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Antipsychotic drugs are pharmaceutical drugs used to treat various mental disorders like schizophrenia, bipolar disorder, and other psychotic mental disorders. Some common antipsychotic drugs include clozapine, olanzapine, ziprasidone, risperidone, and quetiapine. These drugs aim to manage symptoms such as hallucinations, delusions, and paranoia. Conventional or first-generation antipsychotics treat positive symptoms but have severe side effects, while newer second-generation antipsychotic drugs treat both positive and negative symptoms with fewer movement-related side effects. These drugs are majorly prescribed to patients suffering from schizophrenia, bipolar disorder, and psychosis.
The global antipsychotic drugs market is estimated to be valued at US$ 16.14 Bn 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.
The global Antipsychotic Drugs Market is flourished by the growing prevalence of psychiatric disorders such as schizophrenia, bipolar disorder, depression, and others. According to World Health Organization (WHO), over 21 million people globally suffer from schizophrenia. Also, around 46 million people worldwide are affected by bipolar disorder. The rising mental health issues have increased antipsychotic drugs demand for effective treatment of such disorders. Moreover, new drug innovations with reduced side effects have widened the scope of antipsychotic drugs in treating a broader range of mental illnesses.
Market Dynamics:
Growing prevalence of psychiatric disorders: The rising prevalence of mental health issues such as schizophrenia, bipolar disorder, depression, and others have increased the demand for effective antipsychotic drug treatments. For instance, as per WHO’s estimates, more than 300 million people worldwide suffer from depression. Such high disease prevalence is a major growth driver.
New product innovations: Several pharmaceutical players are innovating new antipsychotic drugs with reduced side effects and broader efficacy in treating both positive and negative symptoms. This has expanded the indications for antipsychotic drugs in managing other mental disorders. For example, Otsuka Pharmaceutical’s Rexulti is an atypical antipsychotic approved to treat major depressive episodes associated with bipolar I disorder in adults. Such targeted product innovations fuel the antipsychotic drugs market growth.
Segment Analysis
There are four major segments in the antipsychotic drugs market: first generation antipsychotics, second generation antipsychotics, lithium oral and lithium injectable. The second generation antipsychotics segment is dominating the market and is expected to continue its dominance over the forecast period. This is because second generation antipsychotics have lesser side effects compared to first generation drugs and are more effective for the treatment of schizophrenia and other mental health disorders.
PEST Analysis
Political: Governments across the globe are increasing their healthcare budgets to improve access to mental healthcare and treatment. Favorable reimbursement policies are boosting the adoption of antipsychotic drugs.
Economic: Rising disposable incomes and growing healthcare expenditure are fueling the demand for advanced treatment options for mental illnesses. The high total costs associated with untreated psychosis are also prompting increased use of antipsychotic medications.
Social: Reducing social stigma around mental health issues and greater awareness about available treatment choices are encouraging more patients to seek professional help. Growing acceptance of antipsychotic drugs as the standard therapy for schizophrenia and bipolar disorder is driving their uptake.
Technological: Advances in drug delivery systems and novel formulations are expanding treatment options. Drugs with fewer side effects and improved safety profiles are being developed through innovative research.
Key Takeaways
The global antipsychotic drugs market is expected to witness high growth over the forecast period. The global antipsychotic drugs market is estimated to be valued at US$ 16.14 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
North America currently dominates the market due to high healthcare spending and increasing prevalence of mental disorders in the region. Within North America, the US holds the major market share supported by favorable reimbursement policies and awareness programs.
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, and Dr. Reddy’s Laboratories. Eli Lily and Company leads the market with its top-selling drug Zyprexa while Otsuka Pharmaceutical Co, Ltd. holds a competitive position with its blockbuster drug Abilify.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
