April 17, 2024
Phenobarbital Market

Phenobarbital Market Poised for Significant Growth Owing to Increasing Prevalence of Epilepsy

Phenobarbital is a prescription medication used to treat epilepsy and seizures. It works by calming the nerve cells in the brain that are firing abnormally and causing seizures. The medication helps balance brain chemicals and enhances effectiveness of brain cell messaging. Phenobarbital has been used effectively to control seizures for more than 60 years and continues to be widely prescribed for epilepsy.

The global phenobarbital market is estimated to be valued at US$ 1.83 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the phenobarbital market are Yara International ASA, BASF SE, The Mosaic Company, FMC Corporation, Nouryon Cooperatief UA, Nutrien Limited, Haifa Group, Valagro SpA (Syngenta Group), Coromandel International Limited, Sapec Agro SA, Auriga Group, ATP Nutrition Ltd, Wilbur-Ellis Company LLC, BMS Micro-Nutrients NV, and UPL Limited (Arysta Lifescience Corporation). The increasing research on phenobarbital’s potential for treating various neurological disorders represents a key opportunity in the market. Major pharmaceutical companies are also focusing on expanding their operations globally and in emerging markets to tap the growing demand for affordable epilepsy treatments.

Market drivers

The growing prevalence of epilepsy is a major driver of the Phenobarbital Market Size. According to the World Health Organization, over 50 million people worldwide suffer from epilepsy. Increasing geriatric population is also fueling the demand as incidence of epilepsy is higher among senior citizens. Extensive research ongoing for evaluating efficacy of lower doses of phenobarbital offers tremendous growth prospects for manufacturers.

PEST Analysis

Political: The phenobarbital market is regulated by various government agencies and regulatory bodies that ensure safety and efficacy of phenobarbital products. New drug approvals and stringent regulations impact the growth of this market.

Economic: Fluctuations in currency exchange rates and economic stability influence the costs involved in R&D, production and marketing of phenobarbital products. Rise in disposable income in emerging nations boosts the demand for quality healthcare products.

Social: Growing awareness about epileptic conditions and availability of effective treatments positively impact the phenobarbital market. However, stigma and lack of access to healthcare in underdeveloped regions act as challenges.

Technological: Advancements in drug delivery technologies aid in developing more efficacious formulations with lower side effects. Focus on technologies that enhance bioavailability and patient compliance also influence the market.

The phenobarbital market in terms of value is concentrated highly in North America and Europe. North America holds the largest market share due to growing prevalence of epilepsy and availability of advanced healthcare facilities. However, the Asia Pacific region presents lucrative opportunities and is expected to witness the fastest growth during the forecast period. This can be attributed to the expanding medical infrastructure, patient pool and rising healthcare expenditures in developing Asian countries.

Two major geographical regions where the phenobarbital market has highest value concentration are North America and Western Europe. This is due to well-established pharmaceutical industry, high treatment cost, and growing epilepsy prevalence in these regions. The fastest growing region for the phenobarbital market is expected to be Asia Pacific owing to factors like rapidly increasing patient population, improving access to healthcare facilities and growing healthcare spending in emerging economies like India and China.

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