A comprehensive study by Fact.MR opines that, demand for benzodiazepine drugs would remain high-albeit generic ones-which would drive voluminous sales, though contribute moderately to market value.
Rockville, United States - January 8, 2020 /MarketersMedia/ —
Benzodiazepine drugs are medications which are commonly used to treat lifestyle based ailments such as chronic back pain, insomnia, and anxiety. These are a type of psychoactive drugs, which comprise a fusion of diazepine and benzene rings. Benzodiazepine drugs are widely considered to be short and intermediate term drugs for the treatment of anxiety.
The global benzodiazepine drugs market is expected to witness a sluggish CAGR of 2.7 per cent through the end of the forecast period in 2026. However, while benzodiazepines are expected to witness a demand for high volumes of these drugs, the contribution of such sales will remain moderate in value in terms of market share.
Generic Products to Maintain Rise
North America is set to become the key contributor to the benzodiazepine drugs market, owing to the high rates of consumption for the treatment of anxiety disorders in this region, as anxiety ailments affect around 40 million adults in the United States alone, for every year.
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Benzodiazepine drugs are primarily used for anxiety issues, and this accounts for more than 50 per cent of the overall sales figures. This trend is expected to contribute towards increasing adoption rates, even as the consciousness among patients for treatment options increases.
On the other hand, despite the high scope of use, the increasingly strict regulations set by governments with the aim of stopping drug abuse, has restricted benzodiazepine drugs sales as they are limited to retail outlets and pharmacies, with sales only made possible with legal prescriptions. Following North America, the Latin America and Asia Pacific markets are expected to display moderate rates of growth for the foreseeable future.
Further branded medications are continuing to witness diminishing returns owing to the rising popularity of generic variants. The high capital needs for the development of high quality standards for branded drugs, are also bolstering the penetration for generic drugs in the benzodiazepine industry.
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Deaths and Side Effects from Drug Abuse are Key Restraints for Industry
While benzodiazepine is fairly common drug, an increasing number of factors in recent years have resulted in restricted growth of the market. Some of the major restraints in the industry, is the abuse of these drugs by patients and a number of cases involving overdoses, which have even led to death.
In addition, while short and intermediate terms of consumption of benzodiazepine have been found to be beneficial for patients, long term use can result in a number of side effects, some of which are severe in nature. These can include dizziness, breathing difficulties, tremors, weakness, pneumonia, brain damage, and in extreme cases, even death.
Consequently, a number of governments around the world have set up measures to maintain oversight over relevant prescriptions, which are expected to hamper the growth of the market through the forecast period.
In addition, the number of outpatient visits have increased, which have ultimately led to a prescription of benzodiazepine has shot up. Women are more likely to get the prescriptions for these medications, as this demographic is more likely to be one of the medications to reach into.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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Name: James Hilton
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Organization: Fact.MR
Website: https://www.factmr.com/
Source: MarketersMedia
Release ID: 88941862
