Antipsychotic Drugs Market Size, Share, Growth | Forecast 2031

Report Description

Antipsychotic Drugs Market Outlook 2031:

The global antipsychotic drug market size was valued at USD 15.47 Billion in 2022 and is projected to reach USD 26.14 Billion by 2031, expanding at a CAGR of 6% during the forecast period 2023 - 2031. The growth of the market is attributed to the increase in incidences of psychotic disorders such as hallucinations, schizophrenia, bipolar disorder, delusions, and severe depression.

Antipsychotic drugs, also known as neuroleptics tranquilizers, are predominantly used for the treatment of psychosis and psychotic diseases such as delusions, hallucinations, schizophrenia, bipolar disorder and others. Schizophrenia is considered to be the most common and major psychotic disorder, which has a large number of patients across the globe.

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As per a study by the Anxiety and Depression Association of America, anxiety is the most common mental illness in the US, around 40 million cases in the country were recorded for the group of age 18 and above, or 18.1% of the population per year. Approximately one-half of the total number of patients identified with depression are also detected with an anxiety disorder.

The World Health Organization (WHO) has suggested about the formulation of mental health action plan to prevent mental disorders and encourage mental health globally. Furthermore, as per the statistics by WHO, an about 300 million people are suffering from depression whereas 60 million cases are diagnosed with bipolar disorder globally. Children and adults are at high risk of psychiatric illnesses. It is estimated that nearly 44 million American adults suffer from the ill-effects of uneasiness issue.

The COVID-19 pandemic caused several hardship in the global economy, due to the lockdowns and restriction imposed by the governments across the globe. The pandemic had caused negative impact on the market due to large disruption in the production of the drugs and delayed the non-COVID-19 emergency services. However, with the reduced number of the COVID-19 cases, the market has regained its revenue due to wide resumption of the business operations worldwide.

Antipsychotic Drugs Market Trends, Drivers, Restraints, and Opportunities

• Heavy investments from key drugs manufacturing organizations for the development of effective drug as well as governments’ initiative to increase the awareness regarding the disorders among the population are driving the market in the near future.
• Change in daily habits, increased consumption of drugs and alcohol, as well as rising stress life are key reasons for increasing the mental issues among a large number of the global population. This is expected to drive the antipsychotic drug market growth.
• Expansion of R&D activities and rapid introduction of novel antipsychotic compounds are bolstering the antipsychotic drug market growth.
• Adverse effects such as blurred vision, insomnia, drowsiness, dry mouth, and probability of habit formation are proved to be harmful for the patient’s health. These factors are hampering the market development in the coming years.
• Rising patent terminations of key brands such as Risperdal, Seroquel, Invega, and Zyprexa, are restricting the antipsychotic drug market growth.
• The presence of huge pool of geriatric population who are at high risk of psychosis and rising healthcare awareness are projected to create huge opportunities for the antipsychotic drug market expansion during the forecast period. 

Scope of Antipsychotic Drug Market Report

The report on the global antipsychotic drugs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Antipsychotic Drug Market Segment Insights

Second generation segment is expected to grow at a rapid pace

Based on drugs class, the global antipsychotic drugs market is divided into first generation, second generation, and third generation. The first generation segment is further classified into navane, haldo, and others. The second generation segment is segmented into geodon, invega, latuda, zyprexa, seroquel, risperdal, and others while the third generation consists of abilify.

The second generation segment is expected to grow at a rapid pace attributed to the high efficacy of the drugs and are more advanced products than the first generation antipsychotics. This class is named as atypical antipsychotics includes sertindole, clozapine, asenapne, paliperidone, olanzapine, risperidone, quetiapine.

Meanwhile, the third generation segment is projected to account for a key market share since the drugs are widely used for the maintenance therapy of the disease. Moreover, the drugs generation offer several benefits such as better tolerability and safety, which is contributing to the growth of the segment during the projected period.

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Schizophrenia segment is projected to expand at a considerable CAGR

On the basis of applications, the market is segregated into schizophrenia, bipolar disorders, dementia, unipolar depression, and others. The schizophrenia segment is projected to expand at a considerable CAGR owing to the high number of cases across the world.

Additionally, improved diagnostics & treatment and high awareness among the population is contributing for the fast growth rate in the near future. Meanwhile, the unipolar disorder segment is anticipated to flourish remarkably in the near future due to the easy diagnosis and increased awareness among the people. Moreover, the wide prevalence of the disorder globally is likely to drive the segment growth.

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North America is anticipated to constitute a key market share

In terms of regions, the global antipsychotic drugs market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the projected period as the region records high number of mental illness patients.

As per the report of Anxiety and Depression Association of America in year 2016, approximately 6.7% population of the U.S. with age 18 years and more was suffering from major depression. Such high prevalence of the disorder and improved healthcare services system in the region is anticipated to push the overall market growth.

The Asia Pacific market, however, is estimated to grow at a significant rate in the coming years due to large number of the disorder cases, developing healthcare facilities, and developing new drug approvals in the region. Additionally, the increasing awareness among the population is also a key factor for the market growth in the region.

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