Global Metformin Hydrochloride Tablets Market Outlook
According to a new report by Expert Market Research titled “Global Metformin Hydrochloride Tablets Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global metformin hydrochloride tablets market is expected to grow at a CAGR of 4.70% between 2023 and 2028. Aided by the escalating demand for effective diabetes management solutions and the widespread prevalence of type 2 diabetes, the market is expected to reach a value of USD 526.64 million by 2028.
Metformin hydrochloride tablets, being the salt form of metformin, hold the mantle as a first-line medication in the management and treatment of type 2 diabetes. These tablets operate by curtailing glucose production in the liver and amplifying the body’s responsiveness to insulin, leading to decreased blood sugar levels. In addition to their primary function, metformin hydrochloride tablets are recognised for their ancillary benefits related to weight management and heart disease prevention, making them an alluring choice for type 2 diabetes management.
The primary factor propelling the global metformin hydrochloride tablets market growth is the surging prevalence of type 2 diabetes. This surge is fuelled by modern lifestyles marked by unhealthy dietary habits, sedentary behaviour, and escalating obesity levels, all of which are risk factors for type 2 diabetes. Consequently, the expanding pool of type 2 diabetes patients has catapulted the demand for effective pharmaceutical interventions, notably metformin hydrochloride tablets.
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Further, the heightening global awareness surrounding the need for proper diabetes management is boosting the metformin hydrochloride tablets market demand. Health organisations worldwide have launched numerous initiatives to raise public consciousness about the hazards of poorly managed diabetes and the advantages of diligent medication compliance. These efforts have paved the way for a noticeable uptick in the demand for metformin hydrochloride tablets.
The metformin hydrochloride tablets market development is also propelled by relentless research and development efforts within the pharmaceutical industry. This industry’s focus is trained on developing more efficient and patient-friendly versions of metformin hydrochloride tablets, such as the extended-release variants. These advancements are expected to unlock new avenues for market expansion.
Moreover, the applications of metformin hydrochloride tablets extend beyond diabetes management. The tablets have demonstrated potential therapeutic effects in managing conditions like polycystic ovary syndrome (PCOS) and certain types of cancer, thereby broadening the horizons of metformin hydrochloride tablets market.
In the pharmaceutical industry, metformin hydrochloride tablets are integral to the production of diabetes medications. They also find use in the management of conditions like PCOS and certain types of cancer. Given their potential therapeutic effects on these conditions, they are expected to remain in demand in the pharmaceutical industry.
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Global Metformin Hydrochloride Tablets Market Segmentation
The market can be divided based on type, distribution channel, and region.
Market Breakup by Type
- Metformin Hydrochloride-Immediate Release
- Metformin Hydrochloride-Extended Release
Market Breakup by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global metformin hydrochloride tablets companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- 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
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