Global Metformin Hydrochloride Tablets Market Report and Forecast 2024-2032

Global Metformin Hydrochloride Tablets Market Outlook

The global metformin hydrochloride tablets market is expected to grow at a CAGR of 4.70% between 2024 and 2032, to reach a value of USD 632.85 million by 2032, driven by the increasing prevalence of diabetes.

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Key Trends in the Market

Metformin hydrochloride tablets are a type of medication which is used to treat diabetes mellitus by reducing the level of glucose released into the patient’s bloodstream, while enhancing utilisation of glucose already present in the patient. Classified as an antidiabetic agent, the active ingredient in the tablets is metformin. This medicine also helps improve response to insulin, reducing the risk of complications from unmanaged diabetes.  

• The increasing prevalence of diabetes mellitus among the adult population, owing to the sedentary lifestyles, lack of proper nutrition, and increasing consumption of sugary beverages, is driving the metformin hydrochloride tablets market.

• The growing research and development activities by pharmaceutical and biotechnological industry players aimed towards identifying further potential uses of metformin hydrochloride tablets in cancer treatment are crucial trends of the market.

• Metformin hydrochloride tablets are commonly prescribed to patients with type 2 diabetes, those who face difficulties in managing sugar levels with the use of exercise and diet alone, helping control blood sugar levels and reduce risk of complications.

Market Analysis

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Based on type, the market is bifurcated into metformin hydrochloride-immediate release and metformin hydrochloride-extended release. On the basis of distribution channel, the market is classified into hospital pharmacies, and retail pharmacies, among others. The regional market for metformin hydrochloride tablets are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.  

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global metformin hydrochloride tablets market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Bristol-Myers Squibb Company

• Glenmark Pharmaceuticals Ltd

• Teva Pharmaceutical Industries Ltd.

• Lupin Inc

• Shandong Keyuan Pharmaceutical Co., Ltd.

• Merck and Co.,Inc.

• Vistin Pharma ASA

• Others

Market Share by Type

The metformin hydrochloride-extended release segment, based on type, accounts for a healthy share of the metformin hydrochloride tablets market. Metformin hydrochloride- extended release tablets increase gastrointestinal tolerability and patient adherence, enabling one daily dosage, and are available in various branded and generic formulations. Moreover, this type of medication is beneficial for patients with diabetes mellitus who require better glycaemic control and enhanced management of comorbidity conditions. The increasing demand for Glucophage, which is a popular type of extended release MF, is further adding to the segment’s growth. Over the forecast period, the anticipated increase in transition from immediate to extended metformin hydrochloride, owing to the rising awareness about the product, is further providing impetus to the global metformin hydrochloride tablets market. 

Market Share by Distribution Channel

Based on distribution channel, the retail pharmacies segment accounts for a significant share in the metformin hydrochloride tablets market. This can be attributed to the easy accessibility of drugs and medicines from these stores which are established across rural, semi-urban, and urban areas of the emerging economies as well as developed nations. In addition, retail pharmacies are suited for patients who require long-term treatment and supply of metformin hydrochloride tablets on a regular basis. Competitive pricing and availability of a wide range of medications for patients with comorbidities are available in retail pharmacies. 

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Competitive Landscape

Bristol-Myers Squibb Company is a leading pharmaceutical company which develops and delivers innovative medicines to treat severe chronic conditions. The company is dedicated towards improving the cancer treatment infrastructure with its advanced medical solutions. Bristol-Myers Squibb Company was established in 1887 and is currently headquartered in New York, United States. 

Glenmark Pharmaceuticals Ltd is a prominent pharmaceutical company which has provided innovative and ground breaking medical solutions, such as Candid cream, across the world. The company is dedicated towards producing and marketing generic and branded pharmaceutical solutions. Glenmark Pharmaceuticals was founded in 1977 and is currently headquartered in Maharashtra, India.

Teva Pharmaceutical Industries Ltd. is a leading generic medicine manufacturer which develops high-quality biopharmaceutical treatment products in order to combat chronic diseases and infections. The company was founded in 1944 and is currently headquartered in Tel Aviv, Israel. Apart from manufacturing generic drugs, Teva Pharmaceutical Industries also offers active pharmaceutical ingredients.  

Other market players include Lupin Inc, Shandong Keyuan Pharmaceutical Co., Ltd., Merck and Co.,Inc., and Vistin Pharma ASA, among others.

Key Highlights of the Report