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
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