Metformin Hydrochloride is class of biguanide and it is an anti-hyperglycemic agent. This drug acts primarily by decreasing endogenous hepatic output of glucose by inhibition of gluconeogenesis. Metformin hydrochloride is a white colored crystalline powder which is soluble in water and insoluble in chloroform, acetone, and ether. This drug is used in management of blood sugar level in patients suffering from type 2 diabetes. Metformin hydrochloride is also used as a second line agent for infertility in those patient with polycystic ovary syndrome. Moreover, metformin hydrochloride also reduces the insulin requirement in type 1 diabetes patients. Bigmet, Benformin, Comet, Glucomin, Informet, and others are some products of available metformin hydrochloride tablets in the market.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future owing to the demand for vaccine and treatment drugs for COVID-19. This in turn is expected to have a significant impact on the metformin hydrochloride market.
Top Impacting Factors
- Increase in cases of diabetes across the world, adaptation of unhealthy life style, rise in population suffering from malnutrition & genetic mutation, increase in geriatric population, surge in number of obese peoples, and grow in demand for treatment of type 2 diabetes are the key factors that drive the growth of the market.
- In addition, rise in expenses on healthcare structure, increase in dependency on metformin hydrochloride, increase in diabetes awareness campaign through private & government funding, surge in demand for early diagnosis & treatment, R & D activities to improve quality of drug, launch of novel diabetes drugs, and ongoing development by key market players to improve technology can boost the growth of the market.
- However, side effects related to use of drug and availability of substitutes such as homeopathy treatment can hinder the growth of the market.
- Contrarily, growth opportunities in emerging markets and lifelong need of diabetes treatment drugs are expected to offer lucrative opportunities for the expansion of the market.
Market Trends
New Product Launches to Flourish the Market
In 2020, Sun Pharma announced launch of RIOMET ER oral suspension in U.S. This product contains metformin hydrochloride extended release oral suspension and it is a first & only U.S. FDA approved extended release liquid formulation of metformin for treatment of type-2 diabetes.
In 2019, Glenmark Pharmaceuticals Inc. announced approval for launch of metformin hydrochloride extended release tablet USP 500 mg and 1000mg. This drug can be used in treatment type-2 diabetes.
In 2018, AstraZeneca India announced launch of Xigduo XR tablet contain metformin HCL & dapagliflozin. This tablet is used in type 2 diabetes management.
Key Benefits of the Report
- This study presents the analytical depiction of metformin hydrochloride market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Metformin Hydrochloride Market Report
- Which are the leading players active in the metformin hydrochloride market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "metformin hydrochloride"?
- What is "metformin hydrochloride" market prediction in the future?
- Who are the leading global players in the "metformin hydrochloride" market?
- What are the current trends and predicted trends?
- What are the key benefits of the "metformin hydrochloride" market report?
Metformin Hydrochloride Market, by Product Type Report Highlights
| Aspects | Details |
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 By Application |
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 Key Market Players | Farmhispania Group, Keyuan Pharmaceutical, Shouguang Fukang Pharmaceutical, Harman Finochem, CR Double-Crane, Shijiazhuang Polee Pharmaceutical, Vistin Pharma, Wanbury, Exemed Pharmaceuticals, USV, Aarti Drugs |
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