The Alprazolam Tablets Market is estimated to be valued at US$ 2,815.66 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Alprazolam tablets are prescribed for the treatment of anxiety and panic disorders. Alprazolam works by enhancing the effect of the neurotransmitter gamma-aminobutyric acid (GABA) in the brain. This calms the nerves and reduces anxiety. Alprazolam tablets provide quick relief from symptoms of anxiety and panic disorders with minimal side effects.
Market key trends:
The alprazolam tablets market is anticipated to witness significant growth owing to increased prevalence of depression and anxiety disorder across the globe. According to the data by World Health Organization (WHO), over 264 million people worldwide suffer from depression and over 280 million suffer from anxiety disorders. With growing stress levels, changing lifestyle patterns and increased work pressure among population, the cases for such mental health illnesses are on rise. Alprazolam is extensively prescribed as a first line treatment for anxiety disorder owing to its effectiveness and fast acting nature. Growing geriatric population who are more prone to such mental health illnesses also contribute to the demand of alprazolam tablets over the forecast period. However, risk of addiction associated with long term use and side effects such as dizziness and respiratory depression with overdose limit the overall market growth.
Porter's Analysis
Threat of new entrants: New players find it difficult to enter the market due to requirements like strong distribution networks and brand recognition.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many players offering substitute products in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and dependency of players on few major suppliers.
Threat of new substitutes: Substitute products offer low threat due to regulated nature of industry and strong brand loyalty.
Competitive rivalry: High due to many established players competing for market share.
SWOT Analysis
Strength: Well established brands and distribution networks. Wide acceptance due to effective treatment of conditions.
Weakness: Strong regulations and compliance requirements increase cost of operations. Risk of dependency on few suppliers of raw materials.
Opportunity: Growing geriatric population suffering from anxiety and sleep disorders will boost demand. Untapped growth potential in developing regions.
Threats: Side effects of long term usage and risk of addiction. Stringent safety and quality standards globally.
Key Takeaways
The Global Alprazolam Tablets Market Size is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing prevalence of anxiety and psychiatric disorders. By 2030, the market size is projected to reach US$ 3.88 billion.
Regional analysis fastest growing region is North America due to rising healthcare expenditure and growing patient awareness about treatment. Europe holdsdominating share due to favorable reimbursement policies.
Key players operating in the Alprazolam Tablets market are Mitsubishi Gas Chemical Company Inc., The DOW Chemical Company, Versalis / EniChem, Refinery of Sinopec Jinling (Sinopec), EMD Performance Materials, Toyo Gosei Co., Ltd, Jiangsu Jiuri Chemical Co., Ltd., Nantong Dingji Chemical Technology Co., Ltd. Jurong Anbei Chemical Co., Ltd., and Jinzhou Petrochemical Co., Ltd.
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https://www.newswirestats.com/alprazolam-tablets-market-size-share-growth-outlook-2023/
