• July 20, 2024

Global Metformin Hydrochloride Market Size, Industry Trends, Historical Data, Growth Analysis Forecast to 2030

The global metformin hydrochloride market size was worth around USD 268.95 million in 2022 and is predicted to grow to around USD 386.91 million by 2030 with a compound annual growth rate (CAGR) of roughly 4.7% between 2023 and 2030.

Metformin hydrochloride is the chemical compound version of the medication used to treat high blood sugar in type 2 diabetic patients. Metformin hydrochloride (HCL) is typically taken alongside other drugs and can be given to patients without requiring them to follow a diet or exercise regimen.

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Overview of the Metformin Hydrochloride Market

Among many other related and more serious medical illnesses, high blood sugar is a major contributor to renal failure, nerve issues, blindness, and limb loss. Lower blood sugar suggests a lower chance of heart attack or heart failure. Metformin HCL works by specifically addressing the way the body responds to insulin that is produced by the body naturally. Additionally, it inhibits the liver’s ability to produce more sugar, which the stomach or intestines absorb and raise blood sugar levels. There are several forms of metformin HCL that can be taken orally, such as tablets, liquids, and long-acting tablets. The liquid form needs to be taken once or twice a day with meals, whilst the standard pill should be taken two to three times a day. The long-acting tablet needs to be taken with dinner only once a day.

Crucial Notes:

• Our research analyst’s analysis indicates that during the projected period (2023–2030), the global metformin hydrochloride market is expected to develop at a compound annual growth rate (CAGR) of about 4.7%.

• The global market for metformin hydrochloride was estimated to be worth USD 268.95 million in sales in 2022 and is expected to reach USD 386.91 million by 2030.

• A notable growth rate is anticipated in the metformin hydrochloride market due to the increasing number of individuals suffering from type 2 diabetes.

➤ Growing number of type 2 diabetes patients will fuel market expansion

The increasing number of persons with type 2 diabetes is expected to fuel growth in the global market for metformin hydrochloride. This disorder develops as a result of the body using glucose, or sugar produced in the body, as fuel. It is a chronic illness that contributes to abnormally elevated blood sugar levels. Type 2 diabetes is known to result in a number of other problems affecting the immunological, circulatory, and neurological systems over time and with inadequate care. The fact that type 2 diabetes has no known treatment and necessitates lifelong medication use is one of the primary causes for concern. However, maintaining a healthy diet, getting regular exercise, and taking prescribed medications by a doctor can all help to reduce the severity of the illness. According to a National Institutes of Health estimate, about 462 million people worldwide—or approximately 6.28% of the global population—have been diagnosed with type 2 diabetes. In addition, the World Health Organization (WHO) reports that around 95% of individuals with diabetes have the type 2 variety.

➤ side effects of the medication to limit market expansion

Metformin HCL is a chemically produced medication that does not exist naturally. While the medication is thought to be safe when used as directed, there are some adverse effects that may occur, such as nausea, vomiting, diarrhea, upset stomach, and a metallic taste in the mouth. Even though some of these disorders can seem harmless, it is advised to see a doctor if any of the symptoms don’t go away. Furthermore, a few individuals have mentioned that the symptom reappears after taking the same dosage for a few days or weeks. In these situations, the physician must determine whether the medication is more harmful than beneficial. These elements are probably going to hinder the growth trend of the worldwide metformin hydrochloride market.

➤ Increasing innovation and research on metformin HCL to provide growth prospects

In the past several years, there has been a greater focus on metformin hydrochloride as a medication. The medical community is now more interested in learning more about the advantages of the medication as a result of this. For instance, a detailed discussion of whether metformin qualifies as a miracle medication was written in a September 2021 article published in Harvard Health. It was said that metformin has great cardiovascular benefits and may be used for purposes other than treating diabetes. Numerous studies are being conducted to find out if metformin can help patients with type 2 diabetes have a decreased risk of stroke and dementia as well as a lower risk of cancer. Furthermore, some research have suggested that the miracle medication may even help to prevent age-related disorders or slow down the aging process. According to a recent study published in the Lancet, using the diabetes medication metformin reduced the risk of long-term COVID-19 by 40%. This finding may open up new growth opportunities for companies in the metformin hydrochloride market.

➤ The rising expense of healthcare and the scarcity of medication could prevent further growth

The expense of healthcare has increased significantly on a global scale in recent years. The price per person climbed to USD 12,900 in 2021 from USD 353,00 in 1970. Most harmed by these developments are the impoverished segments of society and those living in developing nations who might not have access to basic healthcare. One of the main issues facing the global industry is the high cost of the medication combined with a lack of knowledge.

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The Global Metformin Hydrochloride Market is segmented based on product, application and region

Global Metformin Hydrochloride Market: Product Segment Analysis

● Extended Release

● Immediate Release

● Combination Medicines

● Oral Solutions

Global Metformin Hydrochloride Market: Application Segment Analysis

● Retail Pharmacy

● Hospital Pharmacy

● Online Pharmacy

The global metformin hydrochloride market is led by players like:

● Shouguang Fukang Pharmaceutical

● CR Double-Crane

● Wanbury

● Keyuan Pharmaceutical

● Aarti Drugs

● Farmhispania Group

● Harman Finochem

● Exemed Pharmaceuticals

● Vistin Pharma

● Shijiazhuang Polee Pharmaceutical

● USV

➤ Asia-Pacific will become the top group over the course of the projection

Asia-Pacific is anticipated to hold the top spot in the worldwide metformin hydrochloride market over the projected period. This is primarily due to the Asian population’s elevated risk of type-2 diabetes. In China, estimations indicate that over 140 million people have been diagnosed with diabetes, while in India, as of 2021, almost 135 million people had been diagnosed with prediabetes. In the upcoming years, there may be a spike in the number of patients due to the increasing rate of population growth, an increase in the number of persons over 45, and the adoption of an inactive lifestyle further fostered by the culture of remote work.

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Furthermore, the area boasts one of the biggest pharmaceutical marketplaces worldwide, with China and India at the top. Some of the pharmaceutical industries’ most powerful and forward-thinking businesses are based in the former. Glenmark Pharmaceuticals, an Indian company, declared in 2019 that its new metformin hydrochloride extended-release tablet USP 1000 mg and USP 500 mg has been approved. According to this, Sun Pharma authorized RIOMET ER oral suspension and introduced it to the US market in 2020 after receiving FDA approval.

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