Global Metformin Hydrochloride Tablets (Immediate-release) Market Size is Expected to Grow to $1253.15 Million by 2028

Global Metformin Hydrochloride Tablets (Immediate-release) Market Overview

According to Global Market Monitor, theglobal metformin hydrochloride tablets (immediate-release) market size will reach $951.23 million in 2023 and is expected to grow to $1253.15 million by 2028.

Metformin hydrochloride tablets are used for patients with type 2 diabetes who are not satisfied with simple diet control, especially those with obesity and hyperinsulinemia. This medicine not only lowers blood sugar but also may reduce weight and hyperinsulinemia.

The FDA has pointed out that metformin may contain NDMA, which is a carcinogen. However, the FDA has not confirmed whether its content was above the acceptable daily intake limit of 96 ng. But the Singapore Health Sciences Authority announced that NDMA in metformin may be higher than "internationally acceptable levels" and recalled 3 of the 46 metformin drugs sold in Singapore. The potential risk of recalling may have some adverse effects on the metformin hydrochloride market.

The Increasing Diabetic Patients has Stimulated the Demand.

Statistics show that there are more than 500 million people with diabetes in the world, and the number is expected to grow to 578 million in 2030, and up to 700 million by 2045. China is the country with the largest number of diabetes with 125 million patients, becoming the world's largest country of diabetes. It is expected that the number of patients in China will exceed 140 million by 2030. The aging population and other problems in China have also led to a rapid increase in diabetes patients.The global population is entering an aging phase. The number and proportion of older people are increasing in almost every country. The proportion of middle-aged and elderly people who are diagnosed and found to have diabetes is high. With the improvement of the medical system, more patients with diabetes have been effectively treated, which has contributed to the increase in diabetes drug consumption.

Bristol-Myers Squibb is one of the major players operating in the metformin hydrochloride tablets (Immediate-release) market, holding a market share of 52.87% in 2022.Bristol-Myers Squibb Company is a global biopharmaceutical company, which develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Its products and experimental therapies address in treatment of cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

Company Name	Bristol-Myers Squibb
Website	www.bms.com
Established Time	1887
Plants Distribution	mainly the US and China
Sales Region	Worldwide
Product Introduction	GLUCOPHAGE XR is a biguanide indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.