Benzodiazepine Drugs Market Set to Record US$ 2.6 Bn by 2026; the U.S. to Remain Attractive Market, finds Fact.MR
Published : 02 Jan 2020 Industry: Healthcare
The U.S. is expected to account for around one-third of the total share in the global benzodiazepine drugs market by 2026. Growing prevalence of anxiety in parallel with rising awareness regarding benzodiazepine drugs is reflecting on increasing opportunities for players in the U.S. market. As per a report by the Anxiety and Depression Association of America (ADAA), each year, over 40 Mn adults in the U.S. suffer from anxiety disorders.
Presence of a large number of hospital and retail pharmacies further makes it easy for individuals to purchase benzodiazepine drugs. A significant influence of high concentration of leading players is also auguring well for the U.S. benzodiazepine drugs market, which has been discussed in detail, in a recent Fact.MR study.
Key Highlights of Benzodiazepine Drugs Market Study
- Easy accessibility is a key feature driving substantial sales of benzodiazepine drugs through retail pharmacies. By 2026, these pharmacies are projected to record value tantamount to US$ 1.4 Bn. Additionally, sales prospects for benzodiazepine drugs are likely to grow during the forecast period, as consumers are evincing high interest in online pharmacies.
- Popularity of short-acting benzodiazepine drugs is expected to increase during the forecast period, as these induce less hangover effect and take relatively short time of action. On the back of this, around 77% of the total share would be attributable to the sales of short-acting benzodiazepine drugs.
- Being a highly prevalent disorder among individuals leading a demanding lifestyle, anxiety is projected to account for a sizeable share tantamount to around 53% in the benzodiazepine drugs market during the forecast period.
- Reduction in the number of prescriptions for benzodiazepine drugs, especially in countries such as the U.S., the U.K., and Canada, would impede market growth during the forecast period.
A subject matter expert at Fact.MR opines,
“Regulations regarding development of benzodiazepine drugs are relatively stringent in developed regions such as North America and Europe, which opens ground for branded as well as generic drugs in developing regions. As a result, entry barriers in developed regions would be high, while those in developing regions would be moderate.”
High Popularity of Generic Drugs Puts Pressure on Branded Products of Leading Players
The benzodiazepine drugs market features fragmentation, as leading players operate under the constant pressure of patent expiration of branded products. High investments made towards the development of innovative and new products by leading players intensifies pressure to achieve the desired RoI. For instance, in 2017, F.Hoffmann-La Roche AG invested around one-fifth of the total revenue to strengthen the pipeline of innovative products. Stringent regulations on innovative drugs further make it difficult for leading players to gain desired marketability.
On the other side, the focus of prominent and leading players is on achieving better penetration into the benzodiazepine drugs market through the development of generic drugs. Growing sales of generic benzodiazepine drugs is putting pressure on leading players to squeeze their profit margins and adopt a cost-competitive strategy to have better sales prospects.
Find More Valuable Insights on Benzodiazepine Drugs Market
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global benzodiazepine drugs market, presenting historical demand data (2016-2019), and forecast statistics for the period of 2020-2026. The study divulges compelling insights on the benzodiazepine drugs market on the basis of distribution channel (hospital pharmacies, retail pharmacies, and others), time of action (ultra-short acting, short acting, and long acting), application (anxiety, seizures, insomnia, alcohol withdrawal, and others), and product (alprazolam, clonazepam, diazepam, lorazepam, and others), across five major regions.
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