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Metformin is an oral medicine that is used with proper diet and exercise programe to control high blood sugar levels in patients with type-2 diabetes. Metformin works by helping to restore the body’s naturally produced insulin. It also decreases the amount of sugar which is produced by the liver. Although metformin is an important medication for type-2 diabetes, it is accompanied with certain side-effects such as lactic acidosis, unusual muscle pain, slow or irregular heart beat, difficulty in breathing, stomach pain, and vomiting. On the other hand, growing prevalence of type-2 diabetes, rising geriatric population, numerous product launches by the key market players, and growing awareness among the patient population are the factors that are fueling the metformin hydrochloride tablets market. For instance, in May 2017, Teva Pharmaceutical Industries Ltd. announced the launch of generic Glumetza (metformin hydrochloride extended-release tablets), 500 mg and 1000 mg, in the U.S.
The metformin hydrochloride tablets market is anticipated to register a significant growth during the forecast period due to factors such as growing geriatric population, increasing patient pool of type-2 diabetes, and numerous product launches by key players. However, various side-effects associated with the drug is one of the major factors likely to hamper the growth of metformin hydrochloride tablets market.
Key Market Driver -
Rising prevalence of diabetes, growing geriatric population
Key Market Restraint -
Side effects associated with the drug
Globally, the metformin hydrochloride tablets market can be segmented on the basis of the type, patient, distribution channel, and region. Based on the type, the market can be segmented into metformin hydrochloride – immediate-release and metformin hydrochloride – extended-release. Based on the distribution channel, the market can be segmented into hospitals pharmacies, retail pharmacies, and others. Geographically, the metformin hydrochloride tablets market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the metformin hydrochloride tablets market are Bristol-Myers Squibb Company, Glenmark Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., LUPIN., Shandong Keyuan Pharmaceutical Co., Ltd., Merck & Co., Inc., Vistin Pharma AS, and other prominent players.
Geographically, the metformin hydrochloride tablets market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the metformin hydrochloride tablets market throughout the forecast period. Growth witnessed in this region is mainly driven by the increasing demand for the drug due to the growing number of patients with type-2 diabetes and rising geriatric population. For instance, according to American Diabetes Association, in 2015, the annual incidence of diagnosed diabetes was estimated as 18,200 with type 1 diabetes, 5,800 with type 2 diabetes. Europe is anticipated to hold second largest market share in metformin hydrochloride tablets market. Increasing geriatric population and various product launches by the key market players is likely to spur the market growth in this region. On the flip side, Asia Pacific is projected to register the highest CAGR. Rising geriatric population in countries such as China and India, growing incidence of type-2 diabetes is likely to boost the market growth of this region.
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The market in Latin America and the Middle East & Africa are in nascent stage. However, growing patient awareness regarding the disease and the drug in these regions are likely to help witness a considerable growth in the market in the upcoming years.
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