Biguanides Market Size

Biguanides Market size was valued at USD 5.2 billion in 2023 and is projected to grow at a CAGR of 2.9% between 2024 and 2032. High market growth can be attributed to the rising number of diabetes cases globally.

For instance, according to National Institutes of Health, an estimated 537 million adults worldwide aged between 20 to 79 years (constituting 10.5% of the population within this age group) were affected by diabetes in 2021. By 2030, this figure is anticipated to rise to 643 million individuals globally, increasing to 783 million by 2045. Thus, as diabetes continues to be a significant health concern affecting a large portion of the global population, there is a growing demand for effective treatments, in turn driving the market growth. Additionally, high preference to biguanides as a first line of treatment and their high efficacy in managing diabetes will further contribute to high market progress.

Biguanides are a class of oral antidiabetics commonly used to treat type 2 diabetes. They work by reducing the amount of glucose produced by the liver and improving the body's sensitivity to insulin, thus helping to lower blood sugar levels. The most prescribed biguanide is metformin, which is often recommended as a first-line treatment for type 2 diabetes.