The global Phenobarbital Market is estimated to be valued at US$ 1.58 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Phenobarbital is a prescription drug used to treat epilepsy and as a sedative or sleep aid. It works by decreasing abnormal excitement in the brain to control seizures or induce sleep. It is available in oral tablet and injectable forms.

Market key trends:-

One of the key trends in the Phenobarbital market is the growing use of phenobarbital for neurological disorders treatment. Phenobarbital has been commonly used as an anticonvulsant for the treatment of epilepsy and seizures for over a century. According to the World Health Organization (WHO), epilepsy is one of the most common neurological disorders globally, affecting over 50 million people worldwide. Epilepsy can occur at any age. Therefore, the growing prevalence of neurological disorders is expected to boost the demand for phenobarbital over the forecast period.

SWOT Analysis:-

• Strength: Phenobarbital is a well-established drug with a good safety profile and low production cost. It is a very affordable treatment option.
• Weakness: Long-term use of Phenobarbital can result in tolerance and drug interactions. It also has more side effects compared to newer anti-epileptic drugs.
• Opportunity: Significant opportunities exist in developing countries and regions with high untreated disease burden and lack of access to advanced treatment options. Increasing healthcare expenditure in emerging nations also supports market growth.
• Threats: Intense competition from other established anti-epileptic drugs poses major threat. Newer drugs having improved safety profiles can replace Phenobarbital in the long run.

Key Takeaways:-

The Global Phenobarbital Market Size was valued at US$ 1.58 Bn in 2023 and is expected to reach over US$ 2.5 Bn by 2030, expanding at a CAGR of 5.0% during the forecast period.

Regional analysis: North America represents the largest and most lucrative market for Phenobarbital currently. However, Asia Pacific is expected to witness the highest growth over the forecast period supported by improving access to healthcare infrastruture and rapidly changing demographics.

Key players operating in the Phenobarbital market are Sanofi, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals, Zydus Cadila, Lannett Company, Inc., Strides Pharma Science Limited, Cipla Ltd., Lupin Limited, Aurobindo Pharma Limited, Torrent Pharmaceuticals Ltd., Reddy's Laboratories Ltd.

Read More - https://www.insightprobing.com/phenobarbital-market-forecasts-and-outlook-analysis/