The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The biguanides market has been experiencing consistent growth, driven by several factors that influence diabetes management and drug development. This blog explores the current trends, market dynamics, and future prospects of biguanides, focusing on the market’s growth, key drivers, and notable advancements.

Market Growth Overview

• Current Market Size and Growth Rate
  • The biguanides market grew from $4.79 billion in 2023 to $4.96 billion in 2024.
  • This growth represents a compound annual growth rate (CAGR) of 3.6%.
• Historical Growth Drivers
  • Increased demand for oral hypoglycemic drugs.
  • Growing geriatric population.
  • Rising obesity rates.
  • Enhanced awareness of diabetes management.

Future Market Projections

• Forecasted Market Size
  • Expected to reach $5.76 billion by 2028.
  • Projected CAGR of 3.8%.
• Growth Drivers in the Forecast Period
  • Adoption of combination therapies.
  • Advancements in drug delivery technologies.
  • Increased investment in research and development.
  • Rising healthcare expenditure.
  • Expanded applications for treating polycystic ovary syndrome.
• Key Trends
  • Development of extended-release formulations.
  • Growing preference for fixed-dose combination therapies.
  • Expanding applications in oncology.
  • Emergence of novel biguanides with improved profiles.

View More On The Biguanides Market Report 2024 – https://www.thebusinessresearchcompany.com/report/biguanides-global-market-report

Impact of Rising Diabetes Prevalence

• Diabetes and Market Growth
  • Diabetes is a chronic condition characterized by high blood sugar levels due to inadequate insulin production.
  • The rise in diabetes rates, driven by lifestyle changes, aging populations, genetic factors, and better diagnosis, is a major growth driver for the biguanides market.
• Role of Biguanides
  • Biguanides, like metformin, improve insulin sensitivity, reduce liver glucose production, and lower blood sugar levels in type 2 diabetes.
  • Recent data from the UK shows an increase in diabetes care adherence, which boosts the demand for effective biguanide treatments.

Advancements in Drug Formulations

• Extended-Release Biguanides
  • Companies are focusing on extended-release formulations to improve patient compliance and therapeutic efficacy.
  • Example: Dr. Reddy’s Laboratories launched saxagliptin and metformin hydrochloride extended-release drugs in August 2023. This generic version of KOMBIGLYZE XR enhances glycemic control and patient adherence.

Strategic Acquisitions and Market Expansion

• Lupin’s Acquisition
  • In August 2023, Lupin acquired ONDERO and ONDERO MET brands from Boehringer Ingelheim.
  • This acquisition strengthens Lupin’s diabetes portfolio and consolidates its position in the anti-diabetes segment.

Market Segmentation

• By Type
  • Metformin
  • Phenformin
  • Other Types
• By Dosage Form
  • Tablets
  • Oral Solutions
• By Formulation
  • Immediate Release
  • Extended Release
• By Distribution Channel
  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies

Regional Insights

• Asia-Pacific
  • The largest region in the biguanides market in 2023.
• Middle East and Africa
  • Expected to be the fastest-growing region during the forecast period.

Conclusion
The biguanides market is on a steady upward trajectory, fueled by rising diabetes prevalence, advancements in drug formulations, and strategic market moves by major companies. With ongoing innovations and an increasing focus on effective diabetes management, the market is poised for continued growth and development.

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