Europe Biguanide Market Size
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.25 Billion |
| Market Size (2029) | USD 1.33 Billion |
| CAGR (2024 - 2029) | 1.27 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Biguanide Market Analysis
The Europe Biguanide Market size is estimated at USD 1.25 billion in 2024, and is expected to reach USD 1.33 billion by 2029, growing at a CAGR of 1.27% 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 the incidence of type 2 diabetes continues to increase in Europe, driven by factors like inactive lifestyles and obesity, the need for efficient strategies to manage diabetes will only grow stronger. In this scenario, metformin is anticipated to maintain its significance as a fundamental treatment, supported by advancements in personalized medicine, digital health solutions, and lifestyle interventions that empower patients to attain improved glycemic control and enhance their overall health outcomes.
Although metformin is commonly used and has proven advantages, it does have its drawbacks. Certain individuals may encounter gastrointestinal issues like nausea and diarrhea, impacting their ability to adhere to treatment. Additionally, ongoing studies are investigating metformin's potential in preventing or delaying the development of type 2 diabetes in at-risk populations, along with its effectiveness when paired with newer antidiabetic medications to enhance treatment results.
To summarize, metformin serves as a testament to the remarkable impact of evidence-based medicine in the realm of diabetes treatment. Its lasting influence in Europe not only highlights its effectiveness in therapy, but also its reasonable cost, easy availability, and widespread endorsement from both healthcare providers and patients. As we strive for improved diabetes management, metformin continues to serve as a source of inspiration for countless individuals living with type 2 diabetes in Europe and beyond.
Europe Biguanide Market Trends
Increasing diabetes prevalence
The diabetes population in the European region is expected to rise by more than 5% over the forecast period.
According to the IDF, the overall diabetes expenditure in Europe among the population aged 20-79 years was USD 156 billion, and it is expected to increase to USD 174 billion by 2040. These figures indicate that approximately 9% of the total healthcare expenditure is spent on diabetes in Europe. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure are indications of the increasing usage of diabetic drugs.
Oral anti-diabetic drugs have been available internationally and are recommended for use when escalation of treatment for type-2 diabetes is required along with lifestyle management. These are typically the first medications used in the treatment of type-2 diabetes due to their wide range of efficacy, safety, and mechanisms of action. Antidiabetic drugs help diabetes patients keep their condition under control and lower the risk of diabetes complications. People with diabetes may need to take antidiabetic drugs for their whole lives to control their blood glucose levels and avoid hypoglycemia and hyperglycemia. They present the advantages of easier management and lower cost, so they became an attractive alternative to insulin with better acceptance, which enhances adherence to the treatment.
The government, along with the companies, are working towards better diabetes management. For instance, the National Service Framework (NSF) program is improving services by setting national standards to drive up service quality and tackle variations in care. The Association of British HealthTech Industries (ABHI) launched a diabetes section, enabling diabetes technology companies to work together in the first forum of its kind.
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.
Germany holds the highest market share in the Europe Biguanide Market in the current year
Diabetes is a significant health problem and one of the astounding challenges facing healthcare systems all over Germany. The prevalence of known type-1 and type-2 diabetes in the German adult population is very high, along with a high number of patients who are not yet diagnosed with the disease. Due to an aging population and an unhealthy lifestyle, the prevalence of type-2 diabetes is expected to increase steadily over the next few years. High-quality care, including adequate monitoring, control of risk factors, and active self-management, are the key factors for preventing complications in German patients with type-2 diabetes.
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 type-2 diabetes 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 inhibitors, sodium-glucose cotransporter-2 inhibitors, and glucagon-like peptide-1 agonists are generally used to supplement treatment with metformin.
About 8.5 million people in Germany suffer from diabetes, according to the German Diabetes Center (DDZ). The number of people with type-2 diabetes in Germany will continue to increase over the next twenty years. German law requires public plans to cap out-of-pocket health care costs and to cover all medically necessary treatment, including insulin. Germany is one of the most developed countries in terms of healthcare facilities. Moreover, the reimbursement policy and the pricing policy are highly regulated, which drives the market. The roll-out of many new products, increasing international research collaborations in technological advancement, and increasing awareness about diabetes among people are some of the market opportunities for the players in the German diabetes drug market.
Europe Biguanide Industry Overview
The Europe biguanide market is fragmented consisting of manufacturers like Teva, Takeda, Merck, Sanofi, GlaxoSmithKline, Bristol-Myers Squibb, and Boehringer Ingelheim Pharmaceuticals, etc. having a global market presence and other regional manufacturers.
Europe Biguanide Market Leaders
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Teva
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Bristol-Myers Squibb
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AstraZeneca
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Sanofi Aventis
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Merck and Co.
*Disclaimer: Major Players sorted in no particular order
Europe Biguanide Market News
- April 2023: The European Commission has updated the Classification, Labelling and Packaging Regulation with the following hazard classes which includes, for "Sitagliptin/Metformin Hydrochloride.
- February 2022: Merck announced in a European work sharing procedure (WSP) an extension to the label for metformin products in the EU: 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.
Europe 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 France
- 5.2.2 Germany
- 5.2.3 Italy
- 5.2.4 Russia
- 5.2.5 Spain
- 5.2.6 United Kingdom
- 5.2.7 Rest of Europe
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 AstraZeneca
- 7.1.9 Bristol-Myers Squibb
- *List Not Exhaustive
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7.2 Company Share Analysis
- 7.2.1 Merck
- 7.2.2 Takeda
- 7.2.3 Sanofi
- 7.2.4 Other Company Share Analyses
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Biguanide Industry Segmentation
Biguanides are a class of diabetes medications that are used for people with type 2 diabetes. The European biguanide market is segmented into geography (France, Germany, Italy, Russia, Spain, United Kingdom, rest of Europe). The report offers the value (in USD million) and volume (in units million) for the above segments. Further, the report will cover a segment-wise breakdown (value and volume) for all the countries covered under the table of contents.
| Geography | France |
| Germany | |
| Italy | |
| Russia | |
| Spain | |
| United Kingdom | |
| Rest of Europe |
Europe Biguanides Market Research FAQs
How big is the Europe Biguanide Market?
The Europe Biguanide Market size is expected to reach USD 1.25 billion in 2024 and grow at a CAGR of 1.27% to reach USD 1.33 billion by 2029.
What is the current Europe Biguanide Market size?
In 2024, the Europe Biguanide Market size is expected to reach USD 1.25 billion.
Who are the key players in Europe Biguanide Market?
Teva, Bristol-Myers Squibb, AstraZeneca, Sanofi Aventis and Merck and Co. are the major companies operating in the Europe Biguanide Market.
What years does this Europe Biguanide Market cover, and what was the market size in 2023?
In 2023, the Europe Biguanide Market size was estimated at USD 1.23 billion. The report covers the Europe Biguanide Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Biguanide Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Biguanide Industry Report
Statistics for the 2024 Europe Biguanide market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Biguanide analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
