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Benzodiazepine Drugs Market Outlook - 2027
Benzodiazepines are also called tranquilizers which are used in various medical procedures. Valium and Xanax are the most commonly used benzodiazepine drugs. People often use these drugs without prescriptions and consumer the drugs for their sedating effects, which is considered as an abuse. Having said that, various doctors usually prescribe benzodiazepine drugs for the following legitimate medical conditions such as for anxiety, insomnia, muscle relaxation, alcohol withdrawal, seizure control, inducing amnesia for uncomfortable procedures, and are also prescribed as an anesthetic before a surgery is been performed.
Benzodiazepines directly affect on the central nervous system and cause sedation, muscle relaxation, and also lowers anxiety levels.
There are over 2,000 different benzodiazepines that have been produced to date but only 15 are approved by the FDA in the United States.
Benzodiazepines are differentiated by their effects and how long-duration they last.
1) Too short-acting- Midazolam, triazolam.
2) Short-acting - Alprazolam, lorazepam.
3) Long-acting - Chlordiazepoxide, diazepam
During normal or regular doses, benzodiazepines are used to relieve anxiety and insomnia and they are well tolerated. Occasionally, people take benzodiazepines which make them drowsy or dizzy.
COVID-19 scenario analysis:
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicines supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are short of these drugs. Owing to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future.
Owing to such factors, COVID 19 is expected to have a significant impact on the Benzodiazepine Drugs market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:
Due to the growing frequencies of anxiety, seizures, and growing concerns among people for the preventive measures for stress-related conditions. Additionally, higher prescriptions for benzodiazepine drugs are increasing in rate due to the adoption of generic drugs that are moving the global benzodiazepine drugs market.
On the other hand, increasing benzodiazepine drug abuse and several reported cases of overdoses which lead to the death of the consumer. As there has been a growth in the popularity of generic drugs, it has resulted in an inactive growth of the market. Also, the capital requirements are very high for the development of quality branded drugs.
Consumption of benzodiazepine drugs for a very long time can lead to various issues like breathing problems, weakness, dizziness, tremors, brain damage, pneumonia, or even death.
New product launches and acquisitions to flourish the market:
On May 26th, 2020, Arvelle Therapeutics announced that they have closed the final tranche of its Series A financing round for Benzodiazepine drugs. The final tranche was activated by the European Medicines Agency’s (EMA) and they have recently accepted the marketing authorization application (MAA).
On May 12th, 2020, Hikma Pharmaceuticals, announced Propofol Injectable Emulsion, USP, 20 ml, 50 ml and 100 ml Vials, in the US which is followed by the approval of Abbreviated New Drug Application by the U.S. Food and Drug Administration.
Surge in usage in hospital applications:
There are a large number of hospitals and retail pharmacies and they are continuing to grow further which is makes it easy for individuals to purchase benzodiazepine drugs. The retail pharmacies are the highest consumers of the benzodiazepine drug market. Other consumers like online pharmacies and mail pharmacies, are highly profitable due to the better discount rates on online platforms and popularity owing to convenience.
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Questions answered in the Benzodiazepine Drugs Market research report:
Key Market Segments
Key Market Players