July 20, 2024
Benzodiazepine Drugs Market

The Increasing Prevalence Of Anxiety Disorders To Boost The Growth Of Benzodiazepine Drugs Market

Benzodiazepine drugs are prescribed medication for treatment of conditions involving anxiety, insomnia, seizures, and alcohol withdrawal syndrome. Some common examples of benzodiazepines include Alprazolam, Clonazepam, Diazepam, and Lorazepam. They work by enhancing the effect of the gamma-aminobutyric acid (GABA) neurotransmitter in the brain which induces a calming and sedative effect. While benzodiazepines are very effective in short-term management of anxiety and panic disorders, long-term use can cause habituation and dependency.

The global Benzodiazepine Drugs Market is estimated to be valued at US$ 3148.01 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends in the benzodiazepine drugs market is the increasing prevalence of anxiety and stress-related disorders globally. As per the National Institute of Mental Health, over 40 million Americans were affected by anxiety disorders in 2019 alone. The COVID-19 pandemic has further exacerbated the anxiety levels and stress among the population. This rising mental health burden particularly in developing countries is expected to boost the adoption of benzodiazepine medication. Additionally, introduction of novel benzodiazepine analogs and development of abuse-deterrent formulations by leading manufacturers are some other crucial trends expected to influence growth of the market over the forecast years.

Porter’s Analysis

Threat of new entrants: Low barriers to entry and well established key players make it difficult for new players to enter this market.

Bargaining power of buyers: Large buyer base and availability of alternative products give buyers a strong bargaining power.

Bargaining power of suppliers: Presence of many suppliers keeps pricing in check and reduces their bargaining power.

Threat of new substitutes: Availability of alternative treatment options acts as a threat for substitutes in this market.

Competitive rivalry: Intense competition among existing key players keeps pricing and profit margins low.

Key Takeaways

The global Benzodiazepine Drugs Market Size is expected to witness high growth, exhibiting CAGR of 3.2% over the forecast period, due to increasing geriatric population suffering from various mental disorders.

Regional analysis: North America dominates the benzodiazepine drugs market owing to the presence of major pharmaceutical players and growing awareness regarding anxiety disorders in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period due to increasing healthcare expenditure and focus of global players on emerging markets.

Key players: Key players operating in the benzodiazepine drugs market are F.Hoffmann-La Roche Ltd., Torrent Pharmaceuticals Ltd., Mallinckrodt Pharmaceuticals, Pfizer Inc., Viatris Inc. (Mylan N.V.), Labiana Pharmaceuticals, Bausch Health Companies, Inc., Teva Pharmaceutical Industries Ltd., Amneal Pharmaceuticals LLC, Sun Pharmaceutical Industries Ltd., Aurobindo Pharma, Par Pharmaceutical, and Intas Pharmaceuticals Ltd.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it