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Global Metformin Hydrochloride Tablets Market Share, Size, Trends, Growth, Analysis, Forecast: By Type: Metformin Hydrochloride-Immediate Release, Metformin Hydrochloride-Extended Release; By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2023-2028
Global Metformin Hydrochloride Tablets Market Outlook
The global metformin hydrochloride tablets market is expected to grow at a CAGR of 4.70% between 2023 and 2028, to reach a value of USD 526.64 million by 2028, 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
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Metformin Hydrochloride Tablets Market Analysis
8.1 Key Industry Highlights
8.2 Global Metformin Hydrochloride Tablets Historical Market (2018-2022)
8.3 Global Metformin Hydrochloride Tablets Market Forecast (2023-2028)
8.4 Global Metformin Hydrochloride Tablets Market by Type
8.4.1 Metformin Hydrochloride-Immediate Release
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Metformin Hydrochloride-Extended Release
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Metformin Hydrochloride Tablets Market by Distribution Channel
8.5.1 Hospital Pharmacies
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Retail Pharmacies
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Others
8.6 Global Metformin Hydrochloride Tablets Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Metformin Hydrochloride Tablets Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Metformin Hydrochloride Tablets Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Metformin Hydrochloride Tablets Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Metformin Hydrochloride Tablets Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Metformin Hydrochloride Tablets Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Bristol-Myers Squibb Company
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Glenmark Pharmaceuticals Ltd
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Teva Pharmaceutical Industries Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Lupin Inc
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Shandong Keyuan Pharmaceutical Co., Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Merck and Co.,Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Vistin Pharma ASA
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Metformin Hydrochloride Tablets Market: Key Industry Highlights, 2018 and 2028
2. Global Metformin Hydrochloride Tablets Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Metformin Hydrochloride Tablets Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Metformin Hydrochloride Tablets Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
5. Global Metformin Hydrochloride Tablets Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
6. Global Metformin Hydrochloride Tablets Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Metformin Hydrochloride Tablets Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Metformin Hydrochloride Tablets Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Metformin Hydrochloride Tablets Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Metformin Hydrochloride Tablets Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Metformin Hydrochloride Tablets Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Metformin Hydrochloride Tablets Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Metformin Hydrochloride Tablets Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Metformin Hydrochloride Tablets Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Metformin Hydrochloride Tablets Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Metformin Hydrochloride Tablets Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Metformin Hydrochloride Tablets Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Metformin Hydrochloride Tablets Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 4.70% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach a value of USD 526.64 million by 2028.
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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