Global Biguanide Market Forecast Report, 2024 – 2031  

Global Biguanide Market (Product Type: Chlorhexidine Biguanide, Metformin, Polyhexamethylene Biguanide (PHMB), Proguanil, Others; Application: Pharmaceuticals, Personal Care, and Cosmetics, Water Treatment, textile Industry Others; End Users: Healthcare, Personal Care and Cosmetics, Water Treatment. Textile Industry, Agriculture, Others; Distribution: Direct Sales (B2B), Retail Sales (B2C); Region: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
     
REPORT PREVIEW

The COVID-19 pandemic has affected market growth, with diabetic patients being at greater risk during the health crisis. Because of its function in treating hyperglycemia in COVID-19 individuals with type 2 diabetes, metformin has seen a rise in demand. Furthermore, initiatives such as India's National Initiative for the Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke have contributed to the region's need for biguanides, Obesity and hereditary factors that contribute to the development of type 2 diabetes are driving market expansion, Furthermore leading pharmaceutical industry firms such as Takeda, Merck, Sanofi, GlaxoSmithKline, and Bristol-Myers Squibb play an important role in encouraging market competitiveness 
The Need for Global Biguanide Market is Driven by Increasing Prevalence of Diabetes:
The rising global prevalence of diabetes has significantly contributed to the growth of the biguanide market. Biguanides, particularly metformin, are widely used for the treatment of type 2 diabetes, and as the number of diabetes cases continues to increase, the demand for biguanides rises as well
COVID-19 Pandemic Impact:
The COVID-19 pandemic highlighted the significance of oral anti-diabetic medicines, such as metformin, for diabetes management in COVID-19 patients. Metformin has been recommended for usage during the pandemic, which has increased its demand and benefited the biguanide industry.
Advances in technology, such as the development of better gas separation and purification techniques

Efforts to Address Non-Communicable Diseases:
Noncommunicable diseases (NCDs) such as diabetes, cardiovascular disease, and cancer have become major public health concerns worldwide. To address these health challenges, initiatives such as India's National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS) have been launched, resulting in greater use of biguanide.

Obesity and Genetic Factors:
Factors such as rising obesity rates and genetic predisposition to type 2 diabetes have contributed to the growing prevalence of diabetes and the subsequent demand for biguanide medications.

Fastest Growing Regions:
The Middle East and Africa are enjoying the greatest growth in the biguanide market, owing to increased healthcare awareness and a growing diabetic patient population.

Consultant point of view  

According to analysts, the Global Biguanide Market is projected to grow at a CAGR of 2.07% during the forecast period of 2021-2031, crossing US$6.12 billion by 2031. The worldwide biguanide market is expected to increase rapidly due to rising diabetes incidence and need for oral anti-diabetic medications. The effect of the COVID-19 pandemic, healthcare measures addressing noncommunicable illnesses, and regional market developments are all key factors. To capitalise on market possibilities and enhance patient outcomes, companies should prioritise research, regional strategy, and patient-centric initiatives.

Global Biguanide Market: Overview

The worldwide biguanide market is expected to develop steadily through 2023, owing mostly to increased diabetes prevalence and rising demand for oral anti-diabetic medications. Biguanides, the major medicine in this family, serve an important role in regulating hyperglycemia and treating type 2 diabetes.
The COVID-19 pandemic has emphasised the necessity of biguanides in the management of diabetes in COVID-19 patients, resulting in a greater emphasis on their usage during the pandemic. Initiatives and programmes treating noncommunicable illnesses, such as India's National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular illnesses, and Stroke (NPCDCS), have aided the market's expansion.
Other reasons driving the market include the influence of obesity rates and hereditary variables on the incidence of type 2 diabetes, as well as ongoing attempts to improve market competitiveness by major pharmaceutical manufacturers such as Takeda, Merck, Sanofi, GlaxoSmithKline, and Bristol-Myers Squibb.
Overall, the worldwide biguanide market has substantial development potential, notably in the Middle East, Africa, and Asia-Pacific regions. To capitalise on market potential and enhance patient outcomes, companies should prioritise research and development, regional strategy, and patient-centric initiatives. Regulatory compliance and public awareness campaigns will also play important roles in influencing the market's trajectory as it evolves.

