Market Size of Biguanides Industry
| Study Period | 2018 - 2029 |
| Market Size (2024) | USD 5.20 Billion |
| Market Size (2029) | USD 5.76 Billion |
| CAGR (2024 - 2029) | 2.07 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Biguanides Market Analysis
The Biguanides Market size is estimated at USD 5.20 billion in 2024, and is expected to reach USD 5.76 billion by 2029, growing at a CAGR of 2.07% during the forecast period (2024-2029).
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.
The World Health Organization has put metformin on the list of essential medicines: "medicines that satisfy the priority health care needs of the population". Metformin is classified as a biguanide used for the treatment of type-2 diabetes. It is prescribed for its off-label use in people with conditions such as insulin resistance.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
