COVID-19 Panic Spikes Global Demand for Injectable Benzodiazepine: Future Market Insights Study
DUBAI, U.A.E, July 6, 2020 /PRNewswire/ -- Future Market Insight's projections reveal that the global injectable benzodiazepine market is set to shoot up significantly in 2020, reaching a value of US$ 260 Mn in the wake of the coronavirus pandemic.
Benzodiazepines are a class of psychoactive drugs used to reduce anxiety amongst patients. As the pandemic tightens its grip each day, stress levels among individuals regarding the threat is increasing. Massive layoffs from jobs across various industries due to lockdowns is leading to increased cases of depression. Without jobs, people are unable to sustain their families, which is putting enormous strain on their mental and physical well-being. Therefore, consumption of anti-depressant drugs containing benzodiazepine has increased.
Injectable benzodiazepine drugs are administered as the first course of treatment for bipolar disorders, dementia, schizophrenia, autism and anxiety disorders. According to the estimates provided by WHO, European College of Neuro Psychopharmacology (ECNP) and the European Brain Council (EBC), a quarter of the world's population is afflicted by mental disorders at least once in their lifetime. As a result of these increasing affliction cases, the demand for injectable benzodiazepine drugs is set to increase in the long-run.
"Rising prevalence of generic injectable drugs has provided major traction to the injectable benzodiazepine market since the past few years and will continue to do so during the forecast period. However, stringent government regulations concerning drug dosage has led to a limited number of formulations being listed under the "branded" category, thus limiting market penetration," concludes a prominent FMI analyst.
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Key Takeaways from the Global Injectable Benzodiazepine Market Report
- Short-action injectable benzodiazepine drugs is gaining ground attributed to immediate action and fast excretion
- Generic injectable benzodiazepine drugs are stealing the spotlight as they are more cost-effective. Generic midazolam, diazepam and lorazepam drugs are being prescribed for insomnia, anxiety and seizures on an increased frequency
- A CAGR of ~3% is predicted for the global injectable benzodiazepine drugs market for the year 2020 due to rising stress levels associated with COVID-19
- Europe and North America shall jointly capture approximately 3/5th of the global injectable benzodiazepine market by 2020-end
Global Injectable Benzodiazepine Market- Key Trends
- Leading manufacturers are concentrating on addressing drug shortages and reach a wider target audience. For this, optimizing production and effective cost management are necessary
- Rising prevalence of mental disorders in the Asia-Pacific region is expected to bolster prospects of the global injectable benzodiazepine market. This is primarily due to the large population base and subsequent entry of prominent manufacturers
- Sedentary lifestyles world over have led to a general increase in anxiety levels among people. This is also led to the outbreak of several lifestyle diseases. Taking cognizance of this fact, manufacturers are accelerating the production of injectable benzodiazepines
Global Injectable Benzodiazepine Market- Region-wise Analysis
- Asia-Pacific shall emerge as the hotspot for injectable benzodiazepine production. Rising proliferation of mental disorders has motivated market players to establish base in the region
- Latin America is emerging as an important market due to high incidences of alcohol withdrawal induced anxiety disorders among the population
- MEA and Oceania are still experiencing the growth phase
- The US shall account for nearly 3% market growth in 2020 due to the debilitating impact of the coronavirus pandemic
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Global Injectable Benzodiazepine Market- Competitive Landscape
The global injectable benzodiazepine market is consolidated, dominated by the following market players: Akorn Inc, Pfizer Inc., AdvaCare Pharma, Dash Pharmaceuticals LLC, Accord Healthcare Ltd, Hameln Pharma Ltd., F Hoffmann-La Roche Ltd, Hikma Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Intas Pharmaceuticals Limited, Sun Pharmaceuticals Ltd, Martin Dow, Taj Pharmaceuticals Ltd. and Troy Laboratories Pty Ltd.
Besides these players, there are also other players who concentrate on inorganic growth such as forging distribution agreements, acquisition of new technology, product enhancements and partnerships with other players. For instance, Xeris Pharmaceuticals announced positive outcomes of their Phase 1b clinical trial on diazepam intramuscular injection using the XeriSol technology.
Similarly, in December 2019, Eton Pharmaceuticals Inc. announced the commercial availability of Biorphen to treat hypertension.
Global Injectable Benzodiazepine Market Taxonomy
Drug Class
- Diazepam
- Lorazepam
- Midazolam
Time of Action
- Short Acting
- Long Acting
Indication
- Agitation & Aggression
- Anxiety
- Alcohol Withdrawal
- Muscle Spasm
- Seizures
- Tetanus
- Sedation
- Anesthesia
- Insomnia
- Status Epilepticus
Distribution Channel
- Hospitals
- Ambulatory Surgical Centers
- Diagnostics Centers
Region/Country
North America
- U.S
- Canada
Latin America
- Mexico
- Brazil
- Chile
- Peru
- Others
Europe
- EU-5
- Nordic countries
- BENELUX
- Russia
- Poland
East Asia
- China
- Japan
- South Korea
South Asia
- India
- ASEAN
Oceania
- Australia
- New Zealand
Middle East & Africa
- GCC
- Northern Africa
- Southern Africa
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More about the Global Injectable Benzodiazepine Market Report
Future market insights offer a unique perspective and actionable insights on the injectable benzodiazepine market in its latest study, presenting historical demand assessment from 2015 – 2019 and projections from 2020–2030 based on drug class (diazepam, lorazepam, and midazolam), by time of action (short acting long acting), by indication (agitation & aggression, anxiety, alcohol withdrawal, muscle spasm, seizures, tetanus, sedation, anesthesia insomnia, and status epilepticus), by distribution channel (hospital pharmacies, retail pharmacies and online pharmacies) in seven key regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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