NEWARK, Del, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global psychotropic drugs market size is US$ 21,269.4 million in 2023. The market is expected to reach up to US$ 28,876.2 million by 2033. The global market is anticipated to capture a CAGR of 3.1% during the forecast period.
Psychotropic drugs, also known as psychiatric medications, are a class of drugs that affect mental function, behavior, