Visiongain has published a new report on Mental Disorder Drugs Market Report 2021-2031. Profiles of Mental Disorder Drugs and Forecasts by Drug Class (SSRIs, SNRIs, Atypical Antipsychotics, TCAs, SARIs, Benzodiazepines, MAOIs), By Indication (Depression, Schizophrenia, Bipolar Disorder, Post-traumatic Stress Disorder), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy). PLUS, Regional Market Analysis and COVID-19 Recovery Scenarios.
Global mental disorder drugs market was valued at US$ US$36.77 bn in 2020 and is projected to reach at a market value of US$58.91 billion by 2031. Rising prevalence of mental disorders; mounting investment in drug R&D by pharmaceutical & biopharmaceutical companies; growing mental health care awareness; new product launches and rising acceptance of mental disorder drugs worldwide are some of the major factors that propel the global mental disorder drugs market growth.
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COVID-19 Impact on Mental Disorder Drugs Market
The COVID-19 pandemic has a mixed impact on the mental disorder drugs market worldwide. The COVID-19 pandemic has resulted in the increasing prevalence of mental disorders worldwide. However, the pharmaceutical and biologics companies are facing challenges while drug manufacturing and marketing due to the COVID-19 pandemic. According to the WHO, the COVID-19 pandemic has disturbed the mental healthcare services in many countries.
Thus, the demand for these drugs impacted negatively since 2020. However, the market is expected to lucrative rate after 2021-2023 owing to the launch of the COVID-19 vaccine and growing mental health awareness programs worldwide.
Market Drivers
Growing prevalence of rising prevalence of mental disorders including depression, schizophrenia, bipolar disorder, and post-traumatic stress disorder; mounting investment in drug R&D by pharmaceutical & biopharmaceutical companies; technological advancements, government support, and developing healthcare infrastructure in emerging economies are the major drivers boosting the global mental disorder drugs market.
There is a high demand for more advanced products for the treatment and maintenance of severe mental disorders. Thus, the leading pharmaceutical companies are investing a huge amount of money for novel drug R&D and launch. For instance, in August 2020, Janssen Pharmaceutical announced that the U.S. FDA has approved the sNDA for its SPRAVATO (esketamine) CIII nasal spray, for the treatment of adults with MDD.
Market Opportunities
The development and discovery of new mental disorders drugs have gained valuable impetus in recent years. Drugmakers are moving from conventional drug formulations to the discovery of innovative and improved medications to treat a variety of mental disorders within the mental disorder care industry. The government and other non-profit organisations are rapidly investing in the creation of new treatments for mental disorders. Collaborations between non-profit organisations and the government are on the rise in the mental disorder treatment industry, particularly in developing regions such as China and India.
The high opportunities in developing countries such as China and India will strengthen the global mental disorder drugs market in near future. The developing healthcare infrastructure along with the high prevalence of mental disorders in these countries is expected to boost the demand for advanced mental disorder drugs in these countries.
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Competitive Landscape
Mental disorder drugs market is a highly competitive market with several global and local players. Some of the major players operating in the market are AbbVie, AstraZeneca, Bausch Health, Bristol-Myers Squibb, Eli Lilly and Company, GlaxoSmithKline, H. Lundbeck, Johnson & Johnson, Mallinckrodt Pharmaceuticals, Merck, Novartis, Otsuka Pharmaceutical, and Pfizer.
These leading companies have adopted various strategies comprising R&D investment, collaborations, M&A, regional expansion, and new product launches. For instance, in December 2020, Novartis announced plans to acquire Cadent Therapeutics for $210 million upfront and around $560 million in milestone payments. Cadent Therapeutics is a privately held biotechnology company that focuses on neuroscience.
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