Schizophrenia Drugs Market Share, Growth, Opportunities 2030

Report Description

The schizophrenia drugs market size is estimated to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the prevailing number of patients, improved healthcare services, and rising awareness among the population.

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Schizophrenia is a type of mental disorder which is characterized by abnormality in interpretation of reality by the patient. The common symptoms are delusions, hallucinations, and highly disorientated thinking, which result to mismanagement of daily functioning. Men and women are equally affect by the schizophrenia; however, some reports suggest that men are more diagnosed with the disease. The mortality rate of the disease is high due to the high probability of severe heart diseases or diabetes with patient associated with schizophrenia. The symptoms appear in early stages of adulthood where in case of males, the symptoms begin in the early 20s while in females it appears in early 30s or late 20s.

As per the World Health Organization (WHO) 2019 statistics, schizophrenia had affected more than 20 million people globally and the number was likely to increase in the near future due to rising geriatric population worldwide. As per World Ageing 2019, there were about 700 million people with age 65 years or above globally. This count is expected to become twice to 1.5 billion by 2050. The geriatric population are more at risk to develop schizophrenia. Furthermore, the National Institute of Mental Health in collaboration with the American Psychiatric Association had predicted that risk of a person to develop schizophrenia during their lifespan is to be 0.3% to 0.7%. The COVID-19 pandemic had an intense effect on mental health of the population and many studies reported that the already existent health conditions in patient with schizophrenia can lead to severe COVID-19 symptoms. These factors proved to bolster the market growth during the pandemic outbreak. The pandemic created awareness among a large number of the global population to look after their health conditions and also pushed the government to take initiatives for better healthcare facilities.

Market Trends, Drivers, Restraints, and Opportunities

• High prevalence of the disease in the world along with initiatives by the government organizations to create awareness about the disorder is a key driving force of the market.
• Increasing new developments in the technology and rising drug developments for the treatment is expected to push the market growth in the coming years.
• Rising personal healthcare expenditure, inclining economic growth, and growing chronic ailments are other key factors for market growth in the near future.
• Low awareness and inadequate availability of skilled professionals in some developing and underdeveloped nations are hindering the growth of the market during the forecast period.
• Strict regulatory guidelines for the approval and regulation of the new products is a key restraint projected to hinder the market growth.

Scope of the Report

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

Market Segment Insights

Second-generation antipsychotics segment is expected to grow at a considerable pace

Based on therapeutic classes, the global schizophrenia drugs market is divided into second-generation antipsychotics, third-generation antipsychotics, and others. The second-generation drug class is further segmented into latuda, risperdal, geodon, invega, seroquel, aristada, fanapt, saphris, zyprexa, and vraylar. The others segment is bifurcated into first-generation antipsychotics and generics. The second-generation antipsychotics segment is expected to grow at a considerable pace in the coming years as this drug type is widely used in the treatment of schizophrenia. The effectiveness of the drug in the treatment of the disease is the main factor for the segment growth. Meanwhile, the third-generation antipsychotics segment is projected to register a fast growth rate during forecast period attributed to the fast action and wide preference in combination therapy.

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Injectable antipsychotic segment is projected to expand at a considerable CAGR

On the basis of treatments, the market is bifurcated into injectable and oral antipsychotics. The injectable antipsychotic segment is projected to expand at a considerable CAGR during the forecast period due to the advancement of the treatment method along with high efficacy rate and decreased chance for hospitalization. However, the oral antipsychotic segment is anticipated to grow at a substantial pace during the projected period attributed to the easy availability of the drugs and is considered to be the first-line treatment for the disease. Moreover, there is a huge number of new drug approvals in the pipeline.

North America is anticipated to constitute a key market share

In terms of regions, the global schizophrenia drugs market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to constitute a key market share in the near furture due to the presence of a large number of patients in the region. Furthermore, the existing developed structure for medical care for early treatment, wide culture of early diagnosis, as well as initiatives taken by the governments in the region play major factors driving the regional market growth.

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However, Asia Pacific is a fast-growing region and the market growth of the region is expected to exhibit a healthy rate during the forecast period. The regional market growth is attributed to the increased interest by several governments’ healthcare policies, high spending in healthcare expenditure, and increased funding for new treatment technology.