Market Overview:
The global 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.
Alprazolam tablets are used in the treatment of anxiety disorder. They act by affecting the balance of chemicals in the brain that may become unbalanced and cause anxiety. Advantages include immediate relief from symptoms of anxiety, without sedation of the consumer.
Market key trends:
Increasing prevalence of anxiety disorder is estimated to drive the growth of the market during the forecast period. According to Anxiety and Depression Association of America, Anxiety disorders are the most common mental illness in the U.S., affecting nearly 40 million adults in the United States age 18 and older every year. Also, technological advancements and availability of generic drugs have made the treatment more affordable, thereby fueling the market growth.
SWOT Analysis
Strength: Alprazolam tablets are widely prescribed for the treatment of anxiety disorders such as panic disorder and generalized anxiety disorder. They work fast to relieve symptoms of anxiety.
Weakness: Alprazolam tablets are prone to abuse and dependence. Long-term usage can lead to tolerance and withdrawal symptoms.
Opportunity: Increasing prevalence of anxiety disorders globally due to changing lifestyle and stressful environments. Large patient pool suffering from conditions like panic attacks presents an opportunity.
Threats: Presence of alternative treatment options like psychotherapy, SSRIs and herbal medicines. Stringent regulations regarding abuse potential of benzodiazepines.
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 disorders. North America dominates the global market currently due to growing acceptance of benzodiazepines and presence of major players.
Regional analysis:
North America dominates the global Alprazolam Tablets market accounting for around 35% of the total market share. This is attributed to growing acceptance of benzodiazepines for treatment of anxiety disorders and presence of key players in the region. Asia Pacific is expected to be the fastest growing market during the forecast period owing to large patient pool and rapid lifestyle changes increasing the risk of stress and anxiety.
Key players:
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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