The global major tranquilizer market size was valued at USD 2.0 billion in 2020 and is projected to reach USD 2.4 billion by 2028 at a CAGR of 3.4% during the forecast period. The growth of the market is attributed to its drivers such as rising health issues in people.
Tranquilizer reduces mental tension, relieve anxiety, and result in outlook without producing any marked degree of hypnosis or sedation. Tranquilizers play a vital role in psychological disorder treatments. During these postmodern eras mental illness is common in many people because of the work pressure, tension, and anxiety. The conventional antipsychotic was first developed in 1950s and was widely prescribed for the treatment of severe mental disorders. Thorazine (chlorpromazine) and Haldol (haloperidol) were the most commonly used typical antipsychotics. Atypical antipsychotics were approved in the 1990s for treating various psychiatric disorders. These drugs were effective as compared to typical antipsychotics. In the fourth coming years more effective drugs may be launched in the market. The drug needs to be given under the supervision of expert, the patient can even loose, he’s or her lives if not given in correct measure or amount.
The report on the global tranquilizer market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Major Tranquilizers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Types (First Generation, Second Generation, and Third Generation) and Applications (Schizophrenia, Bipolar Disorder, Unipolar Depression, Dementia, and Others) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Johnson & Johnson, Pfizer, Eli Lilly, Bristol-Myers Squibb, AstraZeneca, GSK, and Allergan |
The first generation segment is estimated to expand at a rapid pace
Based on type, the global major tranquilizer market is segmented as first, second, and third generation. The first generation segment is projected to expand at a CAGR of 4% during the forecast period. Market growth is attributed to rising depression due to changing lifestyle and increasing number of mental hospitals. First generation drugs are used primarily for the treatment of schizophrenia and related psychotic disorder. The exact mechanism of action of antipsychotic drugs is unknown.
Second-generation drugs generally have lower risk of extrapyramidal side effects and tardive dyskinesia compared with first-generation. First- and second-generation antipsychotic drugs are more comparable in their clinical efficacy, with the exception of clozapine.
The bipolar disorder segment is estimated to expand at a CAGR of 5.2% during the forecast period
On the basis of applications, the global major tranquilizer market is fragmented into schizophrenia, bipolar disorder, unipolar depression, dementia, and others. The bipolar segment is anticipated to hold a major market share. Growth of the market is estimated to rising prevalence of mental illness and rising product launches. This kind of treatment should be done under supervision of expert and in proper measure. Medicine gives temporary relief to the medical condition.
The market in North America is projected to hold a major market share
In terms of regions, the global major tranquilizer market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is subjected to hold major share in the global market during the forecast period. According to food and drug administration (FDA), over 60 million people receive prescriptions for tranquilizers every year. One in five adults is living with some or the other mental illness.
Countries in Asia Pacific such as China, Japan, and Australia exhibit significant growth prospects in terms of rapid acceptance of novel molecules as well as the extensive use of generics. This region has a large number of patients suffering from psychological distress, cancer, AIDS, and other chronic disorders which is estimated to propel the market.
The global major tranquilizers market is highly competitive and major market players include Johnson & Johnson, Pfizer, Eli Lilly, Bristol-Myers Squibb, AstraZeneca, GSK, and Allergan. Rise in psychological disorders is expected to drive the tranquilizer drugs market. Currently the market is facing the production problem because on partial lock down caused due to Covid - 19 pandemic as operation cannot be done in full capacity.
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