WELLESLEY, Mass., Oct. 01, 2018 (GLOBE NEWSWIRE) -- Drivers of antipsychotic drug use include the rising prevalence and awareness of mental illness, increased incidences of depression and anxiety and a growing geriatric population with mental ailments. An updated BCC Research study projects that the global antipsychotic drugs market will reach $14.5 billion by 2023, examining it by therapeutic mechanism of action, disease indication and geographic region.
Antipsychotic drugs are mainly indicated for treatment of schizophrenia and bipolar disorder. The loss of patent exclusivity for branded drugs and subsequent emergence of low-cost generic drugs have significantly affected the market. Pharmaceutical companies are pursuing new approaches for the treatment of psychosis-related disorders to meet the growing demand. From an estimated $13.2 billion in 2018, a five-year compound annual growth rate of 1.9% is forecast for this field, according to BCC Research’s report, Antipsychotic Drugs: Technologies and Global Markets.
Manufacturers have a strong pipeline of antipsychotic drugs in various phases of clinical development. Pharmaceutical companies are still significantly investing in the development of novel antipsychotic drugs.
Research Highlights
- By region, North America holds 60% of the global market. Its position is attributed to novel antipsychotic drug launches, rising prices of branded and generic medicines, and increasing pharmaceutical expenditures.
- The Asia-Pacific region is anticipated to register the highest growth rate due to government focus on developing healthcare and the pharmaceutical industry in the region, favorable regulatory scenarios, and efforts to increase access to mental illness treatments.
- Among major disease indications, schizophrenia will continue to dominate the global antipsychotic drugs market.
“Government initiatives to create awareness regarding the treatment of mental illness are augmenting the market growth of antipsychotic drugs worldwide,” the report notes. “Generic drug development has changed the dynamics of the global market. Pharmaceutical companies are looking beyond first- and second-generation drugs to pursue new approaches for treating psychosis-related disorders, including the discovery of third-generation antipsychotic drugs.”
Market Leader by Mechanism of Action
The highest growth rate is projected for D2 partial agonists, in part due to innovative drug formulations and the protection of multiple patents, as well as strong product pipelines. Declining growth rates are anticipated for D2 antagonists because of the associated severe side effects, high rate of discontinuation, and withdrawal from the market. Most of the D2/5HT2A antagonists will lose patent protection during the forecast period, resulting in an anticipated negative growth rate.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.