Biguanides are one of the most widely used anti-diabetic oral medicines. Significant growth in the global type 2 diabetic population is the prominent driver for biguanides market growth. Because of its low price compared to other diabetic drugs, the drug is most preferred. Metformin is the active pharmaceutical ingredient for the biguanide class of drugs. From 2018 to 2023, the biguanides market is anticipated to see a development of around 15.3 %. It is expected that the global biguanide market will reach USD 4.4 billion by 2023.
Metformin helps patients with type 2 diabetes control high blood sugar levels. Preventing damage to the kidney, blindness, nerve problems, loss of limbs, and other functional issues. The main functions of drugs include restoring the proper response of the body to insulin and reducing the amount of sugar produced by the liver that is absorbed by the stomach / intestines in turn.
The biguanide market is directly proportional to the increasing diabetic population of type 2. Biguanides are the first line of drugs prescribed for patients with type 2 in most instances. The global diabetic population has grown tremendously over the years and the Type 2 population accounts for nearly 90 % of the diabetic population. Growth in the global population of diabetes is due to being a disease of lifestyle. Another factor that boosts biguanides market growth is that the drug is generic, which increases patients accessibility and affordability.
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The largest type 2 diabetic population in the Asia-Pacific region. Thus, metformin sales in these areas are high. Chinas Republic has one of the world’s biggest Type 2 population.
The population of type 2 would rise from 103.08 million by 2023 to 120.37 million. The biguanide market in China is 1043.71 million dollars in 2018 and is expected to reach 1169.12 million dollars by 2023.
Mylan, Teva, Takeda, Ranbaxy / Sun Pharma, Actavis, GlaxoSmithKline, Merck, Bristol-Myers Squibb, Boehringer Ingelheim Pharmaceuticals.
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June 2018: According to recent scientific studies, metformin, a long-standing and low-cost drug used for the treatment of diabetes, is safe for most patients who also have chromium diabetes. It is expected that this will further boost the drug sales.
Dec 2017: In pregnant females with diabetes, metformin, regarded the first line of diabetic drugs, is now also discovered secure.
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