Market Trends of North America Biguanide Industry
Rising diabetes prevalence
The diabetes population in the North American region is expected to rise by more than 1% over the forecast period.
The Centers for Disease Control and Prevention National Diabetes Statistics Report 2022 estimated that more than 130 million adults are living with diabetes or prediabetes in the United States. Type 2 diabetes is more common, and diabetes is more consequential among communities of color, those who live in rural areas, and those with less education, lower incomes, and lower health literacy.
According to the Division of Metabolism and Endocrinology Products in the FDA, 'Patients want effective treatment options for diabetes that are as minimally intrusive on their lives as possible, and the FDA welcomes the advancement of new therapeutic options that can make it easier for patients to control their condition.' Metformin is typically the first medication used to treat type 2 diabetes due to its wide range of efficacy, safety, and mechanisms of action. Metformin and other anti-diabetic drug combinations include a low risk of hypoglycemia, provide beta cell protection, offer cardio-renal benefits, and are safe for patients with kidney or liver conditions and senior citizens.
Most health insurance plans cover diabetes medications because they are considered medically necessary. Medicare generally covers diabetes medications. The American Diabetes Association includes a guide to Medicare and diabetes prescription drug benefits. For patients covered by insurance, typical out-of-pocket costs consist of a prescription drug copay ranging from USD 10 to USD 50, depending on the drug. If the patient takes multiple drugs, copays can total USD 200 monthly or more.
Owing to the rising rate of obesity, the increasing prevalence, and the factors mentioned above, the market is likely to continue to grow.
Canada holds the highest market share in the North America Biguanide Market in the current year
Canada holds the highest market share of about 53% in the North American Biguanide Market in the current year.
According to Diabetes Canada, 2022 figures show the continued rising trend of diabetes rates in Canada with no signs of leveling or decreasing. Diabetes continues to affect more Canadians than ever before. The new diabetes figures show a steady, continued increase in diabetes in the country, with 11.7 million Canadians living with diabetes or prediabetes. More than 5.7 million Canadians are living with diagnosed 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. First-line therapy used in patients with Type-2 diabetes is metformin monotherapy. Other options must be considered when metformin is contraindicated or not tolerated or when treatment goals are not achieved after three months of use at the maximum tolerated dose. Dipeptidyl peptidase-4 inhibitors, sodium-glucose cotransporter-2 inhibitors, and glucagon-like peptide-1 agonists are generally used to supplement treatment with metformin.
There is currently no national drug coverage system in Canada. There is a mix of public and private coverage. Governments pay 40% of the costs. 40% of the costs are paid by private insurance, usually arranged through employee benefit plans. Individuals pay 20% of the costs, usually premiums, deductibles, and co-pays for public and private coverage. The cash market for prescription drugs is relatively small in Canada. However, the out-of-pocket impact is not insignificant when patients include high dollar-value contributions.
The market is expected to grow due to the factors above during the forecast period.
