Metformin is an antihyperglycemic drug which is used in the treatment of type 2 diabetes and polycystic ovarian syndrome (PCOS). The drug functions by reducing blood glucose levels in type 2 diabetes without causing hypoglycemia. In PCOS patients, the drug functions by reducing weight and androgen levels. The drug helps in restoring ovulation and minimizes the risk of miscarriage also.
India metformin market is expected to grow at a steady rate during the forecast period. The India metformin market is driven by the growing prevalence of diabetes in the country, especially among the geriatric population. According to the International Diabetes Federation, as of 2020, there are around 77 million people in the country suffering from diabetes. India has the second largest patient population suffering from diabetes after China. Additionally, initiatives taken by the Government of India such as the China-plus-one strategy are further expected to create lucrative opportunities for the market growth through FY2026. This strategy involves identification of essential active drug ingredients and providing incentives to the indigenous manufacturers in
The India metformin market is segmented based on source, type, distribution channel, application, end user, company and region. Based on type, the market can be split into immediate release tablets and extended release tablets. The extended release tablets segment is expected to hold a larger market share as compared to the immediate release tablets.
The major players operating in the India metformin market are Bristol-Myers Squibb India Pvt. Ltd., Teva API India Limited, Aarti Drugs Ltd., Exemed Pharmaceuticals, Wanbury Limited, USV Private Limited, Harman Finochem Limited, Aurobindo Pharma Limited, Auro Laboratories Limited, Trimax Bio Sciences Pvt. Ltd. and others. Majority of the companies are adopting advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions, research collaborations and pharma licensing deals.
Years considered for this report
Historical YearsFY2016-FY2019
Base YearFY2020
Estimated YearFY2021
Forecast PeriodFY2022–FY2026
Objective of the Study
- To analyze and estimate the market size of India metformin market from FY2016 to FY2019.
- To estimate and forecast the market size of India Metformin market from FY2020 to FY2026 and growth rate until FY2026.
- To classify and forecast India metformin market based on source, type, distribution channel, application, end user, company and regional distribution.
- To identify dominant region or segment in the India metformin market.
- To identify drivers and challenges for India metformin market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India metformin market.
- To identify and analyze the profile of leading players operating in India metformin market.
- To identify key sustainable strategies adopted by market players in India metformin market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of
Key Target Audience
- Metformin manufacturers/ suppliers/ distributors
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to Metformin
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
