Discover trends, market shifts, and competitive outlooks for the metformin industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#How Has the Metformin Market Growth Performance Trended Historically, And What Lies Ahead?3

The market size of metformin has experienced a robust growth in the past few years. The market is projected to increase from $4.17 billion in 2024 to reach $4.48 billion by 2025, exhibiting a compound annual growth rate (CAGR) of 7.4%. This growth in the historic period is owed to an increase in diabetes cases, heightened awareness about diabetes, and a rise in expenditure on healthcare.

Anticipated robust growth in the metformin market size is anticipated in the coming years, with the market likely to reach $5.88 billion in 2029 while displaying a compound annual growth rate (CAGR) of 7.1%. This growth trajectory over the forecast period is mainly powered by expansion in emerging markets, enhanced awareness and adoption of metformin, an aging population, the expiry of patents along with generic competition, the augmenting demand for combination therapies, heightened awareness about side effects, and safety apprehensions. The primary trends in the forecast time frame comprise the introduction of new products, lifestyle modifications, research and innovation, intensifying partnerships, and improvements in manufacturing methods.

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What Are the Major Market Drivers Behind the Rising Adoption of Metformin Market?

The surging occurrence of diabetes is speculated to stimulate the expansion of the metformin market in the upcoming years. Diabetes, a medical condition, arises when either the pancreas fails to secrete sufficient insulin or the body is unable to utilize the produced insulin effectively. Several factors contribute to the increasing occurrence of diabetes, including the obesity crisis, genetic susceptibility, modifications in lifestyle, limited accessibility to healthcare, and specific toxin exposure. In managing type 2 diabetes, metformin plays a pivotal role by reducing blood sugar levels, promoting weight loss, improving insulin sensitivity, and potentially offering other cardiovascular benefits. For instance, Diabetes Canada, a non-profit organization based in Canada, in February 2023, speculated that the anticipated prevalence of diabetes in Canada is expected to surge from 2,409,000 cases (15% of the population) in 2023 to 3,009,000 cases (17% of the population) by 2033. Hence, the surge in the occurrence of diabetes is fueling the expansion of the metformin market.

Which Segments in the Metformin Offer the Most Growth?

The metformin market covered in this report is segmented –

1) By Product Type: Standard-Release Tablets, Slow-Release Tablets

2) By Dosage Type: 500MG, 750MG, 850MG, 1G

3) By End-user: Clinics, Hospitals, Homecare, Other End-Users

Subsegments:

1) By Standard-Release Tablets: 500 Mg, 850 Mg, 1000 Mg

2) By Slow-Release Tablets: 500 Mg, 750 Mg, 1000 Mg

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Which Areas Are Leading Regions in the Metformin Market Expansion Across the Globe?

North America was the largest region in the metformin market in 2024. The regions covered in the metformin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which Technological Trends Are Reshaping the Metformin Industry Dynamics?

Major businesses in the metformin market are concentrating on the production of unique diabetes medicines like triple-drug FDC, in an attempt to solidify their standing. Triple-drug Fixed-Dose Combinations (FDC) for diabetes drugs usually involves one tablet or capsule that combines three distinct antidiabetic agents. These combinations are curated to offer interconnected effects in overseeing blood sugar rates and enhancing comprehensive glycemic control in patients who have type 2 diabetes. One such example is Glenmark Pharmaceuticals, an India-based pharma company, which in October 2023, introduced the first-ever triple-drug FDC for diabetes therapy in India, combining teneligliptin with dapagliflozin and metformin. Marketed as Zita DM, this FDC houses teneligliptin (20 mg), dapagliflozin (10 mg), and metformin SR (500 mg/1000 mg) in a uniform dosage. It’s aimed at providing improved glycemic control in adults with Type 2 diabetes, especially those who haven’t responded adequately to metformin or require teneligliptin and dapagliflozin as distinct drugs.

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What Are the Key Elements That Define the Metformin Market?

Metformin is an oral medication primarily used to treat type 2 diabetes, belonging to the biguanides class. It works by decreasing glucose production in the liver, increasing insulin sensitivity to improve glucose uptake by muscles, and reducing glucose absorption from the intestines.

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