by The Phenobarbital market is estimated to be valued at US$ 1.58 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Phenobarbital is a drug used to treat epilepsy and anxiety disorders. It works by slowing down the activity in the brain and nerves. It is used to treat several types of seizures such as absence seizures, tonic-clonic seizures and partial complex seizures. It is also used as a sedative to treat anxiety and insomnia. It comes in forms such as tablets, capsules and liquid solutions. It is usually used as a maintenance therapy for epilepsy and for short-term treatment of anxiety and seizures.
Market Dynamics:-
The global Phenobarbital market is witnessing significant growth owing to the increasing prevalence of epilepsy worldwide. Epilepsy is a common neurological disease characterized by recurrent seizures that affects people of all ages. According to the World Health Organization, about 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. Furthermore, growing geriatric population is also contributing to the growth of the market as the risk of developing epilepsy increases with age. However, the high availability of alternative anti-epileptic drugs and patent expiration of branded drugs are the major factors hampering the growth of this market.
SWOT Analysis:-
- Strength:-
- Phenobarbital has proven efficacy in treatment of epilepsy and insomnia making it a reliable drug.
- There is extensive research on phenobarbital drug properties which reduces risks.
- It has a low production cost compared to newer anti-epileptic drugs.
- Weakness:-
- Phenobarbital has many side effects like drowsiness, dizziness and hyperactivity in children with prolonged use.
- It has a potential for drug interactions due to its effects on liver enzymes.
- Opportunity:-
- Increasing cases of epilepsy worldwide is driving the demand for efficient anti-epileptic drugs like phenobarbital.
- It is used as alternative treatment in developing regions where access to new drugs is limited owing to their high costs.
- Threats:-
- Strong pipeline of newer anti-epileptic drugs with fewer side effects poses competition to phenobarbital.
– Stringent regulations around phasing out usage of phenobarbital as first line therapy in developed markets.
Key Takeaways:-
The Global Phenobarbital Market Growth is expected to witness high, exhibiting CAGR of 5.0% over the forecast period, due to increasing prevalence of epilepsy worldwide. North America currently dominates the phenobarbital market and is expected to continue its dominance owing to developed healthcare infrastructure and availability of reimbursements. However, Asia Pacific region is expected to grow at fastest CAGR during the forecast period due to rising healthcare expenditure and increasing focus of leading players to tap market potential in developing Asian countries.
Regional analysis:-
Asia Pacific region is projected to witness highest growth in phenobarbital market during the forecast period. This can be attributes to factors such as large patient population base, increasing healthcare spending, growing economies, and focus of market players. China and India are anticipated to be the lucrative markets among Asia Pacific countries due to their huge population suffering from epilepsy.
Key players:-
Key players operating in the phenobarbital market are Sanofi, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals, Zydus Cadila, Lannett Company, Inc., Strides Pharma Science Limited, Cipla Ltd., Lupin Limited, Aurobindo Pharma Limited, Torrent Pharmaceuticals Ltd., Reddy’s Laboratories Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
