Benzodiazepine Drugs Market Revenue, Industry Growing Demand, Top Companies, Regional Outlook Up to 2028

The global benzodiazepine drugs market is anticipated to grow at a significant CAGR of 2.3% during the forecast period 2022-2028. Due to an increase in the incidence of anxiety, seizures, sleeplessness, and a surge in concern for the avoidance of stress and associated diseases, the market for benzodiazepine drugs is growing rapidly. By boosting the impact of the neurotransmitter GABA, benzodiazepine medications generate a calming effect (Gamma-Aminobutyric Acid). Benzodiazepines are extensively prescribed medications across the globe, and they can aid with anxiety disorders, seizures, sleep induction, and sedation prior to surgery or general anesthesia. The unhealthy and busy lifestyle is a key contributor to mental disturbances including anxiety, mania, and panic disorder. According to the Anxiety and Depression Association of America (ADAA), anxiety disorders are the most common mental illness in the US, affecting 40 million adults of age 18 and above, or 18.1% of the population every year. Anxiety disorders are easily treatable, yet only 36.9% of those suffering receive treatment due to social restrains. In 2019, outpatient pharmacies in the US dispensed an estimated 92 million benzodiazepine prescriptions, with alprazolam (38%) being the most prevalent, followed by clonazepam (24%), and lorazepam (20%). However, the benzodiazepine drugs come with some adverse effects if consumed without prescription. Due to this reason, the US Food and Drug Administration (USFDA) in September 2020 had announced in a drug safety communication that it is requiring an update to the agency's most prominent safety warning, the boxed warning, as well as class-wide labelling changes for benzodiazepines to include the risks of abuse, misuse, addiction, physical dependence, and withdrawal reactions to help improve their safe use.

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The market is segmented based on the product type and application. Based on the product type, the market is sub-segmented into alprazolam, diazepam, lorazepam, and clonazepam. Based on application, the market is sub-segmented into anxiety disorders, seizures, insomnia, and alcohol withdrawal. Among these applications, the anxiety disorder segment is anticipated to hold a prominent share in the market due to its higher prevalence. The rise in the adoption of benzodiazepine drugs products for the treatment of these problems is the major cause of the growth of the segment. Additionally, the growing research and development activities for new product launches is propelling the growth of the global benzodiazepine drugs market.

Some major players in the market include Pfizer Inc., Mylan NV, Dr Reddy's Laboratories Ltd., Apotex Inc., Teva Pharmaceutical Industries Ltd., and Cipla Inc., among others. The market players are helping significantly in the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay in the competition of the market. For instance, in October 2020, Acacia Pharma Group plc announced that the US Drug Enforcement Administration (DEA) has designated its procedural sedative BYFAVO (remimazolam injection) as a Schedule IV medicine. This designation is the schedule for drugs with a low potential for abuse and low risk of dependence and is consistent with that granted to many other benzodiazepine drugs, including midazolam and diazepam (Valium). Similarly, in July 2021, Aquestive Therapeutics, Inc., announced that the USFDA had accepted for filing the resubmission of the New Drug Application (NDA) for Libervant (diazepam) buccal film for the management of seizure clusters.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Product Type
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Pfizer Inc., Mylan NV, Dr Reddy's Laboratories Ltd., Apotex Inc., Teva Pharmaceutical Industries Ltd., and Cipla Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Benzodiazepine Drugs Market Report by Segment

By Product Type
• Alprazolam
• Diazepam
• Lorazepam
• Clonazepam

By Application
• Anxiety Disorders
• Seizures
• Insomnia
• Alcohol Withdrawal

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This release was published on openPR.