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 benzodiazepines that work to treat anxiety disorders and panic disorders. Alprazolam works by enhancing the effect of the natural calming chemical GABA in the brain. It helps reduce physical symptoms of anxiety such as fast heartbeat, sweating, shaking, tense muscles, and nausea. It can reduce or eliminate panic attacks or episodes of anxiety. Alprazolam tablets are available in different dosage strengths such as 0.25 mg, 0.5 mg, 1 mg that helps a patient on right dosage as per medical advice. They offer fast and effective relief from anxiety symptoms through oral administration.
Market key trends:
One of the key trends in the alprazolam tablets market is rising addictions and abuse. Alprazolam has a high potential for dependence and abuse due to its euphoric and sedative effects. Long term use or abrupt discontinuation of alprazolam can lead to withdrawal symptoms. The Centers for Disease Control and Prevention reported a five-fold increase in overdose deaths involving benzodiazepines between 1999 and 2017. This has fueled an increase in programs aimed at diagnosing and treating benzodiazepine addictions and abuse. For instance, benzodiazepine reduction programs help patients slowly and safely taper off alprazolam and substitute it with alternative therapies, thereby supporting growth of the market.
Threat of new entrants: Low barrier to entry as manufacturing process is standardized. Regulations ensure safety and quality.
Bargaining power of buyers: Large buyer base of generic drug manufacturers and pharmacies ensures competitive pricing.
Bargaining power of suppliers: Established suppliers and standardized production process reduces suppliers’ influence over pricing.
Threat of new substitutes: Limited threat as Alprazolam offers effective relief without serious side effects for targeted ailments.
Competitive rivalry: Intense competition amongst generic manufacturers keeps pricing and profits low.
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 panic disorders.
Regional analysis: North America dominates the market owing to robust healthcare infrastructure and availability of advanced treatments. Asia Pacific is anticipated to exhibit fastest growth over the forecast period due to rising disposable income, healthcare reforms and growing awareness.
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.