Metformin Global Market Report 2024

Description

Metformin is an oral medication primarily used for managing type 2 diabetes, classified under the biguanides class of drugs. Its mechanism involves reducing glucose production in the liver, enhancing insulin sensitivity to promote glucose uptake by muscles, and decreasing glucose absorption from the intestines.

The main formulations of metformin include standard-release tablets and slow-release tablets. Standard-release tablets release the active ingredient quickly after ingestion, facilitating rapid control of blood sugar levels. Metformin is available in various dosages such as 500mg, 750mg, 850mg, and 1g, catering to diverse end-users including clinics, hospitals, homecare settings, and other healthcare providers.

The metformin market research report is one of a series of new reports from The Business Research Company that provides metformin market statistics, including metformin industry global market size, regional shares, competitors with a metformin market share, detailed metformin market segments, market trends, and opportunities, and any further data you may need to thrive in the metformin industry. This metformin research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The metformin market size has grown strongly in recent years. It will grow from $3.91 billion in 2023 to $4.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to several factors, an increase in the prevalence of diabetes worldwide, heightened awareness about diabetes and its management among populations, and the rise in healthcare spending aimed at addressing diabetes-related care and treatments.

The metformin market size is expected to see strong growth in the next few years. It will grow to $5.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to several key factors, expansion into emerging markets, increased awareness and adoption of metformin globally, the aging population requiring diabetes management, patent expiry leading to generic competition, rising demand for combination therapies, heightened awareness of potential side effects and safety concerns associated with diabetes medications. Major trends expected in this period include the introduction of new metformin products and formulations, emphasis on lifestyle interventions to manage diabetes, ongoing research and development efforts to enhance treatment options, growing partnerships among pharmaceutical companies and healthcare providers, and advancements in manufacturing technology aimed at improving drug efficacy and patient compliance. These trends are poised to shape the future landscape of diabetes treatment and management, focusing on innovation and patient-centric care.

The increasing prevalence of diabetes is expected to drive growth in the metformin market. Diabetes, a condition where the body either does not produce enough insulin or cannot effectively use the insulin it produces, is influenced by factors such as the global obesity epidemic, genetic predispositions, lifestyle changes, limited healthcare access, and exposure to specific toxins. Metformin plays a crucial role in managing type 2 diabetes by lowering blood sugar levels, promoting weight loss, improving insulin sensitivity, and potentially offering cardiovascular benefits. For example, the International Diabetes Federation reported in December 2021 that approximately 537 million adults aged 20-79 had diabetes globally, with projections indicating an increase to 643 million by 2030 and 783 million by 2045. Therefore, the rising prevalence of diabetes is a significant driver for the growth of the metformin market.

Leading companies in the metformin market are focusing on developing innovative diabetes medications, such as triple-drug Fixed-Dose Combinations (FDC), to strengthen their market positions. A triple-drug FDC combines three different antidiabetic medications into a single tablet or capsule, aiming to synergistically manage blood sugar levels and enhance glycemic control in patients with type 2 diabetes. For instance, Glenmark Pharmaceuticals, an India-based company, launched Zita DM in October 2023, the first triple-drug FDC of teneligliptin with dapagliflozin and metformin in India. Zita DM contains teneligliptin (20 mg), dapagliflozin (10 mg), and metformin SR (500 mg/1000 mg) in a fixed dose, designed to improve glycemic control in adults with type 2 diabetes, especially those who do not achieve adequate control with metformin alone or require additional therapies.

In April 2023, SK Capital Partners LP, a US-based investment firm, acquired Apotex Pharmaceutical Holdings Inc. to expand its presence in the pharmaceutical industry. This acquisition positions SK Capital to leverage Apotex's extensive portfolio of generic medications, including metformin, strengthening its capabilities and market reach. Apotex Pharmaceutical Holdings Inc., headquartered in Canada, is recognized for its production of metformin and other essential pharmaceuticals.

