Alprazolam Market is Projected to Grow at A CAGR of 5.1% During, 2020-2026

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OVERVIEW

Alprazolam Market was valued at $91.13 million in 2019 with a CAGR of 5.1% from 2020 to 2026.

Alprazolam is used to treat anxiety and panic disorders. Alprazolam belongs to the benzodiazepines class of medications which act on the brain and nerves to produce a relaxing and calming effect. Alprazolam works by enhancing the effects of a specific natural chemical in the body gamma-aminobutyric acid (GABA).

The rising prevalence of anxiety and panic disorders is driving the demand for the Alprazolam market. Anxiety disorder is the most common mental illness in the U.S. According to the World Health Organization (WHO), 284 million adults around the globe have anxiety in 2018, of which 179 million were female (63%), and 105 million were male (37%). According to the Anxiety and Depression Association of America (ADAA), anxiety disorders affect 40 million people age 18 and older in the United States, which is 18.1% of the population every year. Panic disorder affects 6 million adults, which is 2.7% of the United States population. Women are more likely to be affected as men. In Europe, 25% of the population suffers from depression or anxiety each year. Alprazolam is to treat anxiety disorders and panic disorder. Further, the increasing geriatric population is a key driving factor of the market. Alprazolam is recommended for the geriatric population because these agents do not accumulate in the blood, rapidly cleared from circulation, and offer greater dosage flexibility.

Xanax, Niravam, and Others is the type segment of the market scope. By application, the market is divided into Anxiety, Panic Disorders, and Others. The report covers the value of the global market by type and application.

Xanax showed significant growth in 2019, owing to the increasing clinical studies on Xanax, the partnership between companies to develop and market its product globally, and the commercialization of alprazolam.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global alprazolam value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the global alprazolam market in 2019, due to the rising prevalence of anxiety and panic disorders, commercialization of regulatory approved alprazolam, rising number of awareness campaigns focused on ensuring timely diagnosis and treatment of anxiety and panic disorders, and increasing clinical studies on alprazolam.

Major players operating in the alprazolam industry include Zydus Cadila Pharmaceuticals Ltd., Pfizer Inc., Medtronic Plc, Amneal Pharmaceuticals Inc., Mylan NV, Terrace Pharmaceuticals Pvt. Ltd., Lupin Limited, Torrent Pharmaceuticals Ltd., Cipla Limited, Novartis, and Abbott Healthcare Pvt. Ltd.

Commercialization of regulatory approved product, increasing R&D activities on Alprazolam, the collaboration between companies to develop and market alprazolam, and strategic acquisition of clinical-stage pharmaceutical company developing Alprazolam to expand the product line of the company and revenue are some of the strategy adopted by the companies.