ALBANY, N.Y., March 4, 2021 /PRNewswire/ -- Benzodiazepines refers to a psychoactive medication class that is utilized to relieve alcohol withdrawal, seizures, panic disorder, insomnia, and anxiety. By improving the impact of the inhibitory neurotransmitter GABA (gamma-Aminobutyric acid), these drugs provide a relaxing effect. Benzodiazepines are basically a form of medication that is commonly used all over the world. They can help with sleep induction, muscle relaxation, seizures, anxiety and sedation before any surgical procedure or general anaesthesia. Such extensive use of the drug is anticipated to fuel growth of the global benzodiazepine drugs market over the analysis timeline, from 2018 to 2026.
In 2017, the global benzodiazepine drugs market was estimated to be worth around US $ 2055 Mn. The market is projected to clock a growth rate of 2.7 % CAGR over the assessment tenure, from 2018 to 2026. Alprazolam, a Benzodiazepine medication, is anticipated to account for a sizeable chunk of the market. Because of the rising prevalence of conditions like insomnia, epilepsy, and depression, the demand for benzodiazepine medications is anticipated to rise. A growing concern amongst people about stress-related conditions, the demand for benzodiazepine medications is aggressively growing. Increased acceptance of generic drug acceptance, as well as higher prescriptions for benzodiazepines, the market is anticipated to observe considerable growth.
High Prevalence of Mental Illnesses to Accelerate its Demand in the Market
The global benzodiazepine drugs market is being driven by an increase in the prevalence of anxiety and seizures. Lives of people have become increasingly chaotic as a result of urbanisation and hectic modern lifestyles, thereby leading to mental illnesses such as panic, anxiety, depression, and various other mental conditions. To alleviate these attacks and conditions, psychoactive drugs such as benzodiazepine are prescribed. According to the World Health Organization, there were around 264 million people living with anxiety disorders worldwide in the year 2015. Accordingly, the global benzodiazepine drugs market is driven by a higher number of prescriptions for benzodiazepines in comparison with any other psychoactive drugs, as well as a rise in the acceptance of generic medications.
Increased Awareness and Healthcare Spending to Drive Regional Markets
Because of the rising prevalence of anxiety and associated disorders as well as increased FDA approvals of benzodiazepine drugs by prominent players in the region, North America is likely to influence the global benzodiazepine drugs market. The rise in the occurrences of generalised anxiety disorder is due to the presence of advanced mental health-care facilities and increased understanding of generalized anxiety disorder (GAD). Anxiety treatment rates are also rising in Mexico as the geriatric population grows, directly increasing demand for physiotherapies such as GAD and cognitive behaviour therapy (CBT) medication. Asia Pacific seems to be a very commercially viable market due to an increase in the occurrence of seizures, anxiety disorders along with improved public knowledge about healthcare is likely to augur well for the regional market. In addition, an increase in health care spending in Asia Pacific is likely to foster expansion of the market in the region over the analysis timeline.
During the forecast period, widespread use of Alprazolam in panic and anxiety and disorders is likely to drive the demand for benzodiazepine drugs.
People's lives have become increasingly chaotic as a result of modern lifestyles and urban life, leading to mental illnesses such as panic, insomnia, depression, and other conditions, which is likely demand for benzodiazepine drugs in near future.
The global benzodiazepine drugs market is being shaped by a higher number of prescriptions for benzodiazepines relative to other psychoactive drugs, as well as a rise in the rate of generic medication adoption.
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