Alprazolam tablets are commonly prescribed medications used for the treatment of anxiety disorders such as panic disorders, anxiety caused by depression and generalized anxiety disorder. Alprazolam tablets help reduce anxiety and allow people to relax muscles they have tensed due to anxiety or stress. The need for effective anti-anxiety drugs is rising owing to the growing prevalence of anxiety disorders across the globe.
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 increased prevalence of anxiety and depression is one of the key factors driving the growth of the alprazolam tablets market size. According to the Anxiety and Depression Association of America (ADAA), anxiety disorders are the most common mental illness in the U.S., affecting over 40 million adults age 18 and older each year. Moreover, the COVID-19 pandemic has significantly impacted the mental health of individuals. Social isolation and uncertainties associated with the pandemic have exacerbated anxiety and stress levels globally resulting in a surge in demand for anti-anxiety drugs like alprazolam tablets. Therefore, the trend of increasing prevalence of anxiety disorders is expected to support the demand for alprazolam tablets over the forecast period.
Segment Analysis
The global Alprazolam Tablets market is segmented into extended release and immediate release tablets. The immediate release tablets dominate the market with over 75% share as they provide quick relief from anxiety symptoms. They are preferred for treating occasional or short-term anxiety.
Key Takeaways
The global Alprazolam Tablets market is expected to witness high growth over the forecast period 2023 to 2030. With a CAGR of 6.4%, the market size is projected to increase from US$ 2815.66 Mn in 2023 to US$ 4357 Mn by 2030.
Regional analysis
North America leads the global market and is expected to maintain its dominance over the forecast period. Higher prevalence of anxiety disorders and availability of advanced healthcare infrastructure drive the North American market. Asia Pacific is projected to witness the fastest growth driven by growing awareness, improving healthcare infrastructure and increasing disposable income in the region.
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, Hermes International SA, Hennes & Mauritz Ab, ZARA ESPANA SA, and Gucci. Chanel S.A leads the market with over 20% share owing to its widespread distribution network and brand image. Guess Inc. also has a significant market share due to its affordable price range attracting cost-conscious customers.
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Alprazolam affects chemicals in the brain that may be unbalanced in people with anxiety.
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