Market Size of Biguanides Industry
| 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 |
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 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.
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Biguanides Market Size Summary
The biguanides market is poised for steady growth over the forecast period, driven by the increasing prevalence of type 2 diabetes and the widespread use of metformin, the primary medication in this class. Metformin's role as a first-line treatment is bolstered by its inclusion in the World Health Organization's list of essential medicines, highlighting its importance in managing diabetes and related conditions. The market's expansion is further supported by metformin's favorable risk-benefit profile, clinical efficacy, safety, and cost-effectiveness, which contribute to its dominant market share. The Asia-Pacific region, particularly countries like China and India, holds a significant portion of the market due to the rising diabetes rates linked to lifestyle changes and obesity.
The competitive landscape of the biguanides market is characterized by the presence of major pharmaceutical companies such as Takeda, Merck, Sanofi, and GlaxoSmithKline, alongside generic manufacturers, which intensifies market competition. Recent regulatory developments, such as the USFDA's tentative approval for Invokamet and Merck's label extension for metformin products in the European Union, underscore ongoing efforts to enhance the therapeutic applications of biguanides. These advancements, coupled with initiatives to address non-communicable diseases in regions with high diabetes prevalence, are expected to sustain market growth. The market's trajectory is influenced by factors such as genetic predisposition, lifestyle changes, and public health initiatives aimed at controlling diabetes and its complications.
Biguanides 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 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 Spain
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2.2.2.3 Italy
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2.2.2.4 France
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2.2.2.5 United Kingdom
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2.2.2.6 Russia
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2.2.2.7 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 Japan
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2.2.3.2 China
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2.2.3.3 Australia
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2.2.3.4 India
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2.2.3.5 South Korea
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2.2.3.6 Malaysia
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2.2.3.7 Indonesia
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2.2.3.8 Thailand
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2.2.3.9 Philippines
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2.2.3.10 Vietnam
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2.2.3.11 Rest of Asia-Pacific
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2.2.4 Latin America
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2.2.4.1 Brazil
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2.2.4.2 Mexico
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2.2.4.3 Rest of Latin America
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2.2.5 Middle East and Africa
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2.2.5.1 South Africa
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2.2.5.2 Saudi Arabia
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2.2.5.3 Oman
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2.2.5.4 Egypt
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2.2.5.5 Iran
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2.2.5.6 Rest of Middle East and Africa
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Biguanides Market Size 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.
