Metformin Hydrochloride Market Size, Share & Industry | 2030

Report Description

Metformin Hydrochloride Market Outlook

The global metformin hydrochloride market size was valued at USD 391.9 Million in 2021 and is projected to reach USD 572.9 Million by 2030, expanding at a CAGR of 4.4% during the forecast period, 2022 – 2030. The market growth is attributed to the growing prevalence of diabetic patients, cardiovascular disease, and obesity.

An MS/SS Vertical Vessel with Filter Leaves inside makes up the Pressure Leaf Filter. Growing adoption of a sedentary lifestyle resulted in an increase in the incidence of type 2 diabetes among the population of all age groups, which in turn boosts the consumption of metformin hydrochloride medication for treating type 2 diabetes diseases, which contributes to the market growth.

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Metformin hydrochloride is an oral anti-hyperglycemic drug used for treating type 2 diabetes. Metformin hydrochloride is marketed under different brand names such as Glucophage and Fortamet. The metformin hydrochloride tablets are available in two forms namely, extended-release and immediate-release.

Metformin is an approved medicine for adults and children aged 10 and over. The metformin hydrochloride extended-release formula is approved for adults aged 18 and over. According to the American Diabetes Association's (ADA) Standards of Medical Care in Diabetes, metformin is the initial oral diabetes medicine for type 2 diabetes as it is safe and effective, and is expected to reduce the risk of cardiovascular disease.

Metformin Hydrochloride Market Dynamics

Major Driver 

Increasing type-2 diabetes patients world

Diabetes is primarily treated with metformin hydrochloride, which is expected to drive the market. The prevalence of diabetes is anticipated to rise globally, due to the changing lifestyle of people, starvation, and genetic abnormalities among people.

According to the World Health Organization (WHO), In 2019, diabetes was the ninth leading cause of death with an estimated 1.5 million deaths directly caused by diabetes.

The American Diabetes Association estimates that 71,000 deaths in the US occur each year due to diabetes. Around 537 million people across the world had diabetes in 2021. According to the International Diabetes Federation, over 10% of the adult population (642 million) is expected to suffer from diabetes by 2040.

Increasing risk of cardiovascular diseases

CVD is a key cause of death and disability among people across the world. The causes of cardiovascular disease are diverse and include smoking, diabetes, obesity, hyperlipidemia, and hypertension. Both type 1 diabetes and type 2 diabetes are often comorbid with CVD. Hyperglycemia induces oxidative stress, causes lipoprotein and endothelial dysfunction, and increases the risk of CVD.

Metformin, a common hypoglycemic drug, reduces the incidence of cardiovascular disease in people with diabetes. Metformin improves the level of endothelial oxidative stress and reduces hyperglycemia-induced inflammation, thereby reducing the incidence of CVD.

Existing Restraint

Increasing number of substitutes of metformin hydrochloride

The availability of various substitutes for metformin hydrochloride is expected to hamper the market. Metformin causes gastrointestinal side effects, hence people often switch to another drug. Januvia, Precose, Glucotrol XL, Actos, and Victoza are some substitutes for metformin. Metformin is used by patients with polycystic ovary syndrome to treat the associated insulin resistance.

Metformin does not suit every patient. Patients with a history of hypersensitivity reactions to metformin or biguanides cannot take metformin. Hence, they switch to the alternative treatment options of metformin.

Emerging Opportunity

Increasing incidence of obesity

Obesity has increased rapidly in recent years, due to lifestyle changes among people. Obesity is a chronic multifactorial disease with other associated metabolic syndromes such as diabetes, fatty liver disease, and cardiovascular disease. An imbalance between energy intake and expenditure causes obesity. Metformin is expected to be a potential treatment for obesity and its related metabolic disorders.

Metformin has weak but beneficial effects such as weight loss in people not affected by diabetes. In mice, metformin treatment for 14 weeks increased the gene expression of FGF21 (fibroblast growth factor 21). This key metabolic hormone promotes the lipolysis of white adipose tissue to prevent fat accumulation and prevents high-fat diet-induced obesity and associated inflammatory responses.

 Scope of Metformin Hydrochloride Market Report

The report on the global metformin hydrochloride market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Metformin Hydrochloride Market Segment Insights

The global metformin hydrochloride market is segmented on the basis of type, distribution channel, and region.

Type Segment Analysis

Based on type, the metformin hydrochloride market is segmented into metformin hydrochloride-immediate release and metformin hydrochloride-extended release. The demand for metformin hydrochloride immediate-release is expected to rise at a substantial pace of 4.35%, due to its high adoption, to manage diabetes.

The usage of metformin hydrochloride immediate-release offers improved bioavailability and absorption and has an advanced wet granulation technique, which allows the uniform distribution of the drug.

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The metformin hydrochloride extended-release segment is projected to dominate the market, as metformin extended-release tablet offers several advantages for diabetic patients, such as improved patient compliance, and reduction in gastrointestinal side effects. Additionally, Glucophage XR is available in different doses, such as 500mg, 1,500 mg, and 2000mg, and is administered once a day for controlling blood glucose levels in type 2 diabetic patients. 

• For instance, On December 21, 2022, Glenmark Pharmaceuticals Limited (Glenmark), a leading global pharmaceutical company launched the first triple fixed-dose combination of Teneligliptin with Pioglitazone and Metformin in India. Teneligliptin is a widely used DPP4 inhibitor (Dipeptidyl Peptidase 4 inhibitor). This FDC has been launched under the brand name Zita-PioMet and contains Teneligliptin (20 mg) + Pioglitazone (15 mg) + Metformin (500mg/1000mg) in a sustained release (SR) formulation. It helps to treat patients with type 2 diabetes with a daily dose of the tablet. It helps to improve glycemic and helps to control and achieve the targeted HbA1c within 24 weeks.

Distribution Channel Segment Analysis

In terms of distribution channel, the metformin hydrochloride market is segmented into hospital pharmacy, drug stores, retail pharmacy, and online pharmacy. The hospital pharmacy segment is expected to expand at a significant CAGR, owing to the increasing usage of metformin hydrochloride in hospital pharmacies. 

Metformin hydrochloride is prescribed in hospital pharmacies for hyperglycemia and polycystic ovary syndrome. The rising diabetes cases and awareness campaigns conducted for diabetic patients are projected to propel the growth of hospital pharmacies at a substantial pace.

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The retail pharmacy is expected to grow at a substantial rate, owing to rising investment in healthcare infrastructure and increasing awareness campaigns for diabetes, boosting the demand for metformin hydrochloride at retail pharmacies.

Regional Analysis

Based on region, the global metformin hydrochloride is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market for metformin hydrochloride in the Asia Pacific region is growing rapidly due to increased investment in the industrial sector and the growing population of the region.

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. According to, Pan American Health Organization (PAHO), it is estimated that around 62 million people in Americas (422 million people worldwide) have diabetes, the majority living in low-and middle-income countries, and 284,049 deaths (1.5 million globally) are directly attributed to diabetes each year. 

• For instance, the Centers 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.

The presence of key manufacturers and their rising investments in the development of metformin hydrochloride tablets is projected to rise the consumption of diabetic drugs in Europe. According to data from IDF Diabetes Atlas 2021, revealed that The number of adults with diabetes is expected to reach 67 million by 2030 and 69 million by 2045 in Europe. The European Medicines Agency (EMA) has invested significantly in developing and assessing or testing metformin hydrochloride for type-2 diabetic patients, which is anticipated to boost the demand for metformin hydrochloride for type diabetes patients.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Metformin Hydrochloride Market
• Historical, Current, and Projected Market Size in Terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Metformin Hydrochloride Market Performance