According to the report, the global metformin hydrochloride API market was valued at ~US$ 300 Mn in 2020 and is projected to expand at a CAGR of ~5% from 2021 to 2031. Metformin hydrochloride is primarily used in the treatment of diabetes. The prevalence of diabetes is expected to increase across the world due to change in lifestyle and factors such as malnutrition and genetic mutations. According to government and private organizations operating in the diabetes industry, diabetes is considered one of the top fatal diseases globally. According to the American Diabetes Association, diabetes accounts for around 71,000 deaths in the U.S. each year. Diabetes is more prevalent in the geriatric population. According to the American Diabetes Association, over 25% of the diabetic patients in the U.S. are aged 65 years and above.
North America held a major share of the global metformin hydrochloride API market in 2020 due to high procurement of metformin hydrochloride API by pharmaceutical companies and contract manufacturing organizations in the region. The metformin hydrochloride API market in Asia Pacific is expected to expand at a high CAGR of 6.9% from 2021 to 2031.
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Rise in Prevalence of Diabetes to Drive Market
The rise in prevalence of diabetes is projected to drive the global metformin hydrochloride API market during the forecast period. Diabetes is a critical long-term condition with a major impact on the lives and well-being of individuals across the world. It is among the top 10 causes of death in adults, and was estimated to have caused 4.2 million deaths globally in 2019. According to the International Diabetes Federation, the global prevalence of diabetes was 9.3% (463 million people) in 2019 and expected to reach 10.2% (578 million people) by 2030 and 10.9% (700 million people) by 2045.
High income countries have higher prevalence of diabetes i.e., 10.4% compared to low-income countries at 4.0%. Around 374 million people are at increased risk of developing type 2 diabetes.
