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

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

Metformin hydrochloride tablets are used for patients with type 2 diabetes who are not satisfied with simple diet control, especially those with obesity and hyperinsulinemia. This medicine not only lowers blood sugar, but also may reduce weight and hyperinsulinemia.

Market Overview:

The latest research study on the global Metformin Hydrochloride Tablets (Immediate-release) market finds that the global Metformin Hydrochloride Tablets (Immediate-release) market reached a value of USD 898.61 million in 2022. It’s expected that the market will achieve USD 1255.0 million by 2028, exhibiting a CAGR of 5.73% during the forecast period.

Product has some side effects

Although most people are better tolerant of metformin hydrochloride tablets, the drug still has some side effects. The main side effects of metformin hydrochloride tablets (IR) are gastrointestinal reactions such as diarrhea, nausea and vomiting. In patients who use metformin, lactic acidosis may occur due to the accumulation of metformin, which is a rare and serious metabolic complication. Once it occurs, it will lead to life-threatening. Although this situation is rare, the possible side effects of drugs are still worthy of attention, and the side effects of products may cause some restrictions on the expansion of the product market.

NDMA pollution problem

The FDA (United States Food and Drug Administration) has pointed out that Metformin may contain NDMA, which is a carcinogen. However, the FDA has not confirmed whether it contains NDMA above the acceptable daily intake limit of 96 ng. However, the Singapore Health Sciences Authority announced that NDMA in metformin may be higher than internationally acceptable levels and recalled three of the 46 metformin drugs sold in Singapore. The potential risk of a product recall may have some adverse effects on the metformin hydrochloride market.

Aging global population

The global population is entering an aging phase. The number and proportion of older persons is increasing in almost every country in the world. Diabetes is a chronic progressive metabolic disease. People are more likely to get diabetes when they reach a certain age. Therefore, the proportion of middle-aged and elderly people who are diagnosed and found to have diabetes is high. With the improvement of the medical system, more patients with diabetes have been effectively treated, which has contributed to the increase in diabetes drug consumption.

Sound health care system

Although the incidence of diabetes is increasing globally, in many regions, especially in low-income regions, patients with diabetes have not been effectively treated, and only a small proportion of those with diabetes receive regular medical care. As more and more people become more aware of diabetes, their awareness of diabetes is increasing, and awareness of treating diabetes is increasing. Moreover, many countries have been committed to improving their own medical insurance systems, providing patients with medicines and funding support, and ensuring that more patients are effectively treated. With the improvement of medical systems in various countries, the sales volume of hypoglycemic drugs will also expand.

Region Overview:

North America is projected to account for a considerable share of the Metformin Hydrochloride Tablets (Immediate-release) market and is expected to become the largest region by 2028.

Company Overview:

Bristol-Myers Squibb is one of the major players operating in the Metformin Hydrochloride Tablets (Immediate-release) market, holding a share of 52.87% in 2023.

Bristol-Myers Squibb

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol-Myers Squibb products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

Merck & Co.

Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures.

Segmentation Overview:

As for product types, the 500 mg segment held the largest market share in 2022.

Application Overview:

By application, the Male segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Metformin Hydrochloride Tablets (Immediate-release) market covered in Chapter 3:

Sumitomo Dainippon Pharma
Mylan Pharma
Savant Pharm
Alexandria Co.
Beijing Liling Hengtai Pharma
Guizhou Tian'an Pharma
Dr. Reddy's Laboratories
Avet Pharmaceuticals
Hebei Tiancheng Pharma
CID Co.
Aurobindo Pharma
Bruno Farmaceutici
Shanghai Sine Pharma
Teva Pharma
Sun Pharma
Zydus Cadila
Indicus Pharma
Bristol-Myers Squibb
Guizhou Salvage Pharma
Apotex
Amneal Pharma
Laboratorio Elea
ChemoPharma
Sandoz
Merck & Co.
Towa Pharma
Nippon Shinyaku

In Chapter 4 and Chapter 14.2, on the basis of types, the Metformin Hydrochloride Tablets (Immediate-release) market from 2018 to 2029 is primarily split into:

500 mg
1000 mg
Other Forms

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Metformin Hydrochloride Tablets (Immediate-release) market from 2018 to 2029 covers:

Male
Female

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)