Dublin, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The "Biguanides Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Biguanides Market size is estimated at USD 5.09 billion in 2023, and is expected to reach USD 5.64 billion by 2028, growing at a CAGR of 2.07% during the forecast period (2023-2028)
The biguanides market exhibits fragmentation, featuring global market presence from manufacturers like Takeda, Merck, Sanofi, GlaxoSmithKline, Bristol-Myers Squibb, and Boehringer Ingelheim Pharmaceuticals, among others, contributing to its highly competitive nature alongside the presence of generic drug manufacturers.
The COVID-19 pandemic has left a profound impact on the biguanides market, with the prevalence of diabetes in COVID-19 hospitalized individuals emphasizing the role of oral anti-diabetic drugs. People with diabetes, having weakened immune systems, face exacerbated conditions, making the immune system further vulnerable. Consequently, uncontrolled hyperglycemia compounds the risk of severe illness or death in COVID-19 patients, driving global growth in the biguanides market.
Biguanides, primarily exemplified by metformin, are pivotal in treating type 2 diabetes, working to reduce glucose production during digestion. The COVID-19 pandemic has underscored the importance of glucose control due to the association between type 2 diabetes and adverse clinical outcomes, thereby positioning metformin as the primary choice for managing hyperglycemia in these patients.
Beyond its glucose-lowering role, metformin exhibits significant anti-inflammatory properties, making it a potential candidate for treating individuals with both COVID-19 infection and type 2 diabetes during these challenging pandemic times.
Market Trends
The worldwide diabetes population is projected to grow by over 1.9% during the forecast period, driven by factors such as obesity and lifestyle changes. Metformin, due to its proven efficacy, safety, and cost-effectiveness, continues to be the first-line pharmacotherapy, making it the most prescribed oral antidiabetic medication globally.
The Asia-Pacific region leads the biguanides market, accounting for approximately 37.9% of the market share. This region has witnessed a surge in diabetes prevalence, particularly in developing nations like China and India. Lifestyle changes contribute significantly to this rise. India, for instance, has implemented programs to combat non-communicable diseases like diabetes, further fueling the demand for diabetes management, including the use of biguanides.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Biguanide
5.2 Geography
6 MARKET INDICATORS
6.1 Type-1 Diabetes Population
6.2 Type-2 Diabetes Population
7 COMPETITIVE LANDSCAPE
7.1 COMPANY PROFILES
7.1.1 Teva
7.1.2 Merck
7.1.3 Takeda
7.1.4 GlaxoSmithKline
7.1.5 Sanofi
7.1.6 Boehringer Ingelheim
7.1.7 Glenmark
7.1.8 Zydus
7.1.9 Bristol-Myers Squibb
7.2 MARKET SHARE ANALYSIS
7.2.1 Merck
7.2.2 Takeda
7.2.3 Sanofi
7.2.4 Other Market Share Analyses
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/fg2lhi
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Attachments
- Biguanides Market Biguanides Market Type 2 Diabetes Population In Million Global 2017 2022
- Biguanides Market Biguanides Market Growth Rate By Region 2023 2028
