PUNE, India, May 30, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Metformin Hydrochloride Market Segments – By Type (Metformin Hydrochloride-Immediate Release, Metformin Hydrochloride-Extended Release), By Distribution Channel (Hospital Pharmacy, Drug Store, Retail Pharmacy, Online Pharmacy), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was USD 409.14 million in 2022 and is expected to surpass USD 602.81 million expanding at a CAGR of 4.4% by the end of 2031. Growing adoption of an inactive lifestyle resulted in an increase in the incidence of type 2 diabetes among the population of all age groups and is expected to fuel the market in the coming years.
Key Market Players Profiled in the Report
- Wanbury
- Shandong Longze Chemical Co., Ltd.
- Vistin Pharma AS
- Shandong Keyuan
- Pharmaceutical Co., Ltd.
- Farmhispania Group
- Harman Finochem Ltd
- Aarti Drugs
- Dr. Reddy’s Laboratories Ltd.
- USV Pvt Ltd
- Abhilasha Pharma
- Bristol Laboratories Ltd
- AdvaCare Pharma
- Cipla
- Aurobindo Pharma USA
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics. It provides an in-depth analysis of the market segments, which include type, distribution channel, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
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Highlights on the Segments of the Metformin Hydrochloride Market
On the basis of region, the global metformin hydrochloride market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is projected to dominate the global market owing to the rising industrial sector investment.
North America is expected to be a rapidly growing region in the global market during the projected period, due to rising incidences of obesity caused by adopting an unhealthy diet.
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Key Takeaways from the Study:
- Metformin hydrochloride is used to treat type 2 diabetes, and this capsule is available in two forms: extended-release and immediate-release.
- It controls high blood sugar and helps to prevent blindness, kidney damage, nerve problems, loss of limbs, and sexual function problems.
- Rising risk of cardiovascular diseases is likely to propel the market in the coming years.
- Increasing type-2 diabetes patients across the globe is projected to boost the market during the forecast period.
- Metformin is expected to be a potential treatment for obesity and its related metabolic disorders and is anticipated to create lucrative opportunities for market players.
- The metformin hydrochloride immediate-release segment is projected to expand at the fastest CAGR during the forecast period owing to its high adoption to manage diabetes.
- The retail pharmacy segment is projected to grow at a substantial rate owing to the growing awareness campaigns for diabetes and rising investment in healthcare infrastructure.
Read 221 Pages Research Report with Detailed TOC on “Metformin Hydrochloride Market Segments – by Type (Metformin Hydrochloride-Immediate Release, Metformin Hydrochloride-Extended Release), By Distribution Channel (Hospital Pharmacy, Drug Store, Retail Pharmacy, Online Pharmacy), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031″
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Key Segments Covered
Type
- Metformin Hydrochloride-Immediate Release
- Metformin Hydrochloride-Extended Release
Distribution Channel
- Hospital Pharmacy
- Drug Store
- Retail Pharmacy
- Online Pharmacy
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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