Alprazolam tablets, commonly known as Xanax, are a class of psychotropic medicine prescribed for the treatment of anxiety disorders like generalized anxiety disorder, panic disorder and social phobia. They work by increasing the effects of the GABA neurotransmitter in the brain which has a calming and relaxing effect. Alprazolam tablets provide quick relief from anxiety symptoms like excessive worrying, restlessness, fear, and muscle tension. The growing need for alleviating stress and anxiety associated with hectic lifestyles and demanding jobs has significantly contributed to the rising consumption of alprazolam tablets across the world.
The global Alprazolam Tablets Market is estimated to be valued at US$ 2815.66 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the alprazolam tablets market size includes the growing preference for generic drugs over branded drugs. This is due to the significant cost benefits offered by generic drugs which are priced much lower than branded drugs. According to the IQVIA Institute, the usage of generic drugs in the U.S has grown from around 50% in 2010 to 90% in 2020. This shift towards low-cost generics has benefitted both consumers and the healthcare sector, while allowing greater access to important medicines like alprazolam tablets.
Threat of new entrants: Low economies of scale and product differentiation in branded products makes entry difficult for new players in the market.
Bargaining power of buyers: Large pharmacy chains and distributors have significant bargaining power over generic manufacturers due to the commodity nature of generics.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to availability of alternative sources. However, suppliers of patented specialty drugs have high bargaining power.
Threat of new substitutes: New treatment options and substitute drugs pose a medium level threat in the market.
Competitive rivalry: Market is dominated by large generic drug manufacturers offering commodity generics leading to high competitive rivalry.
The global Alprazolam Tablets market is expected to witness high growth over the forecast period of 2023 to 2030. The global Alprazolam Tablets Market is estimated to be valued at US$ 2815.66 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
North America is expected to dominate the market during the forecast period owing to the increasing prevalence of anxiety disorders in the region. The Asia Pacific region is anticipated to register the fastest growth rate over the forecast period due to rising expenditure on healthcare and presence of major emerging economies in the region.
Key players operating in the Alprazolam Tablets market are Chanel S.A, Guess Inc., Gianni Versace S.p.A, Alex and Ani, LLC, Hermes International SA, Hennes & Mauritz Ab, ZARA ESPANA SA, and Gucci. Companies are involved in new product launches, expansions, and collaborations to strengthen their market presence. For instance, in 2022, Chanel S.A launched new fragrances and handbags.
- Source: Coherent Market Insights, Public sources, Desk research
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