Rising Penetration of Generic Drugs Positioned Benzodiazepine Drugs Market to Register 2.7% CAGR through 2026
Application in Anxiety Treatment to Account for Over Half of Benzodiazepine Drugs Sales through 2031
A Fact.MR survey on benzodiazepine drugs market offers detailed analysis on growth drivers and trends affecting demand in terms of product, time of action, application, distribution channel and region. It also highlights various strategies adopted by the leading players to gain a competitive edge in the benzodiazepine drugs market.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the global benzodiazepine drugs market is set to register steady growth during the forecast period between 2020 and 2026. With high penetration of generic drugs, the sales of benzodiazepine drugs are poised to rise at around 2.7% CAGR between 2020 and 2026.
The swift growth of the benzodiazepine drugs market can be attributed to the increasing prevalence of mental disorders such as depression and seizures, rising geriatric population, and globally surging prevalence of stressful life.
Rise in cases of depression is a primary factor driving the sales of benzodiazepine drugs. According to the World Health Organization (WHO), depression is the most common mental disorder affecting more than 264 million people worldwide.
Benzodiazepines drugs help in calming anxiety by enhancing the effect of the neurotransmitter Gamma-Aminobutyric Acid (GABA). They are very helpful in reducing mental stress by inducing sleep.
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Rising penetration of generic benzodiazepine drugs has been creating growth opportunities for the market. Growing awareness regarding mental health and wellbeing and various treatments available, especially across developing economies will improve sales prospects in the coming years.
Various initiatives launched by governments and other healthcare organizations to promote awareness about mental health and importance of seeking medical help in case of any concern will create conducive environment for the expansion of the market.
As per the report, in terms of application, the anxiety segment is projected to account for around 53% share in the market by 2026. Regionally, North America will continue dominating the benzodiazepine drugs market.
Growth witnessed in the region can be attributed to the rising cases of mental health concerns such as stress, anxiety, and insomnia among others, presence of leading drug companies, and recent FDA drug approvals. According to the Anxiety & Depression Association of America (ADAA), around 40 million adults suffer from anxiety disorders in the U.S. alone.
“With soaring demand for benzodiazepine drugs, focus on new drug launches and drug approvals will continue rising among market players. Besides this, rising awareness among people regarding mental health will bode well for the market” says the Fact.MR analyst.
Key Takeaways from Benzodiazepine Drugs Market Survey
- North America will continue to dominate the benzodiazepine drugs market due to increasing prevalence of anxiety disorders and high consumption of anxiety drugs.
- With increasing penetration of generic drugs and more people coming forward to discuss mental health issues to create awareness, the demand in Asia Pacific market will increase at 3.5% CAGR between 2020 and 2026.
- Latin America market will register a CAGR of around 3.4% during the forecast period.
- Based on application, the anxiety segment leads the benzodiazepine drugs market.
- Alprazolam remains the most preferred benzodiazepine drug for the treatment of mental health concerns
- Hospitals will continue accounting for maximum sales of benzodiazepine drugs.
- Increasing prevalence of mental disorders is the primary factor driving benzodiazepine drugs market.
- High penetration of generic benzodiazepine drugs is positively impacting the market growth.
- Side effects sometimes associated with benzodiazepine drugs are hampering the market growth.
- Drug abuse and rise in number of benzodiazepine drug related deaths also will limit the market growth.
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Key players operating in the benzodiazepine drugs market are focusing on expanding their products portfolio by means of new drug launches and drug approvals. They have developed various organic and inorganic growth strategies such as mergers, advanced drug developments, partnerships and collaborations to gain a competitive edge in the market.
- In February 2020, the U.S. FDA approved the Merck’s Belsomra drug for the treatment of insomnia in patients with mild-to-moderate Alzheimer's diseases.
- In February 2020, Sun Pharmaceutical Industries Limited announced that it will launch range of Brivaracetam drug for the treatment of epilepsy.
- In April 2020, SK Biopharmecuticals, Co., Ltd., a global innovative pharmaceutical company announced that Cenobamate received marketing authorization from the European Commission (EC) under the brand name ONTOZRY for the adjunctive treatment of focal-onset seizures.
- In August 2020, Dr. Reddy’s Laboratories announced the launch of Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules, USP in the U.S. market.
Some of the prominent players operating in the benzodiazepine drugs market profiled by Fact.MR are:
- Aurobindo Pharma
- Pfizer Inc.
- Apotex Inc.
- F.Hoffmann-La Roche Ltd.
- Sun Pharmaceutical Industries Ltd.
- Valeant Pharmaceuticals International, Inc.
- Amneal Pharmaceuticals LLC
- H.Lundbeck A/S, Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
More Insights on the Global Benzodiazepine Drugs Sales Outlook
Fact.MR provides an unbiased analysis of benzodiazepine drugs market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2020-2026. The study divulges compelling insights on the global demand for benzodiazepine drugs with a detailed segmentation on the basis of:
Time of Action
- Ultra-short Acting
- Short Acting
- Long Acting
- Alcohol Withdrawal
- Hospital Pharmacies
- Retail Pharmacies
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Benzodiazepine Drugs Sales Outlook Report
- The report offers insight into benzodiazepine drugs demand outlook for 2020-2026
- The market study also highlights projected sales growth for benzodiazepine drugs market between 2020 and 2026
- Benzodiazepine drugs market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Benzodiazepine drugs market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Healthcare Domain –
Depression Drugs Market- Depression is a group of mental health issues defined by a lack of optimism, which leads to negative emotions such as despair, sadness, and anxiety. The expansion of the depression drugs market has been fueled by the rise in the geriatric population and chronic diseases. With an increase in consumer health consciousness, side effects of depression medicines are becoming more widely acknowledged, and improved technologies are being used to manufacture drugs with fewer adverse effects.
Behavioural Health Treatment Market- Suicide rates are high over the world due to depression, anxiety, and post-traumatic stress disorders. Anxiety, compared to depression and other disorders, is a reasonably frequent disorder, according to an analytical study published by Fact.MR, due to people's fast-paced lifestyles that need them to multitask. In contrast to the aforementioned positive dynamics, social stigma associated with mental illnesses discourages people from seeking professional care. As a result, the market for behavioural health treatment is anticipated to increase slowly.
Drug Discovery Services Market- The expansion of drug discovery services can be attributed to an increase in research and development efforts and expenditures, as well as leading pharmaceutical companies' shift to outsourcing. The use of improved technology in the drug discovery process is also a major market growth factor. Regulatory initiatives toward pharmacogenomics technology, combinatorial chemistry technology, and other emerging trends in drug discovery technology are among the market's forthcoming trends. There has also been a rise in the use of procedures that do not require the use of labels.
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