Market Size of Middle East And Africa Biguanide Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 311.96 Million |
| Market Size (2029) | USD 370.86 Million |
| CAGR (2024 - 2029) | 3.52 % |
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?
Middle East And Africa Biguanide Market Analysis
The Middle East And Africa Biguanide Market size is estimated at USD 311.96 million in 2024, and is expected to reach USD 370.86 million by 2029, growing at a CAGR of 3.52% 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. Patients with diabetes require many corrections throughout the day to maintain nominal blood glucose levels, such as administering additional insulin or ingesting additional carbohydrates by monitoring their blood glucose levels.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Middle East And Africa Biguanide Industry Segmentation
Biguanides are a class of diabetes medications that are used for people with type-2 diabetes. The Middle East and Africa biguanide market is segmented by geography. The report offers the value (in USD) and volume (in units) 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 | |
| Egypt | |
| Iran | |
| Oman | |
| Saudi Arabia | |
| South Africa | |
| Rest of Middle East and Africa |
Middle East And Africa Biguanide Market Size Summary
The Middle East and Africa biguanide market is poised for growth, driven by the increasing prevalence of type 2 diabetes in the region. Biguanides, particularly metformin, are essential in managing hyperglycemia and are the first-line therapy for diabetes patients. The rising incidence of diabetes, exacerbated by lifestyle changes and genetic factors, has led to a surge in demand for diabetes management solutions. Governments in the region are recognizing the diabetes epidemic and are implementing policies and programs to combat the disease, although challenges remain in addressing obesity and physical inactivity. The market is characterized by a mix of global and regional players, with significant contributions from companies like Takeda, Merck, and Sanofi.
Saudi Arabia is expected to experience the highest growth rate within the region's biguanide market, reflecting the country's substantial diabetic population and the government's commitment to enhancing healthcare services. The market's expansion is further supported by the development of new drugs and treatment options, including non-insulin therapies that complement metformin. Recent regulatory approvals for combination products, such as those from Zydus Lifesciences, highlight the ongoing innovation in diabetes treatment. As the market continues to evolve, it is anticipated that the demand for effective diabetes management solutions will drive sustained growth over the forecast period.
Middle East And Africa 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 Egypt
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2.2.2 Iran
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2.2.3 Oman
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2.2.4 Saudi Arabia
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2.2.5 South Africa
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2.2.6 Rest of Middle East and Africa
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Middle East And Africa Biguanide Market Size FAQs
How big is the Middle East And Africa Biguanide Market?
The Middle East And Africa Biguanide Market size is expected to reach USD 311.96 million in 2024 and grow at a CAGR of 3.52% to reach USD 370.86 million by 2029.
What is the current Middle East And Africa Biguanide Market size?
In 2024, the Middle East And Africa Biguanide Market size is expected to reach USD 311.96 million.
