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Report Overview

2024

Base Year

2018-2024

Historical Period

2025-2034

Forecast Period

Global Metformin Hydrochloride Tablets Market Outlook

The global metformin hydrochloride tablets market is expected to grow at a CAGR of 4.70% between 2025 and 2034, to reach a value of USD 632.85 million by 2034, driven by the increasing prevalence of diabetes.

metformin hydrochloride tablets market

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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

metformin hydrochloride tablets market by segments

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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. 

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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Distribution Channel
  • Region
Breakup by Type
  • Metformin Hydrochloride-Immediate Release
  • Metformin Hydrochloride-Extended Release
Breakup by Distribution Channel
  • Hospital Pharmacies
  • Retail Pharmacies
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis 
  • Porter's Five Forces Analysis 
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market is estimated to grow at a CAGR of 4.70% between 2025 and 2034.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach a value of USD 632.85 million by 2034.

The increasing prevalence of diabetes mellitus among the adult population, growing prevalence of cancer, and increasing preference for tablets over injections are the major drivers of the market.

The key trends in the market include the growing research and development activities, potential uses of metformin hydrochloride tablets in the treatment of cancer, and expanding network of retail pharmacies.

Metformin hydrochloride tablet is used for reducing the glucose levels in the body in order to treat diabetes mellitus.

Metformin hydrochloride tablets can cause loss of appetite which can help obese patients lose weight.

Metformin hydrochloride-immediate release and metformin hydrochloride-extended release are the different types of metformin hydrochloride tablets in the market.

Hospital pharmacies, and retail pharmacies, among others, are the primary distribution channels for metformin hydrochloride tablets in the market.

North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regions included in the market report.

Bristol-Myers Squibb Company, Glenmark Pharmaceuticals Ltd, Teva Pharmaceutical Industries Ltd., Lupin Inc, Shandong Keyuan Pharmaceutical Co., Ltd., Merck and Co.,Inc., and Vistin Pharma ASA, among others, are the key players of the global metformin hydrochloride tablets market, according to the report.

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