Major companies operating in the metformin market are Wockhardt Limited, Aarti Drugs, Abhilash Chemicals Private Limited, Farmhispania, Rochem International Inc., Jai Radhe Sales, Chr. Olesen Group, Aspire Lifesciences Pvt. Ltd., Ria Lifesciences Pvt. Ltd., Shree Sadguru, LGM Pharma, HRV Global Life Sciences, Octavius Pharma Pvt. Ltd., USV Private Limited, Zeon Pharma Industries India Pvt. Ltd., Atman Pharmaceuticals, Aastrid International Pvt. Ltd., Abhilasha Pharma, Anwita Drugs & Chemicals Pvt. Ltd., IOL Chemicals and Pharmaceuticals, Gangwal Healthcare, Granules India Limited, Alekhya Drugs Pvt. Ltd, Angels Pharma India Private Limited, Auro Laboratories Ltd.

North America was the largest region in the metformin market in 2023. The regions covered in the metformin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the metformin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The metformin market consists of sales of glucophage, fortamet, glumetza, riomet, and linagliptin. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Metformin Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on metformin market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for metformin ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The metformin market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered: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
Companies Mentioned: Wockhardt Limited; Aarti Drugs; Abhilash Chemicals Private Limited; Farmhispania; Rochem International Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r18918

1. Executive Summary

2. Metformin Market Characteristics

3. Metformin Market Trends And Strategies

4. Metformin Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Metformin Market Size and Growth

5.1. Global Metformin Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Metformin Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Metformin Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Metformin Market Segmentation

6.1. Global Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Standard-Release Tablets
Slow-Release Tablets
6.2. Global Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
500MG
750MG
850MG
1G
6.3. Global Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Clinics
Hospitals
Homecare
Other End-Users

7. Metformin Market Regional And Country Analysis

7.1. Global Metformin Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Metformin Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Metformin Market

8.1. Asia-Pacific Metformin Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Metformin Market

9.1. China Metformin Market Overview
9.2. China Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Metformin Market

10.1. India Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Metformin Market

11.1. Japan Metformin Market Overview
11.2. Japan Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Metformin Market

12.1. Australia Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Metformin Market

13.1. Indonesia Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Metformin Market

14.1. South Korea Metformin Market Overview
14.2. South Korea Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Metformin Market

15.1. Western Europe Metformin Market Overview
15.2. Western Europe Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Metformin Market

16.1. UK Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Metformin Market

17.1. Germany Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Metformin Market

18.1. France Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Metformin Market

19.1. Italy Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Metformin Market

20.1. Spain Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Metformin Market

21.1. Eastern Europe Metformin Market Overview
21.2. Eastern Europe Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Metformin Market

22.1. Russia Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Metformin Market

23.1. North America Metformin Market Overview
23.2. North America Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Metformin Market

24.1. USA Metformin Market Overview
24.2. USA Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Metformin Market

25.1. Canada Metformin Market Overview
25.2. Canada Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Metformin Market

26.1. South America Metformin Market Overview
26.2. South America Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Metformin Market

27.1. Brazil Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Metformin Market

28.1. Middle East Metformin Market Overview
28.2. Middle East Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Metformin Market

29.1. Africa Metformin Market Overview
29.2. Africa Metformin Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Metformin Market, Segmentation By Dosage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Metformin Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Metformin Market Competitive Landscape And Company Profiles

30.1. Metformin Market Competitive Landscape
30.2. Metformin Market Company Profiles
- 30.2.1. Wockhardt Limited
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Aarti Drugs
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Abhilash Chemicals Private Limited
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Farmhispania
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Rochem International Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Metformin Market Other Major And Innovative Companies

31.1. Jai Radhe Sales
31.2. Chr. Olesen Group
31.3. Aspire Lifesciences Pvt. Ltd.
31.4. Ria Lifesciences Pvt. Ltd.
31.5. Shree Sadguru
31.6. LGM Pharma
31.7. HRV Global Life Sciences
31.8. Octavius Pharma Pvt. Ltd.
31.9. USV Private Limited
31.10. Zeon Pharma Industries India Pvt. Ltd.
31.11. Atman Pharmaceuticals
31.12. Aastrid International Pvt. Ltd.
31.13. Abhilasha Pharma
31.14. Anwita Drugs & Chemicals Pvt. Ltd.
31.15. IOL Chemicals and Pharmaceuticals

32. Global Metformin Market Competitive Benchmarking

33. Global Metformin Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Metformin Market

35. Metformin Market Future Outlook and Potential Analysis

35.1 Metformin Market In 2028 - Countries Offering Most New Opportunities
35.2 Metformin Market In 2028 - Segments Offering Most New Opportunities
35.3 Metformin Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer