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North America Biguanide Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

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  • 70 Pages
  • August 2023
  • Region: North America
  • Mordor Intelligence
  • ID: 5854375
The North America Biguanide Market size is expected to grow from USD 1.25 billion in 2023 to USD 1.42 billion by 2028, at a CAGR of 2.59% during the forecast period (2023-2028).

The market is estimated to reach a value of more than USD 1.3 billion by 2027.

The COVID-19 pandemic positively impacted the North American Biguanide Market. Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19 including an increased risk of severe illness or death. People with diabetes have a weaker immune system, the COVID-19 complication aggravates the condition, and the immune system gets weaker very fast. People with diabetes have more chances to get into serious complications rather than normal people.

Biguanides are a class of medications used to treat type 2 diabetes. They work by reducing the production of glucose that occurs during digestion. Metformin is the only biguanide currently available in most countries for treating diabetes. Glucophage (metformin) and Glucophage XR (metformin extended release) are well-known brand names for these drugs. Others include Fortamet, Glumetza, and Riomet. Metformin is also available in combination with several other types of diabetes medications, such as sulfonylureas.

As Type 2 diabetes is associated with both poorer clinical outcomes during the COVID-19 pandemic and an increased risk of death in such hospitalized patients, the role of glucose control has been emphasized to improve the prognosis. Metformin is the first-line choice for the management of hyperglycemia in T2DM. Besides being an important glucose-lowering agent, metformin also has significant anti-inflammatory. Therefore, metformin has been a potential candidate for treating patients affected by COVID-19 infection, with type 2 diabetes, as well as an excellent antidiabetic (glucose-lowering) agent during COVID-19 pandemic times.

In North America, till April 2022, the United States is having the highest COVID cases around 82 million, the country also registered the highest death rate. According to the Diabetes Voice article published in May 2020, close to 40,000 deaths of people who are having diabetes. Pandemic emergency has created a rise in remote care from both patients and providers and removed many long-standing regulatory barriers.

The North American region had witnessed an alarming increase in the prevalence of diabetes, in recent years. In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Diabetes is associated with many health complications. Patients with diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as the administration of additional insulin or ingestion of additional carbohydrates by monitoring their blood glucose levels.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

North America Biguanide Market Trends

Rising diabetes prevalence

The diabetes population in the North American region is expected to rise by more than 1% over the forecast period.

The Centers for Disease Control and Prevention National Diabetes Statistics Report 2022 estimated that more than 130 million adults are living with diabetes or prediabetes in the United States. ​Type 2 diabetes is more common, and diabetes is more consequential among communities of color, those who live in rural areas, and those with less education, lower incomes, and lower health literacy.

According to the Division of Metabolism and Endocrinology Products in the FDA, “Patients want effective treatment options for diabetes that are as minimally intrusive on their lives as possible, and the FDA welcomes the advancement of new therapeutic options that can make it easier for patients to control their condition.” Metformin is typically the first medication used to treat type 2 diabetes due to its wide range of efficacy, safety, and mechanisms of action. Metformin and other anti-diabetic drug combinations include a low risk of hypoglycemia, provide beta cell protection, offer cardio-renal benefits, and are safe for patients with kidney or liver conditions and senior citizens.

Most health insurance plans cover diabetes medications because they are considered medically necessary. Medicare generally covers diabetes medications. The American Diabetes Association includes a guide to Medicare and diabetes prescription drug benefits. For patients covered by insurance, typical out-of-pocket costs consist of a prescription drug copay ranging from USD 10 to USD 50, depending on the drug. If the patient takes multiple drugs, copays can total USD 200 monthly or more.

Owing to the rising rate of obesity, the increasing prevalence, and the factors mentioned above, the market is likely to continue to grow.

Canada holds the highest market share in the North America Biguanide Market in the current year

Canada holds the highest market share of about 53% in the North American Biguanide Market in the current year.

According to Diabetes Canada, 2022 figures show the continued rising trend of diabetes rates in Canada with no signs of leveling or decreasing. Diabetes continues to affect more Canadians than ever before. The new diabetes figures show a steady, continued increase in diabetes in the country, with 11.7 million Canadians living with diabetes or prediabetes. More than 5.7 million Canadians are living with diagnosed diabetes.

Diabetes reduces lifespan, and people with the disease are likely to experience blindness and be hospitalized for amputations, kidney failure, heart attacks, strokes, and heart failure. First-line therapy used in patients with Type-2 diabetes is metformin monotherapy. Other options must be considered when metformin is contraindicated or not tolerated or when treatment goals are not achieved after three months of use at the maximum tolerated dose. Dipeptidyl peptidase-4 inhibitors, sodium-glucose cotransporter-2 inhibitors, and glucagon-like peptide-1 agonists are generally used to supplement treatment with metformin.

There is currently no national drug coverage system in Canada. There is a mix of public and private coverage. Governments pay 40% of the costs. 40% of the costs are paid by private insurance, usually arranged through employee benefit plans. Individuals pay 20% of the costs, usually premiums, deductibles, and co-pays for public and private coverage. The cash market for prescription drugs is relatively small in Canada. However, the out-of-pocket impact is not insignificant when patients include high dollar-value contributions.

The market is expected to grow due to the factors above during the forecast period.

North America Biguanide Industry Overview

The North American Biguanidemarket is fragmented, with manufacturers like Takeda, Merck, Sanofi, GlaxoSmithKline, Bristol-Myers Squibb, and Boehringer Ingelheim Pharmaceuticals having a global market presence. The market is highly competitive due to generic drug manufacturers' presence.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5.1 Biguanide
5.2 Geography
5.2.1 United States
5.2.2 Canada
5.2.3 Rest of North America
6.1 Type-1 Diabetes Population
6.2 Type-2 Diabetes Population
7.1 Company Profiles
7.1.1 Merck
7.1.2 Takeda
7.1.3 GlaxoSmithKline
7.1.4 Sanofi
7.1.5 Boehringer Ingelheim Pharmaceuticals
7.1.6 Glenmark
7.1.7 Bristol-Myers Squibb
7.1.8 Zydus Cadila
7.2 Company Share Analysis
7.2.1 Merck
7.2.2 Takeda
7.2.3 Sanofi
7.2.4 Others

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Merck
  • Takeda
  • GlaxoSmithKline
  • Sanofi
  • Boehringer Ingelheim Pharmaceuticals
  • Glenmark
  • Bristol-Myers Squibb
  • Zydus Cadila