Report Overview
Metformin, widely marketed under the trade name Glucophage and others, is a first-line medication used for the treatment of type 2 diabetes, particularly in overweight individuals. It belongs to the biguanide class of drugs and is primarily used to lower blood sugar levels by improving insulin sensitivity and reducing glucose production in the liver.
Market Analysis
As of 2023, the global Metformin Drugs Market was valued at approximately USD 3,784 million. However, market projections indicate a decline, with the market expected to reach USD 2,252.68 million by 2032.
This represents a negative compound annual growth rate (CAGR) of -0.06% over the forecast period.
North America accounted for USD 893.62 million in 2023, with a projected CAGR of -0.05% through 2032.
The downward trend in market valuation can be attributed to factors such as patent expirations, increased generic competition, and emerging alternative treatments.
Regional Analysis
North America
Europe
Asia-Pacific
South America
Middle East & Africa
Competitor
Analysis
Novartis
Apotex
Viatris
Mallinckrodt
Teva Pharmaceuticals
Market Segmentation
By Application:
Hospitals: Major consumers due to widespread diabetes management programs.
Drug Stores: Retail pharmacies account for a significant share of Metformin sales.
By Type:
Tablets
Tablets
