Metformin Hydrochloride: Introduction
- Metformin is a biguanide class of antihiperglycemic agent that acts primarily by decreasing endogenous hepatic output of glucose by inhibition of gluconcogenesis. It is a white colored crystalline powder soluble in water, but insoluble in acetone, ether, and chloroform.
- Metformin hydrochloride is the raw material of finished product metformin hydrochloride drugs. Metformin hydrochloride finished product is an oral antihyperglycemic drug used in the management of type 2 diabetes.
Key Drivers of Global Metformin Hydrochloride Market
- Metformin hydrochloride is primarily used in the treatment of diabetes. Prevalence of diabetes is expected to increase across the world due to change in lifestyle and factors such as malnutrition and genetic mutations. According to government and private organizations operating in the diabetes industry, diabetes is considered one of the top fatal diseases. According to the American Diabetes Association, diabetes accounts for approximately 71,000 deaths in the U.S. each year. According to the International Diabetes Federation, 422 million people across the world were living with diabetes in 2016, and over 10% of the world’s adult population (642 million) will have diabetes by 2040.
- Diabetes is more prevalent in the geriatric population. According to the American Diabetes Association, over 25% of the diabetic patients in the U.S. are aged 65 years and above.
Metformin HCL Segment to be Highly Promising
- In terms of product type, the global metformin hydrochloride market can be segmented into metformin HCL, metformin DC, and others
- The metformin HCL segment accounted for prominent share of the global metformin hydrochloride market in 2019. This segment is expected to dominate the global metformin hydrochloride market due to availability of a range of products and high preference in the treatment of diabetes.
Hospital Pharmacies to be Most Promising Segment
- Based on distribution channel, the global metformin hydrochloride market can be divided into hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies was the largest segment in terms of revenue in 2019 and is anticipated to witness strong growth during the forecast period.
- Increase in health care infrastructure and availability of all treatment options in one place are expected to boost the growth of the hospital pharmacies segment
- Increase in number of patients with diabetes, who require hospital visit fuels the growth of the hospital pharmacies segment
North America to Dominate Global Metformin Hydrochloride Market
- In terms of region, the global metformin hydrochloride market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global metformin hydrochloride market in 2019. The trend is expected to continue during the forecast period. Dominance of the region can be attributed to an increase in patients with diabetes, obesity, and other major chronic diseases, rise in number of research & development programs, and government funding. According to the American Diabetes Association, around 34.2 million people in the U.S., or 10.5% of the population, were suffering diabetes in 2018.
- The market in Asia Pacific is projected to expand at a significantly high growth rate during the forecast period, owing to rise in prevalence of major chronic diseases in emerging countries such as India and China
Key Players Operating in Global Metformin Hydrochloride Market
The global metformin hydrochloride market was highly fragmented in 2019. Leading players operating in the global market are:
- Bristol-Mayers Squibb
- Shouguang Fukang Pharmaceutical
- Harman Finochem
- Vistin Pharma
- CR Double-Crane
- Keyuan Pharmaceutical
- FARMHISPANIA GROUP
- Shijiazhuang Polee Pharmaceutical
Global Metformin Hydrochloride Market: Research Scope
Global Metformin Hydrochloride Market, by Product Type
- Metformin HCL
- Metformin DC
Global Metformin Hydrochloride Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.