Global Metformin Hydrochloride Market Size To Worth USD 34.33 Billion by 2033 | CAGR of 6.80%
Category: HealthcareGlobal Metformin Hydrochloride Market Worth USD 34.33 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Metformin Hydrochloride Market Size is Expected to Grow from USD 17.78 Billion in 2023 to USD 34.33 Billion by 2033, at a CAGR of 6.80% during the forecast period 2023-2033.
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Browse key industry insights spread across 258 pages with 125 Market data tables and figures & charts from the report on the "Global Metformin Hydrochloride Market Size, Share, and COVID-19 Impact Analysis, By Dosage Form (Oral Solutions, Tablets, Injectable Solutions, and Extended-Release Tablets), By Route of Administration (Intravenous and Oral), By Indications (Polycystic Ovary Syndrome, Type II Diabetes, and Gestational Diabetes), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/metformin-hydrochloride-market
The metformin hydrochloride market involves the development, manufacturing, and sale of metformin hydrochloride, a salt form of metformin used for managing type II diabetes. With the rising prevalence of diabetes and government initiatives providing financial support, the market is expanding due to the need for affordable and effective diabetes medications. The FDA has also revised labeling guidelines to expand metformin use in patients with kidney impairment. The market for metformin hydrochloride, an essential medication for type 2 diabetes management, is growing due to rising diabetes prevalence, sedentary lifestyles, and aging populations. Extended-release formulations aim to improve patient tolerance and treatment adherence, with Mascot Health Series launching a triple combination diabetes treatment. However, stringent regulatory requirements and penalties may hinder the market growth.
The tablet segment held the greatest share of 45.89% in 2023 and is predicted to grow at a significant CAGR during the predicted period.
Based on the dosage form, the global metformin hydrochloride market is categorized as oral solutions, tablets, injectable solutions, and extended-release tablets. Among these, the tablet segment held the greatest share of 45.89% in 2023 and is predicted to grow at a significant CAGR during the predicted period. The sector's growth is driven by ease of use, patient compliance, longer shelf life, availability, controlled release formulations, stability, cost-effectiveness, advanced packaging, and sugar-coated masking.
The oral segment accounted for the largest share in 2023 and is expected to grow at a CAGR of 4.78% throughout the projected timeframe.
Based on the route of administration, the global metformin hydrochloride market is categorized as intravenous and oral. Among these, the oral segment accounted for the largest share in 2023 and is expected to grow at a CAGR of 4.78% throughout the projected timeframe. Segmental expansion due to safety concerns, bioavailability, affordability, tolerability, flexibility, patient compliance, pain avoidance, ease of ingestion, faster metabolism, and convenience for prolonged usage.
The type II diabetes segment held a significant share in 2023 and is expected to grow at a remarkable CAGR throughout the predicted timeframe.
Based on the indications, the global metformin hydrochloride market is categorized as polycystic ovary syndrome, type II diabetes, and gestational diabetes. Among these, the type II diabetes segment held a significant share in 2023 and is expected to grow at a remarkable CAGR throughout the predicted timeframe. Low fiber and high saturated fatty acid intake, familial history of diabetes, hyperlipidemia, the most common form of diabetes, rising obesity rates, and the growing incidence of gestational diabetes are the primary drivers of this segment's growth.
The retail pharmacies segment held the largest market share of 52.14% in 2023 and is anticipated to grow at a significant CAGR throughout the predicted timeframe.
Based on the distribution channel, the global metformin hydrochloride market is categorized into hospital pharmacies, retail pharmacies, and online pharmacies. Among these, the retail pharmacies segment held the largest market share of 52.14% in 2023 and is anticipated to grow at a significant CAGR throughout the predicted timeframe. The segment's growth is fueled by rising chronic diseases, demand for convenient services, self-medicating, technological advancements, retail pharmacy saturation, geriatric population, healthcare programs, and personalized care.
North America is expected to hold the greatest share of the global metformin hydrochloride market over the forecast period.
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North America is expected to hold the greatest share of the global metformin hydrochloride market over the forecast period. In North America, the US is the leading market for metformin hydrochloride is expanding due to its sophisticated healthcare system and high incidence of type II diabetes, with the market expected to grow further with new therapeutic applications.
Asia Pacific is predicted to hold the fastest-growing region of the global metformin hydrochloride market throughout the estimated period. The increasing prevalence of diabetes in countries like China and India necessitates efficient management strategies, with the availability and cost of metformin hydrochloride, fueled by the region's large generic medication manufacturing base, driving market expansion.
Major key players in the global metformin hydrochloride market are Sandoz, Sun Pharmaceuticals, Lupin, Cadila Healthcare, Myla Laboratories, Sanofi, Hetero Labs, Reddy’s Laboratories, Torrent Pharmaceuticals, Aurobindo Pharma, Teva Pharmaceuticals, and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In January 2025, the Central Drug Standard Control Organization (CDSCO) approved the prescribing information for Metformin Sustained Release (SR) tablets (500mg/1000mg). The approval describes the Metformin SR tablets that can be used for managing gestational diabetes during pregnancy and in the periconceptional phase.
- In November 2024, Lupin received tentative approval from the US FDA for its Abbreviated New Drug Application for Sitagliptin and Metformin Hydrochloride Tablets, 50 mg/500 mg and 50 mg/1000 mg, to market as a generic equivalent of Janumet Tablets, manufactured at its Pithampur facility. This combination medication improves glycemic control in adults with type II diabetes mellitus.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global metformin hydrochloride market based on the below-mentioned segments:
Global Metformin Hydrochloride Market, By Dosage Form
- Oral Solutions
- Tablets
- Injectable Solutions
Global Metformin Hydrochloride Market, By Route of Administration
- Intravenous
- Oral
Global Metformin Hydrochloride Market, By Indications
- Polycystic Ovary Syndrome
- Type II Diabetes
- Gestational Diabetes
Global Metformin Hydrochloride Market, By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Metformin Hydrochloride Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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