Biguanides Market Analysis

Based on drug type, the market is segmented into branded and generic. The branded segment dominated the global market with 87.4% of business share in 2023.

• The growth of this segment can be attributed to factors such as established reputation, patent protection, physician preference, perceived quality, and patient brand loyalty.

   

• These factors instill trust making branded drugs preferred choice among healthcare providers and patients despite the availability of generic alternatives.

Based on dosage form, the biguanides market is categorized into tablets and oral solutions. The tablets segment is expected to grow at CAGR of 3.2%.

• Tablets offer convenience and ease of administration, making them a preferred choice for patients with diabetes who require regular medication intake.

   

• Additionally, other factors such as cost-effectiveness, precise dosing control, and widespread acceptance among healthcare professionals and patients position tablets as the preferred dosage form for delivering biguanide medications.

   

• Confluence of these factors favor the high market growth of this segment.

   

Based on formulation, the biguanides market is classified into immediate-release and extended release. The extended-release segment held significant market position in 2023 and is expected to reach USD 3.6 billion in 2032.

• Extended-release formulations offer the advantage of prolonged drug delivery, allowing for less frequent dosing schedules compared to immediate-release formulations. This extended duration of action not only improves patient adherence to treatment regimens but also enhances convenience and reduces the risk of missed doses.

   

• Additionally, they provide smoother and more consistent drug delivery, offer enhanced tolerability and minimal side effects. Hence these formulations are widely adopted, thereby supplementing the marker growth.

   

Based on distribution channel, the biguanides market is divided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies accounted for USD 2.8 billion in 2023.

• The dominance of the hospital pharmacies in the market is driven by factors such as availability of wide variety of drugs, adherence to clinical guidelines, inpatient use of biguanides, education and support services, and integration with healthcare teams.

   

• Further, hospitals serve as primary point of care for diabetes management, resulting in high patient volume. All these factors together contribute to high segment progress.

In 2023, North America dominated the biguanides market with a business share of 38.2%.

• North America, particularly the U.S., has one of the highest prevalence rates of diabetes globally. The significant burden of diabetes in the region drives the demand for biguanides, contributing to the dominance of the North America in the market.

   

• For instance, according to Center of Disease Control, about 38 million Americans have diabetes of which 90-95% of them have type 2 diabetes.

   

• Further, advanced healthcare infrastructure and technological advancements, coupled with rising focus on digital diabetes management boosts the regional market size.