The 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.
Phenobarbital is a long-acting barbiturate drug that induces sedation and reduces epileptic seizures. It is primarily used for treating epilepsy and anxiety disorders. Phenobarbital is available in oral tablet forms and comes in short-acting and long-acting formulations. The short-acting tablets provide faster relief compared to long-acting ones.
Market key trends:-
One of the key trends spurring the growth of the phenobarbital market is the shift towards short-acting phenobarbital drugs. Short-acting phenobarbital formulations, which dissolve quickly in the bloodstream, have gained traction owing to their quick onset of action. This allows faster control over seizures and symptoms. Short-acting phenobarbital tablets provide relief within 30-60 minutes compared to several hours needed by long-acting tablets. Their immediacy of effect has increased preference for short-acting phenobarbital among both patients and physicians. This shift towards short-acting phenobarbital drugs is expected to propel the market growth over the forecast period.
- Threat of new entrants: Low starting costs prevent new players from entering the Phenobarbital market. There are significant regulatory and legal barriers to obtain required licenses and approvals.
- Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and presence of many established companies. However, switching costs are low.
- Bargaining power of suppliers: Suppliers have moderate bargaining power owing to their technical expertise required and differentiated products and services offered. However, presence of many suppliers limits their influence.
- Threat of new substitutes: Threat from new substitutes is moderate as alternatives exist but are not as effective or economical as Phenobarbital in certain medical applications.
- Competitive rivalry: Intense due to presence of many global and regional players competing on basis of quality, pricing and service.
- Strengths: High efficacy and cost-effectiveness of Phenobarbital for epilepsy treatments. Established distribution network of major players.
- Weaknesses: Phenobarbital has potential for side effects and addiction with long term use. Strict regulatory approval process delays new product launches.
- Opportunities: Increasing prevalence of epilepsy in developing nations presents an opportunity for market growth. Emergence of combination therapies enhances treatment effectiveness.
- Threats: Launch of newer anti-epileptic drugs poses substitution threat. Patent expiries of branded drugs enable entry of low-cost generics. Stringent regulations on barbiturate drugs.
The Global Phenobarbital Market Demand is expected to witness a CAGR of 5.0% over the forecast period of 2023 to 2030, driven by the increasing prevalence of epilepsy worldwide. Regionally, North America dominated the market in 2023 with over 30% share owing to high awareness and treatment rates. The Asia Pacific region is anticipated to grow at the fastest pace during the same period attributed to large patient pool and rising healthcare expenditure.
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, and Torrent Pharmaceuticals Ltd. Reddy’s Laboratories Ltd.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it