Global Metformin Hydrochloride Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Metformin Hydrochloride Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Metformin Hydrochloride is the hydrochloride salt of the biguanide metformin with antihyperglycemic and potential antineoplastic activities. Metformin hydrochloride improves glucose tolerance by lowering basal and postprandial blood sugar. Metformin hydrochloride can reduce liver glucose production, reduce the intestinal absorption of glucose, and improve insulin sensitivity by increasing the muscle's absorption and utilization of glucose.

Market Overview:

The latest research study on the global Metformin Hydrochloride market finds that the global Metformin Hydrochloride market reached a value of USD 326.5 million in 2022. It’s expected that the market will achieve USD 441.58 million by 2028, exhibiting a CAGR of 5.16% during the forecast period.

From the perspective of upstream raw materials, in the short term, supply chain disruption has relatively low impact on SMEs. According to some data, among small and medium-sized enterprises and large enterprises, the proportion of enterprises that believe that supply chain interruption is the main pressure accounted for about 21.2%. In addition, the outbreak of the epidemic has caused various countries around the world to implement comprehensive traffic control and other measures. This poses a certain threat to the global supply chain. This is mainly reflected in the impact of the epidemic on the procurement of raw materials in the industry. Due to the limited production of raw material suppliers and poor logistics, raw material procurement is facing difficulties, but this situation will be effectively alleviated as the process of resuming work and production resumes.

From the perspective of metformin hydrochloride companies, the main reason is to increase cost pressure. The outbreak of the COVID-19 epidemic has put companies under pressures such as tight cash flow, supply chain disruption, and general decline in market supply and demand. Most companies expect a significant decline in revenue. Employee wages, loan repayments, and rental expenses are the main cost pressures for business operations. Especially for small and medium-sized enterprises, paying employees' wages has become the biggest cost pressure. In contrast, the wage pressure of employees in large enterprises is relatively low.

From a downstream point of view, the impact of the epidemic on the downstream customers of metformin hydrochloride is comprehensive. After the epidemic, people pay more attention to their health. Therefore, as people's awareness of diabetes is getting higher and higher, their awareness of the treatment of diabetes is also getting higher and higher. This will drive demand for products. In addition, countries have been committed to improving their own medical insurance systems, providing patients with medicines and financial support, and ensuring that more patients receive effective treatment. With the improvement of medical systems in various countries, the sales of hypoglycemic drugs will also expand.

The development of online pharmacies boosts sales of metformin hydrochloride

For the metformin hydrochloride industry, the growing popularity of online pharmacies has promoted the development of the industry. This is mainly due to online channels that promote product sales. As shoppers become more accustomed to buying goods online and retailers fine-tune e-commerce operations to deliver products faster, the share of online e-commerce in total retail sales is increasing every year. At the same time, the pandemic has exacerbated this trend. Due to social distancing, more and more patients and providers visit these platforms. In the United States, the use of online pharmacies has increased by 17% from last year. The highest usage rate is among consumers aged 18-34. In the coming post-pandemic world, medical e-commerce shows no signs of abating, because many consumers are now accustomed to the convenience of remote prescriptions—and often at lower costs. It can be seen that online pharmacies have broadened the sales channels of products due to its convenience and other characteristics, thereby promoting the development of metformin hydrochloride.

Product substitute risk

For metformin hydrochloride products, its products are not suitable for everyone, and there will be certain side effects. Diabetic patients such as congestive heart failure, renal insufficiency or liver insufficiency cannot use this product. At the same time, the longer the metformin hydrochloride is taken, the worse the effect may be. Therefore, related researchers are constantly innovating to find drugs that can replace metformin hydrochloride. For example, a drug called salicylate works similarly to metformin. Scientists believe that it may be a good alternative for patients with type 2 diabetes who cannot take metformin. Salicylate has been used to treat other health problems such as pain and inflammation. In addition, SGLT2 inhibitors (short for sodium-glucose cotransporter) are also becoming the next best drug after metformin. It can be seen that the alternative risks of metformin hydrochloride are constantly increasing. With the development and marketing of these new drugs, it will continue to restrict the development of the metformin hydrochloride industry.

Region Overview:

In 2022, the share of the Metformin Hydrochloride market in Asia Pacific stood at 36.04%.

Company Overview:

USV ,Wanbury ,Shouguang Fukang Pharmaceutical ,Vistin Pharma and Aarti Drugs are the five key players in the global Metformin Hydrochloride market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Metformin Hydrochloride market in the past 5 years.

USV

The products provided by USV include active pharmaceutical ingredients (API), fixed-dose formulations (FDF), peptides, biosimilars, and injections. These are produced at USV's cGMP-compliant factory in India. USV products are sold in 65 countries/regions around the world.

Wanbury

Wanbury Limited is one of the fastest-growing pharmaceutical companies in India's Top 50 Companies (according to ORG-IMS) and has a strong influence in the API global market and domestic brand formulations. Wanbury's main areas of trust are in the sales and marketing of active pharmaceutical ingredients (APIs) in more than 50 countries and the presence of pan-Indian formulations.

Segmentation Overview:

By type, Metformin HCL segment accounted for the largest share of market in 2022.

Metformin HCL

Metformin HCL is the hydrochloride salt of metformin, which has anti-hyperglycemia and potential anti-tumor activities.

Metformin DC

Metformin DC is a directly compressible material used in ordinary metformin immediate-release tablets.

Application Overview:

By application, the Metformin Hydrochloride Extended-Release Tablets segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Metformin Hydrochloride market covered in Chapter 3:

FARMHISPANIA GROUP
Shouguang Fukang Pharmaceutical
Keyuan Pharmaceutical
Vistin Pharma
Aarti Drugs
Puli Pharm
Harman Finochem
USV
Wanbury
Taj API

In Chapter 4 and Chapter 14.2, on the basis of types, the Metformin Hydrochloride market from 2018 to 2029 is primarily split into:

Metformin HCL
Metformin DC

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Metformin Hydrochloride market from 2018 to 2029 covers:

Metformin Hydrochloride Tablets
Metformin Hydrochloride Extended-Release Tablets
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)