Biguanides Market Size
| Study Period | 2018 - 2029 |
| Market Size (2024) | USD 5.20 Billion |
| Market Size (2029) | USD 5.76 Billion |
| CAGR (2024 - 2029) | 2.07 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Biguanides Market Analysis
The Biguanides Market size is estimated at USD 5.20 billion in 2024, and is expected to reach USD 5.76 billion by 2029, growing at a CAGR of 2.07% 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.
The World Health Organization has put metformin on the list of essential medicines: "medicines that satisfy the priority health care needs of the population". Metformin is classified as a biguanide used for the treatment of type-2 diabetes. It is prescribed for its off-label use in people with conditions such as insulin resistance.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Biguanides Market Trends
Rising diabetes prevalence globally
The global diabetes population is expected to rise by more than 1.9% over the forecast period.
According to the International Diabetes Federation, the adult diabetes population was approximately 537 million, and this number is expected to increase by 643 million in 2030. Obesity is considered one of the major factors contributing to the disease, primarily type-2 diabetes. Continued elevation in blood glucose levels in diabetes patients can contribute to progressive complications such as renal, nerve, and ocular damage. Type-2 diabetes is increasingly prevalent and associated with an increased risk for cardiovascular and renal disease. Along with lifestyle changes, metformin is usually the first-line pharmacotherapy.
Since the introduction of metformin in T2DM therapy, a huge number of patients have been treated successfully with this globally available medication, which has a favorable risk-benefit profile recommended by IDF guidelines as a first-line drug. Hence, metformin is still the most prescribed oral antidiabetic medication worldwide. Long-term positive experience with the use of metformin, strong evidence of clinical efficacy and safety, a high adherence rate, low cost, general availability, and cost-effectiveness are the contributing factors to the high market share.
Owing to the aforementioned factors and their increasing prevalence, it is likely that the market will continue to grow.
Asia-Pacific region holds the highest market share in the Biguanides Market in the current year
The Asia-Pacific region holds the highest market share of about 37.9% in the biguanides market in the current year.
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.
According to the International Diabetes Federation, 90 million adults were living with diabetes in the IDF South-East Asia Region. This figure is estimated to increase to 152 million by 2045, and the 206 million adults living with diabetes in the IDF Western Pacific Region, are estimated to increase to 260 million by 2045. 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, insulin administration, or the ingestion of additional carbohydrates by monitoring their blood glucose levels.
According to the Ministry of Health and Family Welfare of the Government of India, out of all deaths in India, 60% were related to non-communicable diseases like diabetes, cardiovascular diseases, cancer, chronic respiratory diseases, etc. To prevent and control major NCDs, the National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS) has been launched. This program includes medical education, health awareness in schools, and urban planning for diabetes.
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.
Biguanides Industry Overview
The biguanides market is fragmented, with manufacturers like Takeda, Merck, Sanofi, GlaxoSmithKline, Bristol-Myers Squibb, Boehringer Ingelheim Pharmaceuticals, etc. having a global market presence, and the market is highly competitive due to generic drug manufacturers' presence.
Biguanides Market Leaders
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Bristol Myers Squibb
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Glenmark Pharmaceuticals
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Takeda
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Sanofi Aventis
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Merck and Co.
*Disclaimer: Major Players sorted in no particular order
Biguanides 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.
- February 2022: Merck announced in a European work sharing procedure (WSP) an extension to the label for metformin products in the European Union: Glucophage (metformin hydrochloride immediate release), Glucophage XR (metformin HCL extended release), and Stagid (metformin embonate immediate release) for use throughout pregnancy. The approval was granted based on Merck's own safety cohort study, CLUE, and a large body of published evidence.
Biguanides 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 North America
- 5.2.1.1 United States
- 5.2.1.2 Canada
- 5.2.1.3 Rest of North America
- 5.2.2 Europe
- 5.2.2.1 Germany
- 5.2.2.2 Spain
- 5.2.2.3 Italy
- 5.2.2.4 France
- 5.2.2.5 United Kingdom
- 5.2.2.6 Russia
- 5.2.2.7 Rest of Europe
- 5.2.3 Asia-Pacific
- 5.2.3.1 Japan
- 5.2.3.2 China
- 5.2.3.3 Australia
- 5.2.3.4 India
- 5.2.3.5 South Korea
- 5.2.3.6 Malaysia
- 5.2.3.7 Indonesia
- 5.2.3.8 Thailand
- 5.2.3.9 Philippines
- 5.2.3.10 Vietnam
- 5.2.3.11 Rest of Asia-Pacific
- 5.2.4 Latin America
- 5.2.4.1 Brazil
- 5.2.4.2 Mexico
- 5.2.4.3 Rest of Latin America
- 5.2.5 Middle East and Africa
- 5.2.5.1 South Africa
- 5.2.5.2 Saudi Arabia
- 5.2.5.3 Oman
- 5.2.5.4 Egypt
- 5.2.5.5 Iran
- 5.2.5.6 Rest of Middle East and Africa
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 Teva
- 7.1.2 Merck
- 7.1.3 Takeda
- 7.1.4 GlaxoSmithKline
- 7.1.5 Sanofi
- 7.1.6 Boehringer Ingelheim
- 7.1.7 Glenmark
- 7.1.8 Zydus
- 7.1.9 Bristol-Myers Squibb
- *List Not Exhaustive
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7.2 MARKET SHARE ANALYSIS
- 7.2.1 Merck
- 7.2.2 Takeda
- 7.2.3 Sanofi
- 7.2.4 Other Market Share Analyses
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Biguanides Industry Segmentation
Biguanides are a class of diabetes medications that are used for people with type-2 diabetes. The biguanide market is segmented by geography. The report offers the value (in USD) and volume (in units) for the above segments.
| Geography | North America | United States |
| Canada | ||
| Rest of North America | ||
| Geography | Europe | Germany |
| Spain | ||
| Italy | ||
| France | ||
| United Kingdom | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | Japan |
| China | ||
| Australia | ||
| India | ||
| South Korea | ||
| Malaysia | ||
| Indonesia | ||
| Thailand | ||
| Philippines | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Brazil |
| Mexico | ||
| Rest of Latin America | ||
| Geography | Middle East and Africa | South Africa |
| Saudi Arabia | ||
| Oman | ||
| Egypt | ||
| Iran | ||
| Rest of Middle East and Africa |
Biguanides Market Research FAQs
How big is the Biguanides Market?
The Biguanides Market size is expected to reach USD 5.20 billion in 2024 and grow at a CAGR of 2.07% to reach USD 5.76 billion by 2029.
What is the current Biguanides Market size?
In 2024, the Biguanides Market size is expected to reach USD 5.20 billion.
Who are the key players in Biguanides Market?
Bristol Myers Squibb, Glenmark Pharmaceuticals, Takeda, Sanofi Aventis and Merck and Co. are the major companies operating in the Biguanides Market.
Which is the fastest growing region in Biguanides Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Biguanides Market?
In 2024, the Asia-Pacific accounts for the largest market share in Biguanides Market.
What years does this Biguanides Market cover, and what was the market size in 2023?
In 2023, the Biguanides Market size was estimated at USD 5.09 billion. The report covers the Biguanides Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Biguanides Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Biguanides Industry Report
Statistics for the 2024 Biguanides market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Biguanides analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
