Market Size of APAC Biguanide Industry
| 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 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 Size Summary
The Asia-Pacific biguanide market is poised for steady growth, driven by the increasing prevalence of type 2 diabetes in the region. Biguanides, particularly metformin, are crucial in managing diabetes by reducing glucose production during digestion. Metformin's role has been further underscored during the COVID-19 pandemic, where it was considered beneficial for diabetic patients due to its glucose-lowering and anti-inflammatory properties. The market's expansion is supported by a rising geriatric population, lifestyle changes, and the growing incidence of diabetes-related complications. The region's developing countries, such as China and India, are witnessing a surge in diabetes cases, contributing to the market's growth trajectory.
China holds a significant share of the market, benefiting from its large diabetic population and the presence of numerous generic drug manufacturers. The market is characterized by intense competition, with global players like Takeda, Merck, and Sanofi facing challenges from regional competitors. The preference for oral anti-diabetics and the economic burden of diabetes-related complications further drive market dynamics. Regulatory developments, such as drug price adjustments and approvals for new combinations, also influence market conditions. As the market continues to evolve, the introduction of newer diabetes medications alongside metformin is expected to sustain growth during the forecast period.
APAC Biguanide Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Biguanide
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2.2 Geography
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2.2.1 Japan
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2.2.2 South Korea
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2.2.3 China
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2.2.4 India
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2.2.5 Australia
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2.2.6 Vietnam
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2.2.7 Malaysia
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2.2.8 Indonesia
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2.2.9 Philippines
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2.2.10 Thailand
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2.2.11 Rest of Asia-Pacific
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APAC Biguanide Market Size 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.
