According to FutureWise analysis the market for Metformin Hydrochloride in 2023 is US$ 0.43 billion, and is expected to reach US$ 0.61 billion by 2031 at a CAGR of 4.62%.
Metformin belongs to the biguanide class of antihyperglycemic agents that primarily reduce hepatic glucose production by inhibiting gluconcogenesis. It is a white colored crystalline powder that is soluble in water, but insoluble in acetone, ether, and chloroform. In the finished product, metformin hydrochloride drugs are derived from metformin hydrochloride as the raw material. A finished product of metformin hydrochloride is an oral antihyperglycemic drug that is used to treat type 2 diabetes. Diabetes is primarily treated with metformin hydrochloride. The prevalence of diabetes is expected to increase globally due to changes in lifestyle and factors such as malnutrition and genetic mutations. As per government and private health organizations operating in the diabetes industry, diabetes is one of the leading causes of death. Market growth is expected to be positively influenced by the rapid growth of the biotechnology and pharmaceutical industries. Due to the affordable nature of biosimilars, the market is expected to grow as a result of the growing development of biosimilars. As a result of the Coronavirus pandemic, the healthcare sector has been heavily burdened. In addition, it had locked down the pharmaceutical manufacturing facilities, hindering its growth. As a result, the market is slowly recovering, and is expected to return to pre-COVID levels within the next few months. There are a variety of side effects that may prevent market growth, such as stomach pain, tiredness, nausea, and muscle pain, among others. Moreover, the development of new novel therapies could restrict the market expansion due to the alternatives to metformin. It was recently announced that several companies were recalling extended-release metformin due to an excess amount of nitrosodimethylamine (NDMA). It is anticipated that this factor will slow down market growth in the near future. As the prevalence of chronic diseases increases in emerging countries, the market is expected to expand at a significant high rate during the forecast period. The availability of all treatment options in one place and improvements in health care infrastructure are expected to boost the growth of the market. In the diabetes market, growth is driven by the rising number of patients who require hospitalization due to diabetes.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Metformin Hydrochloride Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Metformin Hydrochloride Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.