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What fueled the previous growth in the biguanides market?

The biguanides market has grown steadily in recent years. It is projected to rise from $4.96 billion in 2024 to $5.16 billion in 2025, at a CAGR of 4.1%. This growth is due to the rising demand for oral hypoglycemic drugs, an aging population, increasing obesity rates, and growing awareness about diabetes management.

What will be the biguanides market size in the future?

The biguanides market is expected to see steady growth, reaching $5.98 billion by 2029 at a CAGR of 3.7%. Growth is attributed to the growing adoption of combination therapies, drug delivery advancements, and rising healthcare expenditures. Key trends include extended-release formulations, fixed-dose combinations, and novel biguanides with better efficacy and safety.

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What main drivers are fueling expansion in the biguanides market?

The rise in diabetes cases is expected to spur the growth of the biguanides market. Diabetes, a metabolic disorder characterized by high blood sugar, is increasing due to lifestyle changes and improved diagnosis. Biguanides, such as metformin, are used to treat type 2 diabetes by improving insulin sensitivity and lowering blood sugar levels. According to the Office for Health Improvement & Disparities, the percentage of people with type 2 diabetes achieving target HbA1c levels rose to 37.9% in 2023. Therefore, the increasing prevalence of diabetes is driving the growth of the biguanides market.

What key areas define the segmentation of the global biguanides market?

The biguanides market covered in this report is segmented –

1) By Type: Metformin, Phenformin, Other Types

2) By Dosage Form: Tablets, Oral Solutions

3) By Formulation: Immediate Release, Extended Release

4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

Subsegments:

1) By Metformin: Immediate-Release Metformin, Extended-Release Metformin

2) By Phenformin: Phenformin Hydrochloride

3) By Other Types: Buformin, Metformin Combinations

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Who are the dominant players expanding their reach in the biguanides market?

Major companies operating in the biguanides market are Cardinal Health Inc., Pfizer Inc., Merck And Co Inc., Bayer AG, Sanofi-Aventis LLC, AstraZeneca plc, Novartis AG, GlaxoSmithKline plc, Takeda Pharmaceuticals Company Limited, Novo Nordisk A/S, Viatris Inc., Daiichi Sankyo Company Limited, Wanbury Ltd., Boehringer Ingelheim International GmbH, Intas Pharmaceuticals Ltd., Aurobindo Pharma Ltd., Cipla Ltd., Shionogi & Co Ltd., Dr. Reddy’s Laboratories, Lupin Limited, Zydus Lifesciences Limited, Apotex Inc., Torrent Pharmaceuticals Limited, Panacea Biotech Ltd., Auro Laboratories Limited

How are evolving market trends shaping biguanides Strategies?

Companies in the biguanide market are working on extended-release biguanide drugs to improve patient adherence and therapeutic effectiveness. In August 2023, Dr. Reddy’s Laboratories, an India-based biotechnology company, launched an extended-release version of saxagliptin and metformin hydrochloride. This generic version of KOMBIGLYZE XR is intended to improve glycemic control in adults with type 2 diabetes, enhancing patient compliance and reducing side effects.

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Which regions are emerging as leaders in the biguanides market?

Asia-Pacific was the largest region in the biguanides market in 2023. Middle East And Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the biguanides market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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