The global Phenobarbital Market is estimated to be valued at US$ 1.58 Bn 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 barbiturate drug that acts as a central nervous system depressant. It is primarily used in the treatment of epilepsy and as a sedative or sleeping medication. As a central nervous system depressant, it slows brain activity to reduce seizures or induce sleep.
Market key trends:-
One of the key trends in the Phenobarbital market is the increasing demand for generic drugs. Large patient pools suffering from epilepsy, especially in developing regions, are favoring the uptake of low-cost generic drugs over their branded counterparts. Phenobarbital available in generic form provides a highly cost-effective solution for epilepsy treatment. Moreover, expiry of patents and introduction of generic versions of branded phenobarbital drugs are supporting the growth of the low-cost generic drug segment in the market. This growing demand for generic phenobarbital drugs is expected to drive the market growth over the forecast period.
Segment Analysis:-
The global phenobarbital market is segmented on the basis of application, form and distribution channel. Based on application, the market is segmented into adult and pediatric. The pediatric application segment is expected to dominate the market over the forecast period owing to high prevalence of seizures in children. Based on form, the market is segmented into injection and tablet. The tablet segment accounts for the largest share in the global phenobarbital market due to high preference of tablets over other conventional dosage forms. On the basis of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacy segment dominates the market due to increasing number of patients being treated for seizure disorders in hospitals.
Key Takeaways:-
The Global Phenobarbital Market Demand is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing prevalence of epilepsy. The market size is expected to reach US$ 2.30 Bn by 2030 from US$ 1.58 Bn in 2023.
Regional analysis:-
North America is expected to dominate the phenobarbital market over the forecast period followed by Europe. This is owing to increasing healthcare expenditure and presence of major players in these regions. The Asia Pacific region is expected to exhibit fastest growth due to increasing healthcare awareness and rising disposable income in developing countries such as China and India.
Key players:-
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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