Global Benzodiazepine Drugs Market Is Anticipated To Witness Significant Growth Due To Growing Prevalence Of Anxiety Disorders And Increasing Demand For Oral Drugs

Benzodiazepine Drugs Market
Benzodiazepine Drugs Market

Overview:

Benzodiazepines are a class of drugs that can be used to treat anxiety, seizures and insomnia. These medications work by interacting with neurotransmitters and receptors on the brain to produce the required effects. These effects can include reducing or eliminating anxiety, sleep problems and seizures. They also have the potential to cause a dependency on the drug when used long-term.

Dependency is more likely when a person uses a benzodiazepine over a prolonged period or takes it at higher doses than prescribed. Over time the body becomes accustomed to the drug and it requires more of the medicine to get the same effect. Benzodiazepine abuse is a serious problem and can lead to dependence, addiction and overdose. It is important to be aware of the signs and symptoms so as to spot a substance use disorder.

Market Dynamics:

Growing product approvals from regulatory authorities are estimated to augment growth of the global Benzodiazepine Drugs Market during the forecast period. For instance, in November 2021, Janssen Pharmaceutical gained approval from the European Commission for long-acting atypical antipsychotic therapy BYANNLI. It is used for treating adults suffering from schizophrenia. Moreover, lack of skilled professionals and increasing intake of drugs without proper guide are anticipated to restrain growth of the global benzodiazepine drugs for market during the forecast period.

Impact of COVID-19:

COVID-19 was declared as a global public health crisis by the World Health Organization in 2020. This outbreak has practically impacted every business around the world. It has long-term repercussions on the growth of several industries. The healthcare sector faced many challenges for managing COVID-19 in several nations. Owing to the pandemic has several drug launches were cancelled and many clinical trials were delayed.

Hospitals were prioritizing COVID-19 patients first and this also caused a shortage of medical supplies. Also there was increase in the demand for benzodiazepine drugs, as several individuals were suffering anxiety and loneliness. MA y individuals were staying away from family and were feeling depressed, this led to growing demand for such drugs. Thus, the pandemic had a positive impact on the growth of the global Benzodiazepine Drugs Market.

Key Takeaways:

The global Benzodiazepine Drugs Market is expected to witness robust growth, exhibiting CAGR of 3.2 % over the forecast period, due to growing expansion by key players.

For instance, Roche Canada, invested US$ 500 million for expanding their Mississauga facility in October 2020. This investment will help in constructing a Global Pharma Technical (PT) Operations facility at their Mississauga headquarters.

North America is anticipated to witness robust growth in the global benzodiazepine drugs for market during the forecast period, due to growing prevalence of mental illness and rising product approvals.

Key players active in the global Benzodiazepine Drugs Market are Aurobindo Pharma, Pfizer Inc., Apotex Inc., F. Hoffmann-La Roche Ltd., Sun Pharmaceutical Industries Ltd., Bausch Health Companies, Inc., Amneal Pharmaceuticals LLC, Mylan N.V., H.Lundbeck A/S, and Teva Pharmaceutical Industries Ltd.

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