Biguanides Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Biguanides Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Biguanides Market is estimated to witness a CAGR of more than 2% during the forecast period. The market is estimated to reach a value of more than USD 5.5 billion by 2027.

The COVID-19 pandemic has had a substantial impact on the biguanides market. The prevalence of diabetes in people hospitalized with COVID-19 infection and the recognition that improved glycemic control might improve outcomes and reduce the length of stay in patients with SARS-CoV-2 have underlined the importance of the oral anti-diabetic drugs market. People with diabetes have a weaker immune system, the COVID-19 complication aggravates the condition, and the immune system gets weaker very fast. Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19 including an increased risk of severe illness or death. Thus, the COVID-19 outbreak increased the biguanides market's growth globally.

Biguanides are a class of medications used to treat type 2 diabetes. They work by reducing the production of glucose that occurs during digestion. Metformin is the only biguanide currently available in most countries for treating diabetes. Glucophage (metformin) and Glucophage XR (metformin extended release) are well-known brand names for these drugs. Others include Fortamet, Glumetza, and Riomet. Metformin is also available in combination with several other types of diabetes medications, such as sulfonylureas.

As Type 2 diabetes is associated with both poorer clinical outcomes during the COVID-19 pandemic and an increased risk of death in such hospitalized patients, the role of glucose control has been emphasized to improve the prognosis. Metformin is the first-line choice for the management of hyperglycemia in T2DM. Besides being an important glucose-lowering agent, metformin also has significant anti-inflammatory. Therefore, metformin has been a potential candidate for treating patients affected by COVID-19 infection, with type 2 diabetes, as well as an excellent antidiabetic (glucose-lowering) agent during COVID-19 pandemic times.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsRising diabetes prevalence

The Global diabetes population is expected to rise by more than 1.9% during the forecast period.

According to International Diabetes Federation (IDF), the adult diabetes population in 2021 is approximately 537 million, and this number is going to increase by 643 million in 2030. The rate of newly diagnosed cases of Type 1 and Type 2 diabetes is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure worldwide are indications of the increasing usage of anti-diabetic drugs. Technological advancements and innovations have increased over the period leading to several modifications either in the drugs or the formulations being developed.

Metformin is classified as a biguanide used for the treatment of type 2 diabetes. It is prescribed for its “off-label” use in people with conditions such as insulin resistance. Since the introduction of metformin in T2DM therapy, a huge number of patients have been treated successfully with this globally available medication having a favorable risk/benefit profile recommended by IDF guidelines as a first-line drug. Hence, metformin is still the most prescribed oral antidiabetic medication worldwide with a prescription rate of 45–50% of all prescriptions and taken by over 150 million people each year. Long-term positive experience with the use of metformin, strong evidence of clinical efficacy, safety, high adherence rate, low cost, general availability, and cost-effectiveness are the contributing factors to the high market share. The World Health Organization has put metformin on the list of essential medicines: “medicines that satisfy the priority of health care needs of the population”.

Owing to the aforementioned factors and the increasing prevalence it is likely that the market will continue to grow.

Asia-Pacific region held the highest market share in the Biguanides Market in 2021

Asia-Pacific region held the highest market share in the Biguanides Market and is expected to register a CAGR of more than 1.8% in the forecast period.

The Asia-Pacific region had witnessed an alarming increase in the prevalence of diabetes, in recent years. In developing countries, such as China and India, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Diabetes is associated with many health complications. Patients with diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as oral anti-diabetic medication or ingestion of additional carbohydrates by monitoring their blood glucose levels.

According to the OECD iLibrary in Asia-Pacific, about 227 million people live with type 2 diabetes and about half of them are undiagnosed and unaware of developing long-term complications. Also, according to the International Diabetes Federation data, 90 million adults in the age group of 20-79 are living with diabetes in the South-East Asia (SEA) Region in 2021 which is projected to increase to 113 million by 2030 and 152 million by 2045.

In July 2022, Zydus Lifesciences announced that it has received final approval to market Empagliflozin and Metformin Hydrochloride tablets in multiple strengths. Empagliflozin and Metformin Hydrochloride tablets are used with proper diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. They are also used to lower the risk of cardiovascular death in patients with type 2 diabetes mellitus and established cardiovascular disease.

Owing to the rising rate of obesity, growing genetic factors for type-2 diabetes, the increasing prevalence, and the aforementioned factors it is likely that the market will continue to grow.

Competitive Landscape

The Biguanides market is fragmented, with manufacturers like Takeda, Merck, Sanofi, GlaxoSmithKline, Bristol-Myers Squibb, and Boehringer Ingelheim Pharmaceuticals having a global market presence and the market is highly competitive due to generic drugs manufacturers' presence.

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