According to Fortune Business Insights, The global antipsychotic drugs market size is predicted to hit USD 24.74 billion by 2029 and exhibit a CAGR of 6.9% during the forecast period. Biopharmaceutical Companies’ Presence to Proliferate Market Growth in North America
Pune, India, May 26, 2022 (GLOBE NEWSWIRE) -- The global antipsychotic drugs market size is predicted to hit USD 24.74 billion by 2029 and exhibit a CAGR of 6.9% during the forecast period. The expanding patient pool of mental health disorders is estimated to foster growth for the market. In 2022, the World Health Organization (WHO) published an estimation of approximately 24 million people suffering from Schizophrenia globally. Fortune Business InsightsTM has presented this information in its report titled, “Antipsychotic Drugs Market, 2022-2029”. As per the report, the market size stood at USD 14.54 billion in 2021 and USD 15.50 billion in 2022.
In recent years, the prevalence of bipolar disorder and schizophrenia has been exponentially increasing. This has amplified the adoption of such medications to overcome these symptoms and is likely to stimulate market growth during the forecast period.
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The coronavirus pandemic invigorated the demand for Antipsychotic Drugs Market as the stay-at-home measures and lockdowns affected the mental health of individuals. Cases of psychotic diseases, such as depression, amplified during the pandemic, thereby augmenting the demand for these medications. The adoption of Long-Acting Injectables (LAIs) was magnified during the pandemic. The awareness of mental health illnesses rose during the pandemic and the market is anticipated to witness robust expansion in the coming years.
On the basis of disease, the market is segmented into dementia, unipolar depression, bipolar disorder, schizophrenia, and others. On the basis of drug, the market is fragmented into paliperidone palmitate, brexpiprazole, aripiprazole, olanzapine, quetiapine, risperidone, and others. On the basis of therapeutic class, the market is trifurcated into third generation, second generation, and first generation. On the basis of distribution channel, the market is categorized into online pharmacies, drug stores & retail pharmacies, and hospital pharmacies. Geographically, the market is classified into Latin America, Europe, Asia Pacific, North America, and the Middle East & Africa.
Antipsychotic Drugs Market Report Coverage-
It includes a detailed description and analysis of various segments of the market.
It highlights the latest key industry developments.
It includes a detailed analysis of the coronavirus pandemic.
It assimilates the crucial drivers and restraints of the market’s expansion.
It highlights the market’s growth analyzed and forecast across various geographies.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
Antipsychotic Drugs Market Drivers & Restraints-
Rising Cases of Mental Health Disorders to Propel Market Growth
In recent years, the patient pool of mental health illnesses has substantially increased. The rising cases of individuals suffering from psychotic disorders, such as depression, bipolar disorder, and schizophrenia, have been rising, which, in turn, boosted the demand for antipsychotic drugs. The rising prevalence of psychotic disorders and illnesses is predicted to bolster the global antipsychotic drugs market growth in the coming years. Further, the expanding patient pool has led to an increase in research and development initiatives of novel antipsychotic drugs. Clinical trials of these drugs support drug development, which is likely to complement the market’s expansion. Additionally, the growing adoption of Long-Acting Injectables (LAIs) to cope with these illnesses is estimated to flourish in growth for the market. However, the adverse reactions or side effects related to the use of these drugs may hinder the market expansion in the coming years.
Antipsychotic Drugs Market Regional Insights-
Biopharmaceutical Companies’ Presence to Proliferate Market Growth in North America
North America is predicted to bestride the global antipsychotic drugs market share during the forecast period. Biopharmaceutical companies’ presence, coupled with rising cases of psychotic illnesses are estimated to favor the region’s market expansion. Additionally, a strong awareness of mental illnesses further amplifies the adoption of these drugs. As per a report released by National Alliance on Mental Illnesses (NAMI) in 2022, an estimated 7 million people are suffering from bipolar disorder in the U.S.
Europe is estimated to rank second in the global market due to the growing prevalence of these disorders. Asia Pacific will register the highest CAGR due to the rising adoption of these drugs, particularly in China and India.
The Middle East & Africa and Latin America are likely to exhibit considerable growth due to rising healthcare expenditure.
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Major Players Adopt Ingenious Strategies to Amplify their Global Presence
The major players operating in the market emphasize extensive research and development activities to launch new drugs in the market. The major market players adopt ingenious strategies, including contracts, acquisitions, mergers, collaborations, and others to amplify their growth prospects. For instance, AbbVie applied a supplemental New Drug Application for Cariprazine (VRAYLAR) to the U.S. FDA in February 2022 for the drug’s approval as an adjunctive treatment for Major Depressive Disorder (MDD) in patients who are receiving ongoing antidepressant therapy.
Key Industry Development-
November 2021: Janssen Pharmaceutical received approval from the European Commission (EC) for long-acting atypical antipsychotic therapy BYANNLI (6-monthly paliperidone palmitate; PP6M), used as an upkeep treatment for adult patients suffering from schizophrenia, who are clinically stable on 1-monthly paliperidone palmitate (PP1M) or 3-monthly paliperidone palmitate (PP3M).
List of Key Market Players : Antipsychotic Drugs Market
H. Lundbeck A/S (Denmark)
Otsuka Pharmaceutical Co. Ltd. (Japan)
Janssen Pharmaceuticals Inc. (Johnson & Johnson) (Belgium)
Eli Lilly and Company (U.S.)
ALLERGAN (AbbVie Inc.) (U.S.)
Teva Pharmaceutical Industries Ltd. (Israel)
Dr. Reddy’s Laboratories Ltd. (India)
Sumitomo Dainippon Pharma Co., Ltd. (Japan)
Alkermes Plc (Ireland)
Bristol-Myers Squibb Company (U.S.)
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Table Of Contents :
Antipsychotic Drugs Market Introduction
Definitions and Assumptions
Antipsychotic Drugs Market Dynamics
Prevalence of Psychiatric Disorders, By Key Countries/Regions
Analysis of the Cost and Burden of Mental Health Disorders
Overview of Current Advances in R&D for Antipsychotic Drugs
Analysis of Antipsychotics in Treatment of Dementia
Analysis: First Generation Antipsychotics vs. Third Generation Antipsychotics
Key Industry Developments
New Product Launches
Impact of COVID-19 on Antipsychotic Drugs Market
Global Antipsychotic Drugs Market Analysis, Insights and Forecast, 2018-2029
Antipsychotic Drugs Market Market Analysis, Insights and Forecast– By Disease
Market Analysis, Insights and Forecast– By Drug
Market Analysis, Insights and Forecast – By Therapeutic Class
Market Analysis, Insights and Forecast – By Distribution Channel
Drug Stores & Retail Pharmacies
Market Analysis, Insights and Forecast – By Region
Middle East & Africa
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