Benzodiazepine drugs are primarily used to treat anxiety disorders, trouble in sleeping, panic disorders and to control epileptic seizures. These prescription drugs provide high efficacy and relief from several psychological conditions but has potential for abuse as well. Thus these are highly regulated and requires prescription from physicians.
The global Benzodiazepine Drugs Market is estimated to be valued at US$ 3626.51 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased prevalence of anxiety disorders and depression is a major factor driving the demand for benzodiazepine drugs across regions. According to WHO, depression is a leading cause of disability worldwide and approximately 280 million people suffer from depression globally. Benzodiazepine are among the most commonly prescribed antidepressant and anti-anxiety medications, thus the rising cases of these psychological conditions has significantly accelerated the prescription rates of benzodiazepine drugs over the past decade. The potential for abuse and dependence remains a concern but advances in formulations that are less likely to be abused has expanded the use of these drugs.
Segment Analysis
The global benzodiazepine drugs market is segmented based on product, application, distribution channel, and region. By product, the alprazolam segment held the largest market share in 2021. Alprazolam is widely used to treat anxiety disorders and panic disorders as it works quickly to calm the nerves and relax the muscles. Its fast onset of action, favorable safety profile, and low cost has made it the preferred benzodiazepine for anxiety and other related conditions.
Key Takeaways
The Global Benzodiazepine Drugs Market Share is expected to witness high growth over the forecast period. The global Benzodiazepine Drugs Market is estimated to be valued at US$ 3626.51 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific region is expected to grow at the fastest rate during the forecast period. Increasing incidences of anxiety and sleep disorders in countries like India and China due to changing lifestyles is expected to drive the demand for benzodiazepine drugs in this region.
Key players: Key players operating in the benzodiazepine drugs market are Bioderma Laboratories, Lotus Herbals Pvt. Ltd., Natura & Co., Kao Corporation, Beiersdorf AG, Procter & Gamble Co., Unilever PLC, Moroccan Oil, L'Oreal SA, Himalaya Wellness Company, Johnson & Johnson Inc., and The Estee Lauder Companies Inc.
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https://www.ukwebwire.com/benzodiazepine-drugs-market-size-share-growth-outlook-2023/
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