Despite growing awareness of alternative treatments, Future Market Insights (FMI) forecasts a steady rise in the barbiturate drug market. This growth is primarily driven by the increasing demand for barbiturates in treating epilepsy, a condition with a rising prevalence, particularly among the aging population. This highlights the continued significance of barbiturates in managing specific neurological disorders. Get full report insights.
NEWARK, Del. , April 30, 2024 /PRNewswire/ — The barbiturate drug market value is expected to rise from US$ 492.8 million in 2024 to US$ 675.0 million by 2034. This market is analyzed to surge ahead at a CAGR of 3.20% over the next decade.
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Demand for barbiturate drugs is observing a steady increase due to their use in the treatment of epilepsy, insomnia, and anxiety. The surging geriatric population is another key factor responsible for the growth of the barbiturate drug market.
While the consumption of barbiturate drugs in countries with high-income holders continues to expand, countries consisting of low- and middle-income populations are also experiencing greater demand for barbiturate drugs.
Growing awareness regarding the availability of different treatment options for insomnia is propelling the use of barbiturate drugs. Additionally, rising stress levels in society are creating an environment that is conducive for medication manufacturers, like barbiturate drug providers.
Increasing psychological disorders in society are expanding the scope of market players over the forecast period. Additionally, the growing presence of barbiturate drug companies, surging healthcare expenditure, and increasing availability of medication are propelling the use of barbiturate drugs.
Enhancements in barbiturate drug formulations are projected to enhance the market growth over the upcoming years. Surging cases of neurological disorders fuel demand for barbiturate drugs. Additionally, the introduction of novel drug delivery systems is offering a multitude of advantages across several facets of this market.
“Key players are screening opportunities for expansion in the emerging economies in the next ten years. These countries, especially those situated in Asia Pacific, have a high patient burden of epilepsy and insomnia, which is pushing the players to increase their stakes in these countries,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Barbiturate Drug Market Report
- The barbiturate drug market registered a revenue of US$ 472.9 million in 2023, stretching at a CAGR of 5.20% in the historical period.
- By drug type, the long-acting barbiturate is in line to expand at a CAGR of 3% over the forecast period.
- Based on application, the epilepsy segment is anticipated to expand at a 2.8% CAGR in the next ten years.
- The United States barbiturate drug market is expected to be valued as a leading market, gaining revenue of US$ 120.1 million by 2034. The market is supposed to register a CAGR of 3.5% over the forecast period.
- The Chinese market is projected to be valued at US$ 106.8 million in 2034. During the forecast period, the market is forecast to expand at a 3.9% CAGR.
New Developments that are Building the Barbiturate Drug Market
- Ethypharm, a key market player, agreed on a definitive contract to obtain Altan Pharma in June 2021. The latter is a specialty pharmaceutical company that produces, develops, and advertises injectables for use in hospitals. This acquisition is expected to facilitate the entry of Ethypharm into Spain.
- Ethypharm made its presence felt on a larger scale via a fully established affiliate in Italy in April 2021.
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About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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