 
Global Biguanide Market: Market Drivers

The Global Biguanide Market is driven by several factors such as:

• Increasing Prevalence of Diabetes 
• COVID-19 Pandemic Impact
• Efforts to Address Non-Communicable Diseases
• Fastest Growing Regions
• Obesity and Genetic Factors

Market Segmentation: Global Biguanide Market

The Global Biguanide Market is segmented by product type, end-user industry, application, distribution, region.

• In terms of product type, the market is divided into chlorhexidine biguanide, metformin, polyhexamethylene biguanide (phmb), proguanil, others.
• In terms of application, the market is segmented into pharmaceuticals, personal care, and cosmetics, water treatment, textile industry others
• By end-user industry, the market is classified into healthcare, personal care and cosmetics, water treatment. textile industry, agriculture, others.
• By distribution, the market is split into direct sales (b2b), retail sales (b2c). 
  Each of these segments have been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The Global Biguanide Market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2031, considering 2020 as the base year. The compound annual growth rate (percentage CAGR) has been provided for each segment and market from 2021 to 2031 along with market size estimations

 
Regional Overview: Global Biguanide Market

The Global Biguanide Market is segmented by region, including North America, Europe, Asia Pacific, South America, and Middle East & Africa, which have been further divided into major countries and sub-regions
The Asia-Pacific region is the largest market for biguanides, accounting for roughly 37.9% of the market in 2023. The region's dominance can be linked to the region's high incidence of diabetes and vast population base, particularly in China and India. Rising healthcare awareness, as well as enhanced government measures to address diabetes and related health issues, contribute to this region's market growth.
In the biguanide market, the Middle East and Africa area is seeing the fastest development. Demand for biguanide drugs in this region is driven by factors such as improved healthcare infrastructure, greater disposable income, and a growing emphasis on controlling chronic conditions such as diabetes. Diabetes incidence is also rising in this area, adding to the growing market size.
North America accounts for a sizable portion of the worldwide biguanide market, with the United States accounting for a sizable portion of the region's market size. The region's market expansion is being driven by a high incidence of diabetes and a well-established healthcare system that encourages the use of oral anti-diabetic medications such as metformin.
Europe is another important market for biguanides, with notable players including Germany, the United Kingdom, and France. A growing older population, an increase in diabetes incidence, and innovations in diabetes care are driving market expansion in Europe.
Latin America has a significant presence in the biguanide industry, with nations such as Brazil, Mexico, and Argentina helping to drive regional expansion. Rising diabetes awareness and initiatives to increase healthcare access in rural regions have a favourable influence on the market in this region.
The report provides the current and expected market revenue (US$ Mn) of these regional markets and their major countries from 2021 to 2031, with their CAGRs from 2021 to 2031
The study also offers a list of recommendations, highlights, and useful insights of the Global Biguanide Market which can help new companies entering the market and existing companies to increase market shares and in the decision-making process

Major Players    

The Global Biguanide Market report concludes with the company profiles section, which includes key information about major players in the Global Biguanide Market.
Leading players analyzed in the report include

• Takeda Pharmaceutical Company Limited
• Merck & Co., Inc.
• Sanofi
• GlaxoSmithKline plc (GSK)
• Bristol-Myers Squibb Company
  The Global Biguanide Market report includes profiles of the major players in the market based on key parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments

Global Biguanide Market– Segmentation      

• UMR's study on the Global Biguanide Market includes information segmented into seven categories: product type, end-user industry, application, distribution, region. The report covers in-depth analysis of evolving industry trends and key market dynamics related to these segments of the Global Biguanide Market.    

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