 7.1.3 GlaxoSmithKline
- 7.1.4 Sanofi
- 7.1.5 Boehringer Ingelheim Pharmaceuticals
- 7.1.6 Glenmark
- 7.1.7 Bristol-Myers Squibb
- *List Not Exhaustive
- 7.2 Company Share Analysis
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Biguanide Industry Segmentation
Biguanides are a class of diabetes medications that are used for people with type-2 diabetes. The Asia-Pacific biguanide market is segmented by geography. The report offers the value (in USD) and volume (in unit) for the above segments.
| Geography | Japan |
| South Korea | |
| China | |
| India | |
| Australia | |
| Vietnam | |
| Malaysia | |
| Indonesia | |
| Philippines | |
| Thailand | |
| Rest of Asia-Pacific |
APAC Biguanide Market Research FAQs
How big is the APAC Biguanide Market?
The APAC Biguanide Market size is expected to reach USD 1.97 billion in 2024 and grow at a CAGR of 2% to reach USD 2.17 billion by 2029.
What is the current APAC Biguanide Market size?
In 2024, the APAC Biguanide Market size is expected to reach USD 1.97 billion.
Who are the key players in APAC Biguanide Market?
Takeda, Bristol-Myers Squibb, Glenmark, Merck and Co. and Sanofi Aventis are the major companies operating in the APAC Biguanide Market.
What years does this APAC Biguanide Market cover, and what was the market size in 2023?
In 2023, the APAC Biguanide Market size was estimated at USD 1.93 billion. The report covers the APAC Biguanide Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the APAC Biguanide Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
APAC Biguanide Industry Report
Statistics for the 2024 APAC Biguanide market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Biguanide analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
