The global Alprazolam Tablets Market Growth Accelerated by Growing Prevalence of Anxiety Disorder

Alprazolam tablets have been widely used as treatment options for anxiety disorders such as panic disorders, generalized anxiety disorders, and social anxiety disorders. Alprazolam tablets are benzodiazepines prescribed to treat anxiety disorders in patients who have been diagnosed with anxiety disorders by a healthcare professional. It works by enhancing the effect of the gamma-aminobutyric acid (GABA) in the brain that helps produce a calming effect.

The global Alprazolam Tablets Market is estimated to be valued at US$ 2815.66 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing prevalence of anxiety disorders has been a key trend driving the growth of the alprazolam tablets market. As per WHO, anxiety disorders are the most common mental disorders worldwide with approximately 5% of the global population suffering from some type of anxiety disorder in a given year. The rising awareness about the availability of effective treatment options for anxiety disorders such as alprazolam tablets is also supporting the growth of the market. With anxiety disorders being highly prevalent and lack of awareness, many patients rely on self-medication leading to irrational use of alprazolam tablets without prescription which is one of the concerns associated with over consumption of the drug. This has prompted government authorities to impose regulatory frameworks to curb unauthorized sales and misuse of alprazolam.

Segment Analysis

The global alprazolam tablets market size is dominated by the 0.25mg sub-segment, which accounted for nearly 40% market share in 2023. Alprazolam tablets of 0.25mg strength are preferred for patients having mild to moderate anxiety issues or as starting dose. These tablets are also cost-effective than higher strength tablets, making them easily accessible to a large patient base.

Key Takeaways

The global Alprazolam Tablets Market is estimated to be valued at US$ 2815.66 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.

Regional analysis: North America held the largest share of over 35% of the global alprazolam tablets market in 2023 owing to rising prevalence of anxiety disorders and easy prescription policies for benzodiazepines in the region. However, Asia Pacific is expected to witness the highest growth during the forecast period due to growing mental health issues in developing countries like India and China.

Key players: Key players operating in the alprazolam tablets market are Chanel S.A, Guess Inc., Gianni Versace S.p.A, Alex and Ani, LLC, Pandora A/S, LVMH Moët Hennessy Louis Vuitton SE, Hermes International SA, Hennes & Mauritz Ab, ZARA ESPANA SA, and Gucci. Chanel S.A held nearly 15% market share in 2023 owing to its wide commercial presence across major markets. However, LVMH Moët Hennessy Louis Vuitton SE is expected to witness fastest growth during 2023-2030 on the back of its expansion strategies in high growth regions.

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