Fri, 02 Dec 2022

The market for benzodiazepine medications is expected to reach US$ 3.1 billion by the end of 2032, growing at a CAGR of 2.8% from a value of US$ 2.35 billion in 2022.

North America is expected to be the most advantageous regional market for benzodiazepine drug producers during the future years. Sales of benzodiazepine pharmaceuticals are directly dependent on mental diseases.

The availability of numerous hospital and retail pharmacies further facilitates the purchasing of benzodiazepines by consumers. The U.S. benzodiazepine medication industry, which has been extensively covered in a recent Fact.MR analysis, is benefiting significantly from the high concentration of key companies.

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Key Highlights of Benzodiazepine Drugs Market Study

  • Easy accessibility is a key feature driving substantial sales of benzodiazepine drugs through retail pharmacies. By 2026, these pharmacies are projected to record value tantamount to US$ 1.4 Bn. Additionally, sales prospects for benzodiazepine drugs are likely to grow during the forecast period, as consumers are evincing high interest in online pharmacies.
  • Popularity of short-acting benzodiazepine drugs is expected to increase during the forecast period, as these induce less hangover effect and take relatively short time of action. On the back of this, around 77% of the total share would be attributable to the sales of short-acting benzodiazepine drugs.
  • Being a highly prevalent disorder among individuals leading a demanding lifestyle, anxiety is projected to account for a sizeable share tantamount to around 53% in the benzodiazepine drugs market during the forecast period.
  • Reduction in the number of prescriptions for benzodiazepine drugs, especially in countries such as the U.S., the U.K., and Canada, would impede market growth during the forecast period.

Segmentation of Benzodiazepine Drugs Industry Research

  • By Product :

    • Alprazolam
    • Clonazepam
    • Diazepam
    • Lorazepam
    • Others

  • By Time of Action :

    • Ultra-short Acting
    • Short Acting
    • Long Acting

  • By Application :

    • Anxiety
    • Insomnia
    • Alcohol Withdrawal
    • Seizures
    • Others

  • By Distribution Channel :

    • Hospital Pharmacies
    • Retail Pharmacies
    • Others

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Competitive Landscape

Prominent benzodiazepine drugs manufacturers are Pfizer, Alkorn Inc., Hikma, Hameln Pharmaceutical, Accord, Troylab, Amneal Pharmaceuticals LLC, and Apotex Inc.

Benzodiazepine drug suppliers are investing their time and money in R&D activities to enhance the effectiveness of benzodiazepine drugs used for insomnia, anxiety reduction, and seizure treatment with minimum side effects.

Key market players are also adopting inorganic strategies such as acquisitions, mergers, partnerships, and joint ventures to uphold their presence in the market. Moreover, emerging as well as mid-level manufacturers are competing with each other for faster product approvals to launch their products in the market.

  • In August 2022, Aquestive Therapeutics, Inc, a pharmaceutical company, received FDA approval for Libervant™, which is a diazepam-based buccal film for acute treatment of seizures.
  • In June 2022, Hikma Pharmaceuticals Plc announced the establishment of Hikma France S.A.S.
  • In February 2021, Akorn, a leading specialty pharmaceutical company, announced the review of strategic alternatives for its Consumer Health Business.

The benzodiazepine drugs market, under product segment, is categorized into alprazolam, clonazepam, diazepam, lorazepam, and others. Amongst them, the alprazolam segment held the largest market share of 29.2% in 2021 and is expected to exhibit a CAGR of 3% during the forecast years of 2022-2032.

Alprazolam enjoys high popularity owing to its identity as a high-potency triazolobenzodiazepine, which is approved by the US FDA for the treatment of anxiety and panic disorders.

Hence, extensive utilization of alprazolam for the treatment of anxiety and panic disorders and a higher number of prescriptions of alprazolam for these conditions are likely to drive segment growth through 2032.

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Will the rise in anxiety cases in the United States result in a high demand for benzodiazepines?

Due to an increase in the prevalence of anxiety and conditions associated to it as well as more FDA approvals of benzodiazepine medications, currently dominates the market in North America.

  • Around 40 million adults in the United States suffer from anxiety disorders each year, according to the Anxiety and Depression Association of America (ADAA), yet only 36.9% of them choose to receive treatment.

The rise in GAD diagnoses is also attributed to a boom in the provision of mental healthcare services and rising awareness of anxiety disorders (generalized anxiety disorder).

During the projected period, it is expected that the market for benzodiazepine medications in the US would grow at a CAGR of 2.1%.

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Original Source of the original story >> Sales of Benzodiazepine Drugs Are Anticipated To Reach US$ 3.1 Billion by the End Of 2032

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