Benzodiazepines are used in treating a variety of diseases like panic disorder, anxiety, social phobia, insomnia and seizures. This class of drugs is also used for premedication before medical procedures, they are quite effective and safe, when used for a short duration of time, and long term use of these drugs can lead to dependency and a few side effects. The U.S. FDA, estimated that around 92 million prescriptions of benzodiazepine have been dispensed from pharmacies. It is commonly administered orally or through intravenous route, it can also be given in through intranasal, intramuscular and rectal route.
The global benzodiazepine drugs market is anticipated to be valued at US$ 3,050.4 Million in 2022 and is estimated to exhibit a CAGR of 3.2% over the forecast period.
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Impact of COVID-19:
The pandemic is anticipated to hamper the growth of the global benzodiazepine drugs market during the forecast period. Increase in stress and anxiety have led to the increase in demand for benzodiazepine drugs, thus leading to the growth of this segment during the forecast period. For instance, BioMed Central published a report in July 2020, studying the presence of anxiety, stress and depression among the population globally. The study revealed that in a population of 9074, anxiety accounted for at least 29.6%, and in a sample size of 63,439, anxiety was recorded at 31.9%. Depression accounted for 33.7% in 14 studies with the population of the sample being 44,531 people.
Furthermore, there has been a decline in the prescription of benzodiazepines before the pandemic, but there has been a rise in the prescription rate since the pandemic started. This is anticipated to boost the growth of the global benzodiazepine drugs market, during the forecast period. For instance, the National Center for Biotechnology Information published an article in October 2021, mentioning the decrease in the rate of benzodiazepine prescribing from January 2018 to March 2020. The prescribing rates for women decreased from 5.61% in January 2018 to 5.00% in January 2020.
Key players in the market are focusing on developing innovative medicines for the treatment of seizures, which is expected to boost the growth of the global benzodiazepine drugs market during the forecast period. For instance, Neurelis, Inc, started a clinical program in September 2021, for investigating the use of VALTOCO in kids suffering from epilepsy between the age group of two to five years.
Moreover, the rise in product approvals by regulatory authorities is estimated to propel the growth of the global benzodiazepine drugs market during the forecast period. For instance, Loreev XR received approval from the U.S. FDA in August 2021. It is used in the treatment of anterograde amnesia, anxiety disorders, status epilepticus in adults and preoperative sedation.
Rise in product recall of benzodiazepine drugs is anticipated to hinder growth of the global benzodiazepine drugs market during the forecast period. For instance, Wockhardt UK Ltd, announced that they are recalling a batch of Diazepam RecTubes 2.5mg rectal solution, in March 7, 2022. This product was recalled owing to an out of specification result found during routine stability testing.
Similarly, F. Hoffmann-La Roche AG, recalled all the batches of Valium 5mg in Australia, in May 2017, as they found evidences of product tampering in their supply chain.
Furthermore, benzodiazepine has been banned in a few countries like the UAE, owing to the addiction of benzodiazepine drug, this is expected to hamper the growth of the global benzodiazepine drugs market during the forecast period.
North America is expected to witness robust growth in the global benzodiazepine drugs market over the forecast period, due to submitting applications for new drugs. For instance, Aquestive Therapeutics, Inc, declared that the U.S.FDA has accepted the resubmission of the New Drug Application for Libervant in 2021.
Moreover, Europe is also expected to witness significant growth in the global benzodiazepine drugs market, during the forecast period due to increase in product approvals by authorities. For instance, Acacia Pharma Group, launched BYFAVO, on July 2, 2020 it was approved by the U.S. FDA, for maintenance and induction of procedural sedation in adults undergoing surgery for 30 minutes or less.
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Key players active in the global benzodiazepine drugs market are Intas Pharmaceuticals Ltd, F.Hoffmann-La Roche Ltd., Par Pharmaceutical, Torrent Pharmaceuticals Ltd., Aurobindo Pharma, Mallinckrodt Pharmaceuticals, Sun Pharmaceutical Industries Ltd., Pfizer Inc., Amneal Pharmaceuticals LLC, Viatris Inc. (Mylan N.V.), Teva Pharmaceutical Industries Ltd., Labiana Pharmaceuticals and Bausch Health Companies, Inc.
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◘ Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region
The next part also sheds light on the gap between supply and consumption. Apart from the mentioned information, growth rate of Benzodiazepine Drugs Market in 2028 is also explained. Additionally, type wise and application wise consumption tables and figures of Benzodiazepine Drugs Market are also given.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Benzodiazepine Drugs Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Benzodiazepine Drugs Industry Impact
Chapter 2 Global Benzodiazepine Drugs Competition by Types, Applications, and Top Regions and Countries
2.1 Global Benzodiazepine Drugs (Volume and Value) by Type
2.3 Global Benzodiazepine Drugs (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Benzodiazepine Drugs Sales, Consumption, Export, Import by Regions
Chapter 5 North America Benzodiazepine Drugs Market Analysis
Chapter 6 East Asia Benzodiazepine Drugs Market Analysis
Chapter 7 Europe Benzodiazepine Drugs Market Analysis
Chapter 8 South Asia Benzodiazepine Drugs Market Analysis
Chapter 9 Southeast Asia Benzodiazepine Drugs Market Analysis
Chapter 10 Middle East Benzodiazepine Drugs Market Analysis
Chapter 11 Africa Benzodiazepine Drugs Market Analysis
Chapter 12 Oceania Benzodiazepine Drugs Market Analysis
Chapter 13 South America Benzodiazepine Drugs Market Analysis
Chapter 14 Company Profiles and Key Figures in Benzodiazepine Drugs Business
Chapter 15 Global Benzodiazepine Drugs Market Forecast (2022-2028)
Chapter 16 Conclusions
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