Global Benzodiazepine Drugs Market, by Product (Long Acting Benzodiazepine {Chlordiazepoxide, Diazepam, Lorazepam, Alprazolam, Clonazepam, and Others}, Short Acting Benzodiazepine {Temazepam, Midazolam, Triazolam and Others), by Application (Anxiety Disorders, Nervousness, Sedation, Seizures, Alcohol Withdrawal and Others), by Route of Administration (Oral, Injectables, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 3,050.4 million in 2022 and is expected to exhibit a CAGR of 3.2% during the forecast period (2022-2030).
Market players are indulged in inorganic activities, such as acquisitions, in order to expand their product portfolio. This is expected to drive growth of the global benzodiazepine drugs market over the forecast period. For instance, in June 2020, UCB S.A., a global biopharmaceutical company, acquired Engage Therapeutics, Inc., a clinical-stage pharmaceutical company which is focused on developing Staccato Alprazolam for the rapid termination of an active epileptic seizure.
Market players are indulged in receiving approvals from the regulatory authorities, in order to increase the market share in the global market. For instance, in January, in 2018, Aurobindo Pharma Ltd. announced that it received final approval from the U.S. Food and Drug Administration for Lorazepam Tablets USP, a benzodiazepine 0.5 mg, 1 mg, and 2 mg. Lorazepam Tablets USP from Aurobindo Pharma Ltd. has been determined to be bioequivalent and thus, therapeutically equivalent to the reference listed medication Ativan by the Division of Bioequivalence.
Global Benzodiazepine Drugs Market- Impact of Coronavirus (COVID – 19) Pandemic
The coronavirus disease (COVID-19) pandemic is expected to restrain growth of the global benzodiazepine drugs market over the forecast period. COVID-19 is the recent pandemic outbreak, which was first reported on December 31, 2019 in Wuhan, China. The World Health Organization declared coronavirus disease (COVID-19) as a pandemic on March 11, 2020. According to the World Health Organization (WHO) Weekly epidemiological update on COVID-19, the number of new cases are decreasing after the second week of March 2022. Therefore, as of April 3, 2022, around 489 million cases and over 6 million deaths have been reported.
Due to COVID-19 pandemic, governments of various countries are updating guidelines for keeping proper mental health as well as creating awareness of ways to take care of mental health. This is expected to increase the growth of the global benzodiazepine drugs market over the forecast period. For instance, in the year 2020, the Department of Health & Family Welfare, Government of Karnataka, India, entered into collaboration with Department Of Psychiatry, the National Institute of Mental Health and Neurosciences, in order to create awareness about mental health among the people. Under the guidelines, the government has also mentioned the use of benzodiazepines for the treatment of mental health.
Browse 39 Market Data Tables and 25 Figures spread through 208 Pages and in-depth TOC on Global Benzodiazepine Drugs Market, by Product (Long Acting Benzodiazepine {Chlordiazepoxide, Diazepam, Lorazepam, Alprazolam, Clonazepam, and Others}, Short Acting Benzodiazepine {Temazepam, Midazolam, Triazolam, and Others), by Application (Anxiety Disorders, Nervousness, Sedation, Seizures, Alcohol Withdrawal, and Others), by Route of Administration (Oral, Injectables, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Regulatory authorities such as the U.S. Food and Drug Administration works to raise awareness of risks associated with benzodiazepines through scientific meetings, public-private partnerships, and funded research. The authorities are also engage with clinicians, patients, and other stakeholders and gather on-the-ground perspectives on medication use. The U.S. Food and Drug Administration (FDA) also runs programs such as the ‘Safe Use Initiative’. Safe Use Initiative is focused on reducing preventable harm from drugs such as benzodiazepines, by soliciting and funding projects that develop innovative methods to create, facilitate, and encourage research in the area of safe medication use.
Key Takeaways of the Benzodiazepine Drugs Market:
- The global benzodiazepine drugs market is expected to exhibit a CAGR of 3.2% over the forecast period (2022-2030), owing to growth in potential markets, especially in Europe. While North America accounted for the major market share.
- Market players are indulged in inorganic activities, such as acquisition, in order to expand their product portfolio. This is expected to drive growth of the global benzodiazepine drugs market over the forecast period. For instance, in May 2019, Amneal Pharmaceuticals, Inc. announced that it acquired Impax Laboratories, Inc. The acquisition led to expansion of Amneal Pharmaceuticals' generic medicine product portfolio that further helped the company to achieve the 5th largest generics business position in the U.S.
- Some of the major players operating in the global benzodiazepine drugs market include F.Hoffmann-La Roche Ltd., Torrent Pharmaceuticals Ltd., Mallinckrodt Pharmaceuticals, Pfizer Inc., Viatris Inc. (Mylan N.V.), Labiana Pharmaceuticals, Bausch Health Companies, Inc., Teva Pharmaceutical Industries Ltd., Amneal Pharmaceuticals LLC, Sun Pharmaceutical Industries Ltd., Aurobindo Pharma, Par Pharmaceutical, and Intas Pharmaceuticals Ltd.
