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

According to The Business Research Company’s Metformin Global Market Report 2024, the metformin market is expected to show promising growth in the forecast period.

Strong Growth in Recent Years

• Market Expansion: The metformin market has experienced robust growth, increasing from $3.91 billion in 2023 to $4.17 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.7%.
• Key Drivers: The rise in diabetes prevalence, heightened awareness of the disease, and increased healthcare spending have been pivotal in driving this growth.

Future Market Outlook

• Projected Growth: The metformin market is expected to reach $5.50 billion by 2028, growing at a CAGR of 7.2%.
• Growth Factors: Factors contributing to this forecasted growth include expansion in emerging markets, growing awareness and adoption of metformin, an aging population, patent expiries, and increasing demand for combination therapies.
• Trends: Anticipated trends include new product launches, lifestyle interventions, advancements in research and development, and enhanced manufacturing technologies.

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

Increasing Prevalence of Diabetes

• Impact on Market: The rising prevalence of diabetes is a significant driver for the metformin market. Diabetes arises due to ineffective insulin use or insufficient insulin production by the pancreas.
• Statistics: According to the International Diabetes Federation, approximately 537 million adults had diabetes in 2021, with projections of 643 million by 2030 and 783 million by 2045.
• Metformin’s Role: Metformin is effective in managing type 2 diabetes by lowering blood sugar levels, enhancing insulin sensitivity, aiding weight loss, and potentially offering cardiovascular benefits.

Innovative Diabetes Medications

• Triple-Drug Fixed-Dose Combinations (FDC): Companies are developing innovative medications, including triple-drug FDCs, to improve diabetes management. These combinations offer synergistic effects in blood sugar control.
• Recent Developments: In October 2023, Glenmark Pharmaceuticals launched a triple-drug FDC in India, combining teneligliptin, dapagliflozin, and metformin under the brand name Zita DM. This FDC aims to improve glycemic control in patients whose diabetes is not adequately managed by metformin alone.

Strategic Acquisitions and Market Expansion

• Notable Acquisition: In April 2023, SK Capital Partners acquired Apotex Pharmaceutical Holdings Inc., enhancing its pharmaceutical portfolio. Apotex’s range of generic medications, including metformin, aligns with SK Capital’s strategy to expand its presence in the pharmaceutical sector.

Market Segmentation

• Product Types: The market is segmented into Standard-Release Tablets and Slow-Release Tablets.
• Dosage Types: Includes 500MG, 750MG, 850MG, and 1G dosages.
• End-Users: The market caters to Clinics, Hospitals, Homecare settings, and other end-users.

Regional Insights

• Dominant Region: North America was the largest region in the metformin market in 2023, reflecting its significant market presence and healthcare infrastructure.

The metformin market is poised for continued growth, driven by increasing diabetes prevalence, innovative medication developments, and strategic industry expansions. With evolving market dynamics and advancements in diabetes management, metformin remains a crucial component in the fight against type 2 diabetes.

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