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Anticonvulsants Market Overview, Growth And Forecast 2024-2033
Anticonvulsants Market Overview
According to The Business Research Company's, The anticonvulsants market size has grown steadily in recent years. It will grow from $18.39 billion in 2023 to $19.08 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to risen prevalence of epilepsy, advancements in diagnostic capabilities, expanding indications, focus on personalized medicine, increased awareness and education.
The anticonvulsants market size is expected to see steady growth in the next few years. It will grow to $21.75 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to continuing increase in epilepsy cases, expanding applications in neuropsychiatry, development of new anticonvulsant agents, increasing emphasis on mental health, global health initiatives. Major trends in the forecast period include pediatric applications and formulations, shift towards extended-release formulations, growing adoption of generic versions, integration with digital health solutions, research on neuroprotective effects.
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Market Drivers and Trends:
The rise in the prevalence of epilepsy is expected to propel the growth of the anticonvulsants market going forward. Epilepsy is a common disorder that affects the brain and frequently results in seizures. It is a chronic nontransmissible disease of the brain that affects people of all ages. Anticonvulsants are medications used to suppress seizures in people with epilepsy. Anticonvulsants help control symptoms of epilepsy by blocking the abnormal electrical activity in the brain that causes seizures and is not necessarily a cure for the disease. For instance, in February 2023, according to the World Health Organization, a Switzerland-based United Nations agency responsible for public health, globally, an estimated 5 million people are diagnosed with epilepsy yearly. The high-income countries have an estimated 49 per 0.1 million people are diagnosed with epilepsy each year, and as many as 139 per 0.1 million in low- and middle-income countries. Therefore, the rise in the prevalence of epilepsy is driving the growth of the anticonvulsants market going forward.
Product development is a key trend gaining popularity in the anticonvulsants market. Major companies operating in the anticonvulsants market are focused on developing innovative products to strengthen their position and gain a competitive advantage. For instance, in December 2022, Lupin Limited, an India-based pharmaceutical company, launched an abbreviated new drug application, Rufinamide tablets USP, 200 mg and 400 mg, an anticonvulsant drug. Rufinamide is used with other medications to control seizures in people who have a severe form of epilepsy called Lennox-Gastaut syndrome, which begins during childhood and causes several types of seizures, behavioral disturbances, and developmental delays in an individual.
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Major Key Players of the Market:
Eisai Co Ltd.; GlaxoSmithKline plc; Pfizer Inc.; Johnson & Johnson Services Inc .; Novartis AG; Jazz Pharmaceuticals Inc.; UCB SA; Teva Pharmaceutical Industries Ltd.; Sunovion Pharmaceuticals Inc.; Sanofi SA; Zydus Lifesciences Ltd.; Lupin Limited; Ratiopharm Group; Kannalife Inc.; Neuropathix Inc.; AbbVie Inc.; Sun Pharmaceutical Industries Ltd.; Cipla Limited; Mylan N.V.; Aurobindo Pharma Limited; Dr. Reddy's Laboratories Ltd.; Torrent Pharmaceuticals Ltd.; Hikma Pharmaceuticals plc; AstraZeneca plc; Glenmark Pharmaceuticals Limited; Laurus Labs Limited; Biocon Limited; Recordati S.p.A.; Neurocrine Biosciences Inc.
Anticonvulsants Market 2024 Key Insights:
• The anticonvulsants market size will grow to $21.75 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• The Surge In Epilepsy Cases Drives Growth In The Anticonvulsants Market
• Innovative Product Development Drives Advancements In The Anticonvulsants Market
• North America was the largest region in the Anticonvulsants market in 2023
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