July 18, 2024
Benzodiazepine Drugs Market

Benzodiazepine Drugs Market Driven by Rising Prevalence of Anxiety Disorders

Benzodiazepine drugs are primarily used for treating anxiety disorders, insomnia, seizures and alcohol withdrawal symptoms. Some commonly used benzodiazepine drugs include alprazolam, clonazepam, diazepam and lorazepam. These drugs work by enhancing the effect of the gamma-aminobutyric acid (GABA) in the brain which calms the nerve activity of the brain. The global benzodiazepine drugs market is witnessing growth due to the rising prevalence of anxiety disorders across the world. According to WHO estimates, anxiety disorders affect about 284 million people globally.

The global Benzodiazepine Drugs Market is estimated to be valued at US$ 3148.01 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the key trends in the benzodiazepine drugs market is the growing innovation and development of abuse-deterrent formulations. Conventional benzodiazepine formulations are easily misused by crushing or dissolving tablets to snort or inject. This misuse has led to addiction issues and fatal overdoses. To address this concern, leading manufacturers are developing abuse-deterrent formulations that maintain drug efficacy when taken orally but block effects when tampered or crushed for unintended routes of administration. For instance, in June 2019, the U.S. FDA approved Orexo AB’s abuse-deterrent Suboxone sublingual film for treatment of opioid dependence. The film is designed to resist destruction, manipulation for misuse or alternate routes of administration. Such innovative abuse-deterrent formulations are expected to drive the benzodiazepine drugs market during the forecast period.

Porter’s Analysis
Threat of new entrants: Low cost of production for new pharmaceutical companies but high R&D costs associated with developing benzodiazepines and regulations imposed will deter new companies from entering the market.
Bargaining power of buyers: Large pharmaceutical companies dominate the market which reduces bargaining power of buyers as they have limited alternatives.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and brands have bargaining power on price and quantity.
Threat of new substitutes: Threat of new substitutes is moderate as new treatments for anxiety, insomnia are available but benzodiazepines are still effective for short term use.
Competitive rivalry: Market populated by big pharmaceutical players producing branded drugs, market share dominated by top 10 companies with me-too drugs and cost focus creating competitive pressure.

Key Takeaways

The Global Benzodiazepine Drugs Market Size is expected to witness high growth.

Regional analysis:

North America region is the largest as it accounts for over 30% share due to increasing prescription rates and easy availability of drugs. Europe is the second largest region due to growing anxiety disorders.

Key players operating in the benzodiazepine drugs market are Bioderma Laboratories, Lotus Herbals Pvt. Ltd., Natura & Co., Kao Corporation, Beiersdorf AG, Procter & Gamble Co., Unilever PLC, Moroccan Oil, L’Oreal SA, Himalaya Wellness Company, Johnson & Johnson Inc., and The Estee Lauder Companies Inc. The major players focus on new product launches and increasing their distribution network to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it