Antipsychotic Drugs Market Report: Key Trends, Growth Forecast, and Market Share Analysis
The global antipsychotic drugs market has demonstrated substantial growth, reaching a value of USD 12,729.5 million in 2021, with a remarkable compound annual growth rate (CAGR) of 7.7%. The burgeoning need for antipsychotic drugs is attributed to the increasing prevalence of psychosis and related mental illnesses, which afflict nearly 1 billion individuals worldwide. Shockingly, over 75% of those affected in low-income nations remain untreated. Moreover, nearly 3 million lives are lost annually due to drug misuse, further emphasizing the urgency of effective treatments. Key factors driving the expansion of the antipsychotic drugs market include the development of modern medications, substantial investments in research and development (R&D), and a growing focus on broadening the therapeutic applications of these drugs.
The rise in mental health disorders globally has exerted significant pressure on healthcare systems worldwide. Governments are responding by intensifying public awareness campaigns about these conditions and the effectiveness of available treatments. In February 2021, Japan appointed Tetsushi Sakamoto as Minister in Charge of Isolation and Loneliness to address mental health issues, reflecting the growing concern about mental health. This heightened awareness has led to a surge in demand for highly efficient and secure medications to treat individuals with psychotic diseases on a global scale.
Companies operating in the market are also striving to innovate, with a focus on developing advanced antipsychotic injectable medications to reduce the need for patient monitoring. In December 2021, Zydus Cadila received approval from the USFDA to market a generic schizophrenia medication, cariprazine, which is also used to treat bipolar disorders acute manic and mixed episodes. These developments are expected to drive further growth in the global antipsychotic drugs market.
Positive Impact of COVID-19 on the Antipsychotic Drugs Market
The COVID-19 pandemic brought about a significant shift in the market towards telemedicine for the treatment of psychotic illnesses. Lockdowns and stay-at-home orders adversely affected the mental health of a substantial portion of the global population, leading to increased usage of antipsychotic drugs to manage symptoms. Consequently, the market witnessed strong sales performance during the pandemic, partly attributable to the increased use of long-acting injectables (LAIs). Notably, sales of ABILIFY MAINTENA, manufactured by Otsuka Pharmaceutical Co. Ltd., increased by 13.9% in 2020 compared to the previous year. As the world gradually recovers from the pandemic, the markets growth is expected to stabilize from 2021 onwards.
Key Market Drivers
- Rise in Mental Health Disorder Prevalence: The market is expected to experience positive growth due to the sharp increase in the prevalence of psychotic diseases. Public awareness of the severity of these mental disorders is also growing, driving demand for effective treatments.
- Increased R&D Activities: Ongoing research and development efforts have led to the creation of safer and more effective antipsychotic medications. These advancements are anticipated to bolster market growth.
Challenges and Restraints
- Antipsychotic Drug Side Effects: Despite their benefits, antipsychotic drugs are associated with various side effects, including sedation, dry mouth, digestive problems, and weight gain. These side effects may hinder patient adherence to treatment and restrict market growth.
Segment Insights
- Schizophrenia Category to Lead: The rising prevalence of schizophrenia, particularly among the elderly population, is a key driver for the growth of this segment. It is estimated that there will be approximately 24.0 million cases of schizophrenia worldwide in 2022.
- Second Generation Antipsychotics: Second-generation antipsychotic drugs are expected to dominate the market, primarily due to their improved safety and efficacy profiles compared to first-generation counterparts.
Regional Landscape
- North America: The North American market is poised to dominate due to a well-established healthcare infrastructure, increasing prevalence of mental disorders, and government support. North America has a high burden of schizophrenia, with approximately 1% of the American population affected.
- Asia Pacific: The Asia Pacific region is expected to witness rapid market growth, driven by increasing awareness of psychiatric illnesses and a rising number of mental health patients. India, in particular, has a significant prevalence of depression and anxiety disorders.
Competitive Landscape
Key players in the global antipsychotic drugs market include Abbvie Inc. (Allergan Inc.), AstraZeneca Plc., Alkermes Plc., Dr. Reddy’s Laboratories Limited, Bristol-Myers Squibb, Eli Lilly And Company, Teva Pharmaceutical Industries Ltd, Pfizer Inc., Otsuka Holdings Co., Ltd. (Otsuka Pharmaceutical Co., Ltd.), and Johnson & Johnson (Janssen Pharmaceuticals). Recent developments, such as FDA approvals for new medications and strategic collaborations, demonstrate the ongoing innovation and competitiveness in the market.
As the global antipsychotic drugs market continues to expand, it remains vital for healthcare stakeholders to prioritize effective and safe treatments for individuals battling mental health disorders, ultimately improving the quality of life for millions worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/antipsychotic-drugs-market
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