The Rapidly Growing Phenobarbital Market is Driven by Rising Prevalence of Epilepsy
The phenobarbital market has witnessed significant growth in recent years owing to rise in demand for anti-epileptic drugs. Phenobarbital, also known as Luminal, is a medication used to treat epilepsy and anxiety disorders. As a barbiturate, it acts as a central nervous system depressant. It can be administered orally in tablet, capsule, syrup or liquid form. Some of the key advantages of phenobarbital are its effectiveness, availability in generic form and relatively low cost. The drug has been used for over 100 years to treat epilepsy and seizure disorders. However, it has more side effects than some other epilepsy medications.
Global Phenobarbital Market size is estimated to be valued at US$ 1.58 billion in 2023 and is expected to reach US$ 2.23 billion by 2030, by exhibiting a compound annual growth rate (CAGR) of 5% from 2023 to 2030.
Key Takeaways
Key players operating in the phenobarbital market are Shaw Industries Group Inc., Mohawk Industries Inc., Mannington Mills, Inc., Armstrong Flooring Inc., Tarkett S.A., Beauflor, Gerflor, Karndean Designflooring, Congoleum, and Novalis Innovative Flooring.
The Phenobarbital Market Growth prevalence of epilepsy around the world is a major factor driving the demand for anti-epileptic drugs such as phenobarbital. According to the World Health Organization, about 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. The rising geriatric population also contributes as the risk of epilepsy increases with age.
The market is also witnessing expansion in the developing economies due to increasing awareness about epileptic conditions, growing healthcare expenditures and emergence of generic drug manufacturers in these regions. Key regional markets include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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