Global Biguanide Market Size, Share & Trends Analysis Report and Forecast, 2022-2028
The global biguanide market is expected to show a considerable CAGR of more than 7.0% rate during the forecast period 2020-2026. Biguanide is a group of oral drugs used to treat type 2 diabetes. It works by reducing the amount of sugar released by the liver in the blood. In addition, it also improves the response of the body towards insulin. Metformin is the most common biguanide available in the global market. It is used as a first-line treatment for type 2 diabetes.
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Increasing prevalence of type 2 diabetes cases all across the globe is the major factor for the increase in demand for the biguanide during the forecast period. As per the International Diabetes Federation (IDF), the global prevalence of diabetes in the age group of 20-79 years was 463 million in 2019. It is further estimated to reach 578 million by 2030. Moreover, annual global demand for Metformin drug is growing significantly owing to the increasing stature of the drug as a safe, proven, cost-effective, gold-standard drug of choice for treatment of diabetes. Moreover, the increasing demand for Metformin in combination with other drugs has encouraged major players in the global market. However, the presence of new alternatives for managing type 2 diabetes, and recall of the metformin are some of the major factors challenging market growth.
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· Market Coverage
· Market number available for – 2022-2028
· Base year- 2021
· Forecast period- 2022-2028
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Biguanide Market by Type
o Metformin IR (Immediate-Release)
o Metformin ER (Extended Release)
o Other Biguanide (Buformin, Phenformin, Chlorproguanil, Chloroguanide)
Global Biguanide Market by Dosage Form
o Tablet
o Solution
Regional Analysis
o North America
o United States
o Canada
o
