The global biguanide market is expected to show a considerable CAGR of more than 7.0% rate during the forecast period 2020-2026. Biguanide is a group of oral drugs used to treat type 2 diabetes. It works by reducing the amount of sugar released by the liver in the blood. In addition, it also improves the response of the body towards insulin. Metformin is the most common biguanide available in the global market. It is used as a first-line treatment for type 2 diabetes. 

Increasing prevalence of type 2 diabetes cases all across the globe is the major factor for the increase in demand for the biguanide during the forecast period. 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. It is further estimated to reach 578 million by 2030. Moreover, annual global demand for Metformin drug is growing significantly owing to the increasing stature of the drug as a safe, proven, cost-effective, gold-standard drug of choice for treatment of diabetes. Moreover, the increasing demand for Metformin in combination with other drugs has encouraged major players in the global market. However, the presence of new alternatives for managing type 2 diabetes, and recall of the metformin are some of the major factors challenging market growth. 

Market Segmentation

The global biguanide market is segmented based on type and dosage form. By type, the market is further segmented into Metformin IR, Metformin ER, and other biguanide. Both the metformin combined covers almost most of the market. However other biguanides such as Buformin, Phenformin, Chlorproguanil, and Chloroguanide are used to treat other diseases including malaria in some parts of the globe. By dosage form, the market is segmented into tablets and solutions. Tablet holds a major market share. Generally, Metformin is offered in 500 mg and 1000 mg packaging. 

Global Biguanide Market Share by Type, 2019 (%)

Regional Outlook

On the basis of geography, the global biguanide market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is anticipated to hold the largest market share during the forecast period. High prevalence of type 2 diabetes, high diagnosis rate, high cost of drugs, and favorable reimbursement policies are some of the major factors for the largest market share of the region. As per the IDF, there were 48 million people living with diabetes in North America & the Caribbean which is expected to reach 56 million by 2030. Similar factors for the market will work in Europe. In 2019, there were around 59 million people living with diabetes in Europe which is expected to reach 66 million by 2030. 

Asia-Pacific is expected to show the fastest growth rate during the forecast period. As per the IDF, Western Pacific which includes China, Japan, and Australia has 163 million people living with diabetes which is expected to be 197 million by 2030 whereas in South East Asia which include India is expected to witness 115 million people living with diabetes in 2030 as compared to 88 million in 2019 with a growth of 74%. Rest of World will witness a huge growth in the patient pool of diabetes (overall 96% growth in the Middle East & North Africa 55% growth in Latin America and 143% in Africa during 2019 and 2030) however, low developed healthcare infrastructure, high percentage of undiagnosed people, absence of high-cost drugs from the market will not provide such similar growth in the biguanide revenue during the forecast period. 

Global Biguanide Market Growth, by Region 2020-2026

Market Players Outlook

The biguanide market is a fragmented market as a large number of drug manufacturers are offering generic versions of the drugs in the global market. Some of the key players operating in the market 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. These market players companies are adopting various growth strategies which include mergers & acquisitions, product launches, and partnerships & collaborations to gain a competitive edge in the market. For instance, in  August 2019,  Glenmark Pharmaceuticals, Ltd. received regulatory approval to market a combination of its novel, patent-protected, and globally-researched sodium-glucose co-transporter-2 (SGLT2) inhibitor Remogliflozin etabonate (Remogliflozin) and Metformin Hydrochloride (Metformin) film-coated tablets in India. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Biguanide market. 
• Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.