The biguanides global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Biguanides Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The biguanides market size has grown steadily in recent years. It will grow from $4.79 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to a rise in demand for oral hypoglycemic drugs, growth in the geriatric population, rise in obesity rates, and increased awareness about diabetes management.
The biguanides market size is expected to see steady growth in the next few years. It will grow to $5.76 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to the growing adoption of combination therapies, advancements in drug delivery technologies, increasing investment in research and development, rising healthcare expenditure, and expanding applications in the treatment of polycystic ovary syndrome. Major trends in the forecast period include increasing focus on developing extended-release formulations, growing preference for fixed-dose combination therapies, expanding applications in oncology, and the emergence of novel biguanides with improved efficacy and safety profiles.
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Scope Of Biguanides Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Biguanides Market Overview
Market Drivers –
The biguanides market size has grown steadily in recent years. It will grow from $4.79 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to a rise in demand for oral hypoglycemic drugs, growth in the geriatric population, rise in obesity rates, and increased awareness about diabetes management.
The biguanides market size is expected to see steady growth in the next few years. It will grow to $5.76 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to the growing adoption of combination therapies, advancements in drug delivery technologies, increasing investment in research and development, rising healthcare expenditure, and expanding applications in the treatment of polycystic ovary syndrome. Major trends in the forecast period include increasing focus on developing extended-release formulations, growing preference for fixed-dose combination therapies, expanding applications in oncology, and the emergence of novel biguanides with improved efficacy and safety profiles.
Market Trends –
Major companies operating in the biguanide market are focused on developing advanced solutions, such as extended-release biguanide drugs, to improve patient compliance, enhance therapeutic efficacy, and reduce side effects. An extended-release biguanide is a medication formulated to slowly release its active component, ensuring consistent blood levels and better glycemic control for diabetes patients, thereby improving adherence to the treatment. For instance, in August 2023, Dr. Reddy’s Laboratories, an India-based biotechnology company, launched saxagliptin and metformin hydrochloride extended-release drugs. This is a generic version of KOMBIGLYZE XR, approved by the US Food and Drug Administration (USFDA), which combines saxagliptin, a DPP-4 inhibitor, with metformin, a biguanide. It is designed to enhance glycemic control in adults with type 2 diabetes mellitus and is intended for use alongside diet and exercise. The extended-release formulation helps improve patient adherence and efficacy.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the biguanide market are focused on developing advanced solutions, such as extended-release biguanide drugs, to improve patient compliance, enhance therapeutic efficacy, and reduce side effects. An extended-release biguanide is a medication formulated to slowly release its active component, ensuring consistent blood levels and better glycemic control for diabetes patients, thereby improving adherence to the treatment. For instance, in August 2023, Dr. Reddy’s Laboratories, an India-based biotechnology company, launched saxagliptin and metformin hydrochloride extended-release drugs. This is a generic version of KOMBIGLYZE XR, approved by the US Food and Drug Administration (USFDA), which combines saxagliptin, a DPP-4 inhibitor, with metformin, a biguanide. It is designed to enhance glycemic control in adults with type 2 diabetes mellitus and is intended for use alongside diet and exercise. The extended-release formulation helps improve patient adherence and efficacy.
Table of Contents
1. Executive Summary
2. Biguanides Market Characteristics
3. Biguanides Market Trends And Strategies
4. Biguanides Market – Macro Economic Scenario
5. Global Biguanides Market Size and Growth
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32. Global Biguanides Market Competitive Benchmarking
33. Global Biguanides Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Biguanides Market
35. Biguanides Market Future Outlook and Potential Analysis
36. Appendix
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