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Biguanides Market Trends

Report ID: GMI8309
Published Date: Feb 2024
Report Format: PDF

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Biguanides Market Trends

The increasing prevalence of diabetes globally, driven by factors such as sedentary lifestyles, poor dietary habits, and aging populations, continues to fuel the demand for biguanide. For instance, according to International Diabetes Federation 2021, in Europe 61 million individuals were affected with diabetes and 1.1 million deaths were reported due to it. Thus, such high number of diabetic patients and increased mortality drives the market expansion.
Furthermore, over 90% of people with diabetes have type 2 diabetes. Biguanides, particularly metformin, remain a preferred first-line treatment for type 2 diabetes due to their efficacy, safety profile, and cost-effectiveness. This preference is likely to persist, contributing to sustained demand for biguanide medications.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global biguanides industry was valued at USD 5.2 billion in 2023 and is projected to grow at a CAGR of 2.9% between 2024 and 2032, attributed to the rising number of diabetes cases globally.

The branded biguanides segment held a business share of 87.4% in 2023 and is poised to grow rapidly through 2032, attributed to established reputation, patent protection, physician preference, perceived quality, and patient brand loyalty.

North America biguanides industry held a revenue share of 38.2% and is set to grow significantly through 2032, driven by the significant burden of diabetes in the region.

Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, Cipla Ltd., GlaxoSmithKline plc, Glenmark Pharmaceuticals Ltd., Merck & Co., Inc., Sanofi, Takeda Pharmaceutical Company Limited., Teva Pharmaceuticals Industries Ltd. are some of the major industry contenders.