Metformin hydrochloride is an oral hypoglycemic drug, which belongs to biguanide hypoglycemic drugs and is mainly used to treat diabetes. It achieves the effect of lowering blood sugar by inhibiting glycogen synthesis in the liver, reducing its production of glucose, and increasing the sensitivity of peripheral tissues to insulin.

Market Development Status Analysis and Prospect Trend Prediction

Market size and growth: The global metformin hydrochloride market maintains stable growth with a positive outlook trend. According to our research data, the estimated global metformin hydrochloride market size in 2024 is $360 million, an increase of 4.50% compared to 2023, and is expected to continue growing to $456 million by 2029. The estimated CAGR for 2024-2029 is 4.84%.

Market position: Metformin hydrochloride occupies an important share in the global diabetes drug market, and constitutes the main part of the market together with other hypoglycemic drugs.

Driving factors: The increase in the number of diabetes patients, the intensification of population aging, the progress of drug delivery technology, the improvement of diabetes management awareness, and government initiatives and health care policies are the main factors driving market growth.

Prospect trend: With the continuous increase of the number of diabetes patients and the improvement of medical treatment level in the world, the market demand for metformin hydrochloride is expected to maintain a stable growth, and emerging markets also provide more market opportunities.

Segmented Market Analysis

From the perspective of product types, metformin hydrochloride can be divided into metformin hydrochloride extended release tablets and metformin hydrochloride ordinary tablets according to the different forms of formulation. Among them, the subdivision type of metformin hydrochloride extended release tablets dominates the market, with an estimated market share of 72.99% in 2024.

Source: www.globalmarketmonitor.com

Overview of Market Development

From the perspective of market competition, the concentration of the global metformin hydrochloride market is relatively high. Data shows that in 2023, the top 3 companies had a total revenue of $181.67 million in the metformin hydrochloride market, with a total revenue share of 52.75%. The top three companies were USV, Wanbury, and Shouguang Fukang Pharmaceutical. In 2023, these three companies accounted for 21.00%, 16.97%, and 14.78% of the global market revenue from metformin hydrochloride.

Companies	Market Revenue (Million USD)	Revenue Share
USV	72.32	21.00%
Wanbury	58.45	16.97%
Shouguang Fukang Pharmaceutical	50.90	14.78%
Top3 Companies	181.67	52.75%