The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Alprazolam tablets are used to treat anxiety disorder and panic disorders such as generalized anxiety disorder (GAD), social anxiety disorder (SAD) and panic attacks. They work by increasing the effects of the chemical GABA, a natural substance in the brain that produces a calming effect. The major application of alprazolam tablets is for the treatment of anxiety and panic disorders, as they help to relieve anxiety and muscle tension.
Market Dynamics:
The growth of the Alprazolam tablets market is mainly driven by the increasing prevalence of anxiety disorder across the globe. Anxiety disorders are the most common mental illnesses in the U.S., affecting nearly 40 million adults age 18 years and older every year, according to National Institute of Mental Health. Furthermore, the demand for generic versions of alprazolam tablets is increasing owing to their lower cost as compared to branded versions, which is also expected to support the market growth during the forecast period. However, the side effects associated with long-term use of alprazolam tablets such as dizziness, drowsiness, confusion and impairment of memory may hamper the market growth.
Strict regulations regarding the manufacturing and distribution of alprazolam tablets is further expected to challenge the market growth. However, surge in psychiatric disorders across developing nations due to changing lifestyles is anticipated to present lucrative opportunities for market players operating in the alprazolam tablets market over the forecast period.
SWOT Analysis
Strength: Alprazolam tablets provide effective and fast relief from anxiety and panic disorders. They have a well-established efficacy and safety profile supported by decades of clinical experience. Alprazolam is available in generic formulations at affordable prices, increasing accessibility.
Weakness: Long term usage of alprazolam tablets can lead to tolerance and dependence. Abrupt discontinuation may cause withdrawal symptoms. They have potential for abuse and addiction due to their psychoactive properties.
Opportunity: Growing geriatric population worldwide prone to anxiety disorders will boost demand. Increasing awareness about effective treatments for mental health issues opens up new markets. Development of abuse-deterrent and extended-release formulations can address current limitations.
Threats: Strict regulations on prescription and dispensing of controlled substances limit commercial potential. Patent expiries of branded products lead to price erosion due to generic competition. Social stigmas around mental illness and dependence on pharmaceutical treatments pose challenges.
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 and other related disorders worldwide.
Regional analysis: North America dominates currently owing to high mental healthcare spending and widespread prescription practices. Asia Pacific projected to grow fastest due to rising incomes, awareness and expanding healthcare infrastructure.
Key players operating in the Alprazolam tablets 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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https://www.trendingwebwire.com/alprazolam-tablets-market-share-size-forecast-outlook-2023-2030/
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