The global Metformin HCL market volume was roughly 75 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 4.5% during the forecast period until 2034. Metformin HCL works by facilitating the body's natural response to insulin, restoring its proper function. Additionally, it diminishes hepatic glucose production and decreases the absorption of sugar by the stomach and intestines.
Metformin Hydrochloride (HCl) is a and useful medication primarily employed in the management of type 2 diabetes mellitus. Acting as a first-line therapy, metformin addresses the underlying pathology of insulin resistance and impaired glucose metabolism characteristic of type 2 diabetes. Its multifaceted mechanism of action includes inhibiting hepatic glucose production, enhancing peripheral insulin sensitivity, and modestly reducing intestinal glucose absorption. By regulating blood glucose levels, metformin effectively mitigates the risk of long-term complications associated with hyperglycaemia, such as renal impairment, neuropathy, retinopathy, and cardiovascular disease. As a vital drug in diabetes management, Metformin hydrochloride not only aids in glycaemic control but also plays a crucial role in preserving overall health and minimizing the morbidity and mortality burden of type 2 diabetes.
The expansion of the global Metformin hydrochloride market is propelled by the escalating prevalence of type 2 diabetes worldwide. This chronic condition stems from the body's inefficient utilization of glucose as a fuel source, leading to persistent hyperglycaemia. Over time, uncontrolled type 2 diabetes can precipitate a cascade of complications affecting the nervous, circulatory, and immune systems. While type 2 diabetes lacks a definitive cure, its severity can be mitigated through lifelong medication, dietary modifications, and regular physical activity. Certain risk factors predispose individuals to this condition, including obesity, prediabetes, advancing age (over 45 years), familial history of type 2 diabetes, sedentary lifestyles, and gestational diabetes. As the global population burgeons and sedentary behaviours become increasingly prevalent, the demand for Metformin hydrochloride is poised for growth, owing to its pivotal role in managing type 2 diabetes and its associated complications. The global Metformin HCL market is likely to reach approximately 122 thousand tonnes in 2034.
Geographically, the Asia Pacific region is biggest consumer of Metformin HCL and is likely to stay so owing to various reasons. Firstly, the region's substantial population size, coupled with the rising prevalence of conditions like type 2 diabetes, drives the demand for medications containing Metformin HCL. With a significant portion of the global population residing in countries within the Asia Pacific region, the sheer volume of individuals requiring treatment contributes to its prominent consumption. Additionally, factors such as rapid urbanization, changing lifestyles, and dietary habits contribute to the increasing incidence of metabolic disorders, further driving the demand for Metformin HCL-based medications. Moreover, the adoption of preventive healthcare measures and health education initiatives in developing nations is aimed at managing chronic conditions like diabetes also contribute to sustained demand.
Based on end-use applications, the global Metformin HCL market is divided into Anti-diabetic Agent, and Others. Metformin HCL is administered alongside a balanced diet and regular exercise regimen, often in conjunction with other medications, to regulate elevated blood sugar levels. Primarily prescribed for patients diagnosed with type 2 diabetes, its role in glycaemic control serves to mitigate the risk of various complications, including kidney damage, vision impairment, neuropathy, limb amputation, and sexual dysfunction. Effective diabetes management also reduces the likelihood of cardiovascular events such as heart attacks or strokes.
Notable players in the Global Metformin HCL market are Exemed Pharmaceuticals, Aarti Drugs, Shouguang Fukang Pharmaceutical, Wanbury, CR Double-Crane, Vistin Pharma, Farmhispania Group, Keyuan Pharmaceutical, USV, Harman Finochem, Shijiazhuang Polee Pharmaceutical, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Metformin HCL which covers production, demand and supply of Metformin HCL market in the globe.
• To analyse and forecast the market size of Metformin HCL
• To classify and forecast Global Metformin HCL market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Metformin HCL market in the globe.
To extract data for Global Metformin HCL market, primary research surveys were conducted with Metformin HCL manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Metformin HCL market over the coming years.
ChemAnalyst calculated Metformin HCL demand across the globe by analyzing the volume of Metformin HCL consumed by the End-Use Applications and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Metformin HCL manufacturers and other stakeholders
• Organizations, forums and alliances related to Metformin HCL distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Metformin HCL manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Metformin HCL market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
75 thousand tonnes
Market size Volume in 2034
122 thousand tonnes
Growth Rate
CAGR of 4.5% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End-Use Application, Demand by Region, Demand by Distribution Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use Application: (Anti-diabetic Agent, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Metformin HCL in terms of volume in 2023?
Ans:
The global market size of Metformin HCL has reached approximately 75 thousand tonnes in 2023.
Q2.
Which region is the prominent consumer of Metformin HCL?
Ans:
Asia Pacific is the prominent consumer of Metformin HCL globally.
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