According to a recent market study published by Growth Market Reports, titled, “Global Metformin Hydrochloride Market” by types, by distribution channel, and by regions: Size, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at USD 341.7 Million in 2021 and is expected to grow at a growth rate of 4.4% by the year 2030.

As per Growth Market Reports industry analyst Raksha Sharma, “Global Metformin Hydrochloride Market is anticipated to witness significant growth during the forecast period 2022-2030. Key players in the Metformin Hydrochloride market increased their focus on introducing Metformin Hydrochlorides with research and development and unique materials that provide users with accurate results. These factors are anticipated to boost the Metformin Hydrochloride market during the forecast period.

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Metformin hydrochloride is an antihyperglycemic drug, which belongs to the biguanide class (used to treat type 2 diabetes) and works primarily by reducing the endogenous hepatic production of glucose by gluconeogenesis inhibition. It is a crystalline powder, which is white in color and dissolves in water; however, it is insoluble in acetone, ether, and chloroform.

Metformin hydrochloride is also called 1,1-dimethyl-biguanide hydrochloride, and its method of action and applications are comparable to those of other biguanides. Metformin HCl forms the base raw material for drugs targeting type-2 diabetes. The increasing use of metformin hydrochloride for the treatment of renal diseases is expected to drive the market. Chronic kidney disease (CKD) and acute kidney injury (AKI) are two major renal diseases. AKI is defined as a sudden loss of renal function that takes place within a few days or hours, and CKD refers to the progressive loss of renal function that takes place within a few months or years. There are no effective treatments for these illnesses. Usage of metformin was previously restricted.

The primary, as well as secondary research methodology, is used for keen observation and study about the Metformin Hydrochloride market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.

Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 pandemic has highlighted economic disparities in the global demand in the crises of global interdependence and governance challenges. Epidemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities.  According to the current pandemic situation, strict measures are required for monitoring the situation, which in turn, affects businesses causing unanticipated short and long-term effects.

Consequently, epidemics and pandemics are problems for the individual market and an enhancement of existing dynamics and limitations. In the long-term, COVID-19 can serve as another opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In the current scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. Moreover, trade barriers are further reducing the demand-supply of various products and services.

Key Takeaways from the Study

  • The players include Wanbury, Shandong Longze Chemical Co., Ltd., Vistin Pharma AS, Shandong Keyuan Pharmaceutical Co., Ltd., Farmhispania Group, Harman Finochem Ltd, Aarti Drugs, Dr. Reddy’s Laboratories Ltd., USV Pvt Ltd, Abhilasha Pharma, Bristol Laboratories Ltd, AdvaCare Pharma, Cipla, Aurobindo Pharma USA.
  • On the basis of type, The demand for metformin hydrochloride immediate-release is expected to rise at a substantial pace of 4.3%, due to its high adoption, to manage diabetes. The usage of metformin hydrochloride immediate-release offers improved bioavailability and absorption, and has advanced wet granulation technique, which allows the uniform distribution of the drug.
  • Based on applications, The hospital pharmacy segment is expected to expand at a significant CAGR, owing to increasing usage of metformin hydrochloride in hospital pharmacies. The rising cases of diabetes cases and awareness campaigns conducted for diabetic patients are projected to propel the growth of hospital pharmacies at a substantial pace.
  • In terms of regions, the global Metformin Hydrochloride markets are split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The growth of the market in North America is attributed to the increasing number of people with diabetes and rising incidences of obesity caused by the adoption of an unhealthy diet. For instance, the Center for Disease Control and Prevention stated that there was around a 35% rise in cases of obesity among diabetic patients. Rising cases of obesity are boosting the demand for metformin hydrochloride in North America.

Report Scope

Report Metric

Details

Market Value in 2021

USD 341.7 Million

Market Growth Rate (from 2020 to 2030)

4.4%

Historical Data

2019 & 2020

Base Year

2021

Forecast Period

2022 – 2030

Units Considered

Value (USD Million)

Market Segments

by Types, by Distribution Channels, and by Regions

Key Companies Profiled

Wanbury, Shandong Longze Chemical Co., Ltd., Vistin Pharma AS, Shandong Keyuan Pharmaceutical Co., Ltd., Farmhispania Group, Harman Finochem Ltd, Aarti Drugs, Dr. Reddy’s Laboratories Ltd., USV Pvt Ltd, Abhilasha Pharma, Bristol Laboratories Ltd, AdvaCare Pharma, Cipla, Aurobindo Pharma USA.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Raw material suppliers and Manufactures  
  • Demand Side: Consumers (Type 2 Diabetes Patients)
  • Regulatory Side: Concerned government authorities, and other regulatory bodies.