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Antipsychotic drugs are mainly used for treating psychiatric conditions like schizophrenia, bipolar disorders, depression and others. Schizophrenia is a chronic and severe mental disorder that affects how a person thinks, feels, and behaves. Symptoms include hallucinations, delusions, disorganized speech and behavior, and reduced emotional expression. Globally 1% of the population suffers from schizophrenia. According to the World Health Organization, around 23 million people worldwide suffer from schizophrenia.
The global antipsychotic drugs market attained a value of US$ 16.14 Bn in 2023 and is used for the treatment of schizophrenia and other psychotic disorders. These drugs act by blocking dopamine and serotonin receptor sites in the brain in order to relieve psychotic symptoms like hallucinations and delusions. Second-generation antipsychotics are the latest drugs in this market that cause less extrapyramidal side effects.
The global antipsychotic drugs Market is estimated to be valued at US$ 16.14 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing prevalence of Psychiatric disorders- One of the key drivers for the antipsychotic drugs market is the rising global prevalence of psychiatric disorders like schizophrenia, bipolar disorder and depression. According to the National Institute of Mental Health, around 19.1 million adults had at least one major depressive episode in 2017 in the United States. Schizophrenia affects around 24 million people worldwide. Growing awareness regarding mental health issues and availability of effective treatment therapies are expected to drive the antipsychotic drugs market growth during the forecast period.
Efficacy of antipsychotic drugs- Second generation antipsychotics offer effective treatment of both positive and negative symptoms with lesser side effects. They help in improving psychiatric symptoms and are well tolerated. Atypical antipsychotics cause less extrapyramidal side effects and are well suited for long term therapy. Their efficacy in controlling psychotic episodes is driving their increased usage and market growth.
Segment Analysis
The global antipsychotic drugs market can be segmented based on generation, application, and distribution channel. First-generation antipsychotic drugs dominate the market with a share of over 40%. This is because first-generation antipsychotic drugs are cheaper as their patents have expired and they are widely used to treat conditions like schizophrenia.
PEST Analysis
Political: Governments across countries are focusing on improving access to mental healthcare. Many nations have added antipsychotic drugs to their list of essential medicines to improve affordability.
Economic: Rising healthcare spending and growing prevalence of mental disorders are fueling market growth. However, price control measures by some countries can impact revenue streams.
Social: Reducing stigma around mental illnesses has increased treatment seeking behavior. Support groups are creating awareness about new drug therapies.
Technological: Companies are developing novel drug delivery systems like long-acting injections to improve patient compliance. Biologics offer new scope for safer and effective therapies.
Key Takeaways
The global antipsychotic drugs market is expected to witness high growth in the forecast period supported by rising disease burden and improving access. The North American region currently dominates the market bolstered by high healthcare spending and favorable reimbursement policies. Key players like Eli Lily and Company, AstraZeneca, and Johnson & Johnson have wide product portfolios and global presence.
Regional analysis
The North American region holds the largest share in the global antipsychotic drugs market due to growing patient population, high healthcare expenditure, and availability of advanced treatments. The U.S. contributes significantly to the region’s large market size. Europe is the second-largest market attributed to rising government funding for mental health.
Key players
Key players operating in the antipsychotic drugs market are Eli Lily and Company, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, Otsuka Pharmaceutical Co, Ltd., Pfizer Inc., AbbVie Inc., Bristol-Myers Squibb, Teva Pharmaceuticals. Dr. Reddy’s Laboratories are major manufacturers with wide distribution networks and a variety of drug formulations for effective schizophrenia management and other mental illnesses.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
