The biguanide drugs market is anticipated to grow at a considerable CAGR of more than 7.0% during the forecast period 2020-2026. Metformin IR (immediate release) and Metformin ER (Extended-release) are the most common biguanide in the global market. The growth in the patient pool of type 2 diabetes, increasing diagnosis rate in the emerging economies, increasing healthcare expenditure by individuals are some of the major factors which provide a significant opportunity for the companies to enter the market. As per the International Diabetes Federation (IDF), the global prevalence of diabetes in the age group of 20-79 years was 463 million in 2019. The number is expected to reach 578 million by 2030. A large share of this patient pool will be in emerging economies of Asia-Pacific, Latin America, and Middle East & Africa.
Browse the full report description of "Global Biguanide Market Size, Share & Trends Analysis Report, By Type (Metformin IR, Metformin ER, Other Biguanide), By Dosage Form (Tablet and Solution) and Forecast, 2020-2026" at https://www.omrglobal.com/industry-reports/biguanide-market
Global biguanide is a fragmented market as metformin is the first-line drug for the management of type 2 diabetes. Due to this, a large number of big as well as small pharmaceutical players are active in the global market. The growth in the patient pool of type 2 diabetes, increasing diagnosis rate in the emerging economies, increasing healthcare expenditure by individuals are some of the major factors which provide a significant opportunity for the new players to enter the market. Some of the major factor active in the biguanide industry include BOEHRINGER Ingelheim International GmbH, Merck & Co., Inc., Lupin, Ltd., Bristol-Myers Squibb Co., Teva Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals, Ltd., Harman Finochem Ltd., Aarti Drugs Ltd., USV Pvt. Ltd., Mylan N.V., Apotex Corp. among others.
Multiple activities can be tracked in the biguanide market in a couple of years. In May 2020, Cadila Healthcare Ltd. got the US FDA approval to market Empagliflozin and Metformin Hydrochloride Tablets, 5 mg/500 mg, 5 mg/1000 mg, 12.5 mg/500 mg, and 12.5 mg/1000 mg for the treatment of type 2 diabetes. In December 2019, USV Pvt. Ltd. announced to acquire the trademark ‘JALRA’, the anti-diabetic drug from Novartis AG. With this brand acquisition, USV now owns the trademark and strengthened its already strong foothold in the Indian oral anti-diabetic product landscape. In the same month, Eris Lifesciences completed the acquisition of trademark for anti-diabetes drug Zomelis from Novartis AG, for a consideration of $13 million.
In addition, in Europe, AstraZeneca got the European Commission approval for Qtrilmet (metformin hydrochloride, saxagliptin, and dapagliflozin) modified-release tablets in November 2019. It will be used for glycaemic control in adults with type-2 diabetes (T2D). In the same month, Glenmark Pharmaceuticals Inc., USA got the US FDA approval for Metformin Hydrochloride ER Tablets USP, 500 mg and 1000 mg. Glenmark also received regulatory approval to market a combination of sodium-glucose co-transporter-2 (SGLT2) inhibitor Remogliflozin etabonate (Remogliflozin) and Metformin Hydrochloride film-coated tablets in India in August 2019. Such market activities are expected to provide significant growth to the market during the forecast period.
Global Biguanide Drugs Market- Segmentation
By Type
By Dosage Form
Global Biguanide Drugs Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World