The antipsychotic drugs are medications used to treat various psychiatric conditions. They help manage symptoms of psychosis, schizophrenia and bipolar disorder. Antipsychotic drugs work by adjusting the balance of certain natural substances in the brain called neurotransmitters. These help to improve communication between nerve cells in the brain. Antipsychotic drugs are commonly called neuroleptics or major tranquilizers. They are usually used to treat schizophrenia and other thought disorders.
The global antipsychotic drugs market is estimated to be valued at US$ 23.5 Billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The antipsychotic drugs market is expected to witness high growth owing to rising prevalence of psychiatric disorders and increasing R&D for developing novel antipsychotic drugs. According to National Institute of Mental Health estimates, around 1 in 6 U.S. adults lives with a mental illness. Schizophrenia is one of the top ten leading causes of disability worldwide.
Rising prevalence of psychiatric disorders is one of the major drivers of the antipsychotic drugs market. Growing geriatric population susceptible to mental illnesses like bipolar disorder, schizophrenia also contributes to the market growth. Further, introduction of novel targeted drug delivery systems and new pharmacological targets for treatment are expected to offer lucrative growth opportunities in the coming years. However, patent expiration of branded drugs and introduction of generic version- pose major challenge for established players in the market.
SWOT Analysis
Strength: Antipsychotic drugs help treat various mental health conditions such as schizophrenia, bipolar disorder and others. The increasing awareness about mental illness and availability of novel drug formulations are expected to drive the demand over the forecast period. Major players are innovating and developing novel products with improved efficacy and safety.
Weakness: Antipsychotic drugs can cause serious side effects such as weight gain, movement disorders and others if not taken properly. The stigma associated with mental illness makes patients hesitant to seek treatment. Generic competition erodes brand loyalty and reduces profit margins for innovator companies.
Opportunity: Rising geriatric population prone to mental health issues presents an opportunity. Successful development of drugs for new indications and applications will further fuel the market growth. Growing healthcare expenditure in emerging nations opens new avenues.
Threats: Patent expiration of blockbuster drugs results in market share loss. Stringent regulations for drug approval delays market entry. Alternative treatment options and herbal medicines also pose a challenge. Economic slowdowns can impact discretionary healthcare spending.
Key Takeaways
The global antipsychotic drugs market is expected to witness high growth driven by aging population prone to mental illness, growing awareness and diagnosis rates. The global antipsychotic drugs market is estimated to be valued at US$ 23.5 Billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030.
The regional analysis indicates North America will continue leading as the largest market throughout the forecast period owing to rising geriatric population and strong reimbursement structure for mental illness treatment. Europe is expected to exhibit steady growth with growing acceptance of novel drug therapies. Asia Pacific offers immense growth potential driven by unmet needs, improved availability and economic growth supportive of increasing healthcare spending in major countries like China and India.
Key players operating in the antipsychotic drugs market are Pfizer, Johnson & Johnson, Eli Lilly & Company, AstraZeneca and Bristol-Myers Squibb Company. Eli Lilly dominates with popular drugs like Zyprexa whereas Johnson & Johnson leads the long-acting injectables segment with Invega and Risperdal. Market leaders focus on strengthening their product pipelines through collaborations and M&As to consolidate their positions amid patent expiries of blockbuster drugs.
Antipsychotic Drugs Market Research Report: Information by Generation (First Generation, Second Generation), Types of Antipsychotics (Atypical Antipsychotics, Miscellaneous Antipsychotics Agents), Therapeutic Applications(Schizophrenia, Anxiety, Bipolar Disorder) and Region (the Americas, Europe, Asia-Pacific, and the Middle East & Africa) - Forecast till 2027Psychosis is a collective term used to cover are a group of disorders that are regarding the serious distortion of behavior, thought, recognition of reality, and perception.
A new report on the global antipsychotic drugs market, published by Market Research Future (MRFR), assays that this market can touch success at 4.3% CAGR between 2017 and 2022.
In terms of money value, the market can be worth USD 18.5 Bn by the end of the forecast period.
Increasing the focus of governments and health care organizations on mental health is also boosting the market.
However, some factors that can hinder the global antipsychotic drugs market growth include social stigma faced by patients, poor drug development pipeline, and a strict regulatory framework.
MRFR’s take on the market surveys various facets of the market in-depth.The generations-based segmentation of this market covers the first generation, second generation, and third generation.
The titled “Global Antipsychotic Drugs Market” report disclosed by Orbis Research gives the Strategic Overview of the Antipsychotic Drugs industry growth and provides a path to take a proper decision for better business opportunities.The global Antipsychotic Drugs Market was estimated at approximately REDACTED in 2017.
The global market is segmented based on the drug’s mechanism of action, disease indication and region.Get Sample Pages @ http://www.orbisresearch.com/contacts/request-sample/2326203 Among the mechanism of action segments, D2 partial agonists are expected to grow at the industry’s highest rate, owing to innovative drug formulations, the protection of multiple patents on the drugs and the strong product pipelines of key players.
The market for D2 antagonists is anticipated to show declining growth rates due to the severe side effects associated with the drugs and the high rate of discontinuation and withdrawal of these drugs from the market.Antipsychotic Drugs Market Scope of ReportThis report provides a detailed description of the market for antipsychotic drugs.
The report highlights the current and future market potential of antipsychotic drugs and provides a detailed analysis of the competitive environment, regulatory scenario, technological advancements, patent analysis, pipeline analysis, drivers, restraints, opportunities and trends in the market.
Based on disease indication, the market is segmented into schizophrenia, bipolar disorder, major depressive disorder (MDD), and other diseases including anxiety, autism and dementia.
By geography, the market has been segmented into the North America, Europe, Asia-Pacific, South America, and Middle East and Africa regions.
