The rising prevalence of anxiety disorders to drive demand for Benzodiazepine Drugs Market

 

Benzodiazepine Drugs Market

Market Overview:

Benzodiazepines are a class of psychoactive drugs belonging to the benzodiazepine family. These drugs are prescribed for various medical conditions such as anxiety disorders, panic disorders, insomnia, seizures, alcohol withdrawal syndrome, muscle spasms, and as an anesthesia aid. Some common examples of benzodiazepines include alprazolam, clonazepam, diazepam, and lorazepam. These drugs work by increasing the action of gamma-aminobutyric acid (GABA), a major inhibitory neurotransmitter in the central nervous system. Due to their calming properties, they are widely used to treat insomnia, anxiety, panic attacks, agitation, seizures, muscle spasms, and alcohol withdrawal.

Market Dynamics:
The Benzodiazepine Drugs Market is primarily driven by the rising prevalence of anxiety disorders worldwide. As per Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S., affecting nearly 40 million adults, or 18%, annually. According to National Alliance on Mental Illness (NAMI), anxiety disorders are among the most common mental health conditions in the U.S., affecting an estimated 31% of adults in the country at some point in their lives. To combat growing anxiety and panic disorders, benzodiazepine drugs remain commonly prescribed and are increasingly recognized as the mainstay of treatment.

Another driver aiding the market growth is growing preference for benzodiazepines over short-acting antidepressants to treat mental health disorders like anxiety, panic disorders, and depression. While short-acting antidepressants may take several weeks to provide relief from anxiety and depression symptoms, benzodiazepines work immediately to reduce symptoms and improve mood by increasing the action of gamma-aminobutyric acid in the brain. This makes benzodiazepines a preferred option for the short-term treatment in anxious and depressive patients.
Segment Analysis
Content: The global benzodiazepine drugs market is segmented based on drug class, application, distribution channel, and region. Alprazolam dominates the drug class segment owing to its high prescription rates for the treatment of anxiety disorders and panic attacks.

PEST Analysis
Content: Political: Drug manufacturing regulations are expected to become more stringent over the forecast period. Economic: Increasing healthcare spending across developing regions will boost market growth. Social: Rising prevalence of anxiety and insomnia disorders will drive the demand for benzodiazepine drugs. Technological: Technology advancements are resulting in the development of long-acting and abuse-deterrent benzodiazepine formulations.

Key Takeaways
The global benzodiazepine drugs market size was valued at US$ 3148.01 Mn in 2023 and is expected to reach US$ 4554.21 Mn by 2030, expanding at a CAGR of 3.2% during the forecast period. The growth can be attributed to the rising geriatric population who are more susceptible to anxiety and insomnia along with growing awareness regarding mental health issues.

Regional analysis: North America dominated the market and accounted for revenue share of over 35% in 2023 owing to the high healthcare expenditure and growing acceptance of benzodiazepine therapy in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period on account of the large patient pool and improving access to healthcare facilities in developing Asian countries.

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.

Read More:

https://www.marketwebjournal.com/benzodiazepine-drugs-market-demand-share/

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