Antipsychotic drugs help manage symptoms of psychosis associated with mental disorders such as schizophrenia and bipolar disorder. These drugs aim to restore normal thinking and behaviors.
The rising incidence of mental disorders such as schizophrenia and bipolar disorder globally is expected to drive the growth of the antipsychotic drugs market. According to the National Institute of Mental Health, about 1% of U.S. adults aged 18-54 years suffer from schizophrenia annually. Moreover, the increasing adoption of atypical antipsychotic drugs for treating schizophrenia, bipolar disorder, Alzheimer’s disease, and depression over conventional antipsychotic drugs is also expected to fuel the market growth during the forecast period. These atypical drugs have lesser side effects as compared to conventional antipsychotic drugs.
Increasing prevalence of psychiatric disorders is driving the growth of antipsychotic drugs market
The increasing prevalence of psychiatric disorders such as schizophrenia, bipolar disorder and major depressive disorder across the globe is a major factor driving the growth of the antipsychotic drugs market. According to the World Health Organization (WHO), over 264 million people suffer from depression worldwide. Similarly, schizophrenia affects over 21 million people globally. The social and economic burden of these mental illnesses have led governments and private organizations to spread more awareness and improve diagnosis and treatment rates. This has resulted in higher demand for effective therapeutic drugs such as antipsychotics. Moreover, the development of novel drug delivery technologies and newer drug molecules with improved safety profiles is also fueling the usage of antipsychotic medications.
Stringent regulatory requirements is restraining the development of new antipsychotic drugs
While the need for effective antipsychotic treatment is increasing exponentially, the stringent regulatory environment for the approval of new central nervous system (CNS) drugs is hindering research progression and product development in this market. Regulatory agencies like the FDA and EMA impose rigorous guidelines for clinical trial protocols and data requirements before approving antipsychotic medications due to concerns over serious side effects such as weight gain, metabolic abnormalities and extrapyramidal symptoms. This results in long approval timelines of 8-10 years on an average for a new antipsychotic entity. The high costs and risks involved also discourage investments in development of novel molecules. Generic manufacturers also face regulatory obstacles regarding bioequivalence trials for complex drugs acting on the brain. Overall, the strict regulations make market entry and commercialization quite challenging for new players.
Increasing healthcare expenditure in emerging countries presents lucrative opportunities
With rapid economic growth and rising affluence, many emerging Asian, African and Latin American countries are witnessing significant increase in government and private healthcare spending over the past decade. This presents lucrative opportunities for major antipsychotic drug manufacturers to expand into high growth potential markets. According to the WHO, low and middle income countries currently contribute to more than 85% of the global disease burden from neurological and mental disorders. However, treatment rates remain low due to lack of resources and awareness. The growing healthcare expenditure provides opportunities to cater to this huge unmet need through strategic collaborations and innovative access programs. Multinational pharmaceutical companies can leverage their R&D expertise and portfolio to grab a share of this emerging antipsychotic drugs market.
Personalized treatment based on disease biomarkers and genetics is emerging as a key trend in antipsychotic drug development
With advancements in diagnostic technologies, the trend is shifting towards developing more personalized treatment approaches based on a patient’s specific disease biomarkers, genetics and other clinical characteristics. Currently, antipsychotic prescribing mainly depends on clinical symptoms presentation. However, personalized medicine using biomarkers can help identify what type and dose of medication will work best for an individual. It can also help select the right patients for clinical trials of new drugs. Biomarker-driven approaches are being studied to facilitate early diagnosis of mental illnesses and guide treatment management. Big data analytics using real-world evidence is also aiding the development of more targeted drug therapies. This emerging trend holds potential to transform antipsychotic drug R&D and optimize treatment outcomes.
- Source: Coherent Market Insights, Public sources, Desk research
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