High-volume Yet Low-value Sales Projected in Benzodiazepine Drugs Market
Branded medications such as Xanax continue to witness a diminishing impact in the benzodiazepine drugs market, on the back of growing popularity of generic drugs. High capital requirements for the development of quality branded drugs are increasing the penetration of generic drugs in the benzodiazepine drugs market.
The trend of developing generic drugs holds relevance for prominent players such as Teva Pharmaceutical Industries Ltd. and Mylan N.V., who generate a sizeable revenue (around 58% market share) through the sales of generic products.
Benzodiazepine drugs are a single panacea to numerous disorders such as anxiety, insomnia, and seizures, which continues to catalyse sales through multiple applications. Growing awareness about the side-effects of psychoactive drugs, in turn, increases the adoption of relatively safe benzodiazepine drugs.
Considering the relevance of these crucial dynamics, a comprehensive study by Fact.MR opines that, demand for benzodiazepine drugs would remain high-albeit generic ones-which would drive voluminous sales, though contribute moderately to market value.
That being said, the benzodiazepine drugs market is expected to record a pedestrian CAGR of around 2.7% during the forecast period (2020-2026).
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Drug Abuse and Reported Cases of Death Associated with Benzodiazepine Drugs to Hamper Revenue Potential of Market
A cohort of factors such as increasing benzodiazepine drug abuse and several reported cases of overdose leading to death, apart from increase in popularity of generic drugs, is resulting in sluggish growth of the market.
These drugs produce a calming effect, which leads to drug abuse, and, in turn, increases drug dependency.
Long-term consumption of benzodiazepine drugs is found to cause breathing problems, dizziness, weakness, tremors, pneumonia, brain damage, and in extreme cases, can also lead to death.
According to the National Institute on Drug Abuse, the year 2017 witnessed around 11,537 deaths caused by the overdose of benzodiazepine drugs. In response to such incidence, various government bodies now regulate prescription of the drug, further hampering market growth.
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North American Benzodiazepine Drugs Market Growing in Proportion to Increasing Prevalence of Anxiety Disorders
North America is a key benzodiazepine drugs market, with high consumption of these drugs for the treatment of anxiety disorders.
According to the Anxiety and Depression Association, anxiety disorders affect around 40 million adults in the U.S., every year, which is likely to increase adoption, as consciousness regarding quality treatment grows among individuals.
Application of benzodiazepine drugs for the treatment of anxiety alone is projected to account for over 53% share in the market by 2026, while drug consumption for the treatment of seizures is likely to record a CAGR of around 2.4% during the forecast period.
However, the impact of stringent regulations against drug abuse is such that, sales of benzodiazepine drugs receive closure through retail and hospital pharmacies, as these drugs require a proper prescription.
This, when compared to relatively lenient regulations in Asia Pacific and Latin America, sales of benzodiazepine drugs through online pharmacies are projected to witness a CAGR of around 3.5% and 3.4%, respectively.
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Benzodiazepine Drugs Market – Assessment of Key Segments
Authors of this comprehensive research have classified the benzodiazepine drugs market into key segments for an in-depth study of the market. Categorisation of the benzodiazepine drugs market is based on distribution channel, time of action, application, product, and region.
This detailed study also offers information about the incremental opportunity present in the benzodiazepine drugs market during the forecast period. Key segments considered while studying the benzodiazepine drugs market include:
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Revenue of the benzodiazepine drugs market has been estimated in terms of US$ Mn for the period of 2020-2026. In addition to this, compound annual growth rate (CAGR %) has been estimated for all segments during the forecast period of 2020-2026, considering 2019 as the base year, in the benzodiazepine drugs market.
Benzodiazepine Drugs Market – Scope of the Study
The report on the benzodiazepine drugs market is an exclusive study, which has been recently added to the broad report repository of Fact.MR. This study brings to the fore crucial aspects that have been influencing the growth of the benzodiazepine drugs market.
This comprehensive study offers analytical insights pertaining to the recent developments in the benzodiazepine drugs market, through the analysis of historical data for the period of 2016-2019, with the duration of 2020-2026 considered as the forecast period.
Recalibration of revenue of the benzodiazepine drugs market has been carried out in terms of value (US$ Mn). This research report offers exclusive insights into the influential trends that hold high potential to shape the benzodiazepine drugs market during the forecast period.
Besides this, the report also includes numerous macroeconomic and microeconomic growth indicators that support the growth of the benzodiazepine drugs market during the forecast period.
This detailed guide offers crucial information into key dynamics, along with their influence on the benzodiazepine drugs market during the forecast period.
The detailed report, in turn, brings to the fore, insightful information about key challenges and threats that could limit the growth potential of players in the benzodiazepine drugs market.
The study unveils profitable opportunities for manufacturers, which they can adopt to strengthen their position in the global benzodiazepine drugs market.
With a view to aid stakeholders in the benzodiazepine drugs market, the study comprises a detailed section on the competition analysis.
This exclusive study offers a dashboard view of the benzodiazepine drugs market, with detailed information about market players, based on overall revenue, key developments, and their market presence. Additionally, key strategies of players in the benzodiazepine drugs market have also been included in this comprehensive study.
Analysts of the report have analysed the profiles of leading, prominent, and emerging players in the benzodiazepine drugs market, in order to obtain a detailed idea regarding the competition prevailing in the landscape.
Key players profiled in this comprehensive study include Aurobindo Pharma, Pfizer Inc., Apotex Inc., F.Hoffmann-La Roche Ltd., Sun Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International, Inc., Amneal Pharmaceuticals LLC, H.Lundbeck A/S, Mylan N.V., and Teva Pharmaceutical Industries Ltd.
Benzodiazepine Drugs Market – Research Methodology
The primary objective of this exclusive study on the benzodiazepine drugs market is to offer precise estimates and forecasts of the market in terms of value (US$ Mn) for the period of 2020-2026.
The secondary objective includes analysis of key market segments exhibiting significant growth rates, leading strategies adopted by players in the benzodiazepine drugs market, and the adoption rate of benzodiazepine drugs in key regions across the world.
Top-down and bottom-up approaches have also been adopted by research analysts in order to validate data and statistics to offer accurate market information to stakeholders.
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