May 23, 2024
Alprazolam Tablets Market

Alprazolam Tablets Market Growth is driven by increasing mental health cases

Alprazolam tablets are widely prescribed benzodiazepine medications used to treat symptoms of anxiety disorders, panic disorders and anxiety caused by depression. The cost-effective nature of alprazolam tablets along with lesser side effects compared to other antidepressants have made them one of the most commonly prescribed medications for anxiety disorders globally.

The global alprazolam tablets market is estimated to be valued at US$ 3243.65 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2030.

The major advantages of alprazolam tablets include rapid onset of action, availability in different dosages and comparatively lesser side effects than other antidepressants. Alprazolam tablets work by enhancing the effects of the inhibitory neurotransmitter gamma-aminobutyric acid (GABA) in the brain, which subsequently calms the nervous system. As per the World Health Organization (WHO), globally over 264 million people suffer from anxiety disorders highlighting the growing need for cost-effective anxiolytics such as alprazolam tablets.

Key Takeaways

Key players operating in the alprazolam tablets market are Haesung Optics Co. Ltd., Largan Precision Co. Ltd., Tamron Co. Ltd., Sunny Optical Technology (Group) Company Limited, Sunex Inc., Kantatsu Co. Ltd., Ability opto-Electronics Technology Co. Ltd., Genius Electronic Optical Co. Ltd., AAC Technologies Holdings Inc., SEKONIX Co. Ltd., and IM Co. Ltd.

The growing prevalence of anxiety disorders worldwide on account of changing lifestyles and increasing stress levels is a major factor driving the demand for alprazolam tablets. As per WHO estimates, anxiety disorders are the 6th leading cause of disability globally.

Key players in the alprazolam tablets market are expanding their production facilities as well as distribution networks globally especially in high growth regions such as Asia Pacific and Latin America to tap the unmet needs. For instance, Sun Pharmaceutical Industries expanded its manufacturing plant in Poland to meet the demand from European markets.

Market key trends

The development of extended release formulations of Alprazolam Tablets Market Demand  is a key trend witnessed in the market. Extended release tablets release the drug slowly into the body thereby maintaining consistent plasma levels for a longer duration compared to immediate release tablets. This reduces dosing frequency and improves patient compliance. Significant research is underway to develop once-a-day extended release alprazolam tablets.

Porter’s Analysis

Threat of new entrants: Low capital requirements for manufacturing biosimilars allow new companies to enter the market easily.

Bargaining power of buyers: Buyers have high bargaining power due to availability of generics.

Bargaining power of suppliers: A few suppliers dominate the active pharmaceutical ingredients, giving them significant bargaining power.

Threat of new substitutes: Generics and biosimilars pose major substitution threats after loss of patent exclusivity of reference drugs.

Competitive rivalry: Market sees intense competition due to presence of many players commercializing biosimilars of major biologics going off-patent.

Geographical regions: North America accounted for the largest share in the global alprazolam tablets market in 2024 owing to high treatment cost of anxiety disorders.

Asia Pacific region is poised to witness fastest growth during forecast period driven by rising geriatric population susceptible to anxiety issues.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it