Benzodiazepine Market Overview
Market Research Future (MRFR) expects the benzodiazepine market size to accrue a CAGR between 1.5% and 2.3% during the assessment period (2016 to 2022). It is estimated that by the given period’s end, the benzodiazepine market can expect to touch USD 3,831.91 Million, claims MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
The COVID-19 outbreak has been an anxiety inducing event, prompting more and more people to go for medicines and drugs that can help them relax. The American Psychiatric Association’s recent study confirms that close to 40% of people in US are dealing with anxiety about becoming severely ill or dying from SARS-CoV-2. Further, the anxiety cases have risen considerably among people who are worried about their loved ones. To make matters worse, mental health issues have aggravated during the lockdown in the wake of increasing uncertainty. The pandemic has indirectly boosted the sales of benzodiazepine, and its can note further growth in the coming time.
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With insomnia, muscle spasms, seizures, alcohol withdrawal, agitation and anxiety cases shooting up following the onset of novel coronavirus, the benzodiazepine market is projected to pick up more steam. The stressful lifestyle and the growing urbanization across the globe have also been conducive of multiple mental issues, such as depression, panic, maniac conditions and anxiety. Therefore, psychoactive drugs like benzodiazepine are being increasingly consumed to get relief from such conditions.
Alprazolam, a kind of benzodiazepine, has been witnessing massive demand in the global benzodiazepine market, as it facilitates short term control over anxiety disorders, particularly generalized anxiety disorder or panic disorder. The benzodiazepine market is also observing a surging number of acquisitions and mergers between players that are striving to boost their profit margin.
To cite a reference, in June 2020, UCB acquired Engage Therapeutics (U.S). Engage Therapeutics is in the process of creating Staccato alprazolam that can be used for fast termination of epileptic seizure and anxiety related disorders.
Benzodiazepine Market Segmental Outlook
Application and time of action are the key segments with respect to which the benzodiazepine market has been considered in the MRFR study.
The Benzodiazepine market, depending on application, caters to insomnia, anxiety, seizures, agitation, alcohol withdrawal symptoms as well as muscle spasms. The escalating cases of panic and anxiety disorders along with the high calming effect of benzodiazepines are cited to be the top reasons for anxiety segment’s dominance in the worldwide market.
The primary categories, with respect to the time of action, include long acting as well as short acting. Short acting segment can remain at the top position during the conjectured period, thanks to its lower hangover effect as well as its fast relief action rate.
Benzodiazepine Market Regional Insight
Europe, MEA/the Middle East and Africa, APAC/Asia Pacific and North America are the key benzodiazepine market outlined in the MRFR report.
By 2022, North America benzodiazepine market can potentially touch a whopping USD 2.4 billion, making it a highly lucrative industry for benzodiazepine. The alarming rise in anxiety and other mental health issues along with the increasing FDA approvals for benzodiazepine drugs developed by leading firms in the region has added to the market’s strength. Alcohol withdrawal, insomnia, anxiety and seizures have become quite common in the region, given the increasing number of individuals leading a stressful lifestyle. This factor is expected to be favorable for the benzodiazepine market future prospects in North America.
Europe, with the second lead, is a strong benzodiazepine market, since the region witnesses a significant adoption rate of generic drugs. The mounting concerns with regard to the surge in stress inductive conditions and the accelerated cases of seizures, insomnia and anxiety also benefit the European benzodiazepine market to a large extent.
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That said, the fastest progressing benzodiazepine market in the next few years can be APAC, as a result of the growing popularity of online pharma platforms, as these offer higher discount rates and are more convenient compared to retail outlets. The APAC market’s growth is also bolstered by the rising healthcare expenditure and the focus on infrastructure development across China, Japan and India, to name a few.
Benzodiazepine Market Renowned Players
Sanofi S.A., Pfizer, Inc., Eli Lilly and Company, AstraZeneca plc, Merck & Co., Inc., GlaxoSmithKline plc and more are the top players that are actively seeking growth opportunities in the benzodiazepine industry.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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