Metformin Global Market Report 2024

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 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 $5.5 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.


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