Benzodiazepine Market to grow at CAGR of ~1.5% to 2.3 % By 2023
Benzodiazepine Market Information, By Applications (anxiety, insomnia, agitation, seizures, muscle spasms, alcohol withdrawal symptoms), By time of action (Long acting, Short acting), - Forecast Till 2027
Benzodiazepines are a class of medications prescribed for tackling stress, insomnia, anxiety, and other conditions. They also go by the name of ‘Benzos’. Short-term consumption has been noted to be highly effective, while long-term use has been characterized by dependence and other adverse effects. Some of the prominent benzodiazepines include Xanax and Valium. The global benzodiazepine market report by Market Research Future (MRFR) outlines the latest trends, drivers, and restraints with an in-depth analysis of the drug’s efficacy and future prospects.
Market Outlook
The global benzodiazepine market is predicted to exhibit CAGR between 1.5% to 2.3% over the forecast period (2015-2022). The market had faced stiff competition from selective serotonin reuptake inhibitors (SSRIs) but is experiencing a resurgence in demand from 2000s. High levels of stress and anxiety among adults in the U.S. has induced the demand for these drugs. According to the World Health Organization, close to 264 million reportedly suffer from anxiety disorders in2015. The rising consumption of these medications as well as the inclusion of anti-anxiety medications in healthcare programs can fuel the market demand till 2022.
The rising number of cases of overdoses due to these medications have prompted policies by federal bodies. Usage of black box warnings on these medications for warning them against mixing multiple drugs can work in favor of the market. Short-acting benzodiazepines have gained massive success due to having a lower hangover effect after intake. Approval by federal bodies for the production of generic versions of popular medications can create a new revenue stream for manufacturers. This is evident by the production of Clobazam tablets by Breckenridge Pharmaceutical since 2018.
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Heavy dependence and tolerance on such medications are a challenge faced by the market.
Segmentation Analysis
The global benzodiazepine market is segmented by application and time of action.
By application, it is segmented into anesthesia supplements, alcohol withdrawal symptoms, muscle spasms, seizures, agitation, insomnia, and anxiety.
By time of action, it is segmented into long acting and short acting.
Regional Analysis
The Middle East & Africa, Asia Pacific (APAC), North America, and Europe are regions taken into consideration in the compilation of the global benzodiazepine market report.
The North America region is expected to generate close to USD 2.4 billion by 2022 for the global benzodiazepine market. Large number of sleeping and anxiety disorders is likely to drive the regional demand exponentially. Stringent guidelines by local regulatory bodies in regards to the prescription and consumption of these medications can lower the cases of overdosage and favor the market. Approval of these medications by federal agencies as well as their sales at pharmacies can bode well for the market.
Europe is touted to follow North America in the global standings due to high stress levels and recorded cases of seizures. The use of these medications for the treatment of sleeping disorders by the geriatric populace can be the primary driver of the region. According to a new research published in the European Pharmaceutical Review, benzos have the ability to reduce the risk of strokes in patients with cardiovascular diseases.
APAC is projected to display a robust CAGR during the forecast period due to their high prescription for treatment of alcohol withdrawal. Large healthcare expenditure of nations for fighting drug dependence, hectic lifestyles of patients, and awareness of patients are factors which can facilitate regional market growth.
Competitive Analysis
Major industry participants in the global benzodiazepine market include Forest Laboratories, Inc., Pfizer, Inc., H. Lundbeck A/S, Sanofi S.A., AstraZeneca plc, Merck & Co., Inc., Johnson & Johnson, Eli Lilly and Company, and GlaxoSmithKline plc. Novel product development, mergers, acquisitions, and alliances are strategies being employed by companies to stay buoyant in the market.
Industry News
UCB, a U.S. pharmaceutical company, recently got approval from the U.S. Food and Drug Administration (FDA) for the mass manufacture of NAYZILAM. NAYZILAM is a nasal spray used in treating seizures in patients of epilepsy. Treatment of seizures can prevent the risk of physical injury and neurological damage.
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