Market Trends of Biguanides Industry
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.
