Market Size of Biguanides Industry
| Study Period | 2017- 2028 |
| Market Size (2023) | USD 5.09 Billion |
| Market Size (2028) | USD 5.64 Billion |
| CAGR (2023 - 2028) | 2.07 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Biguanides Market Analysis
The Biguanides Market size is estimated at USD 5.09 billion in 2023, and is expected to reach USD 5.64 billion by 2028, growing at a CAGR of 2.07% during the forecast period (2023-2028).
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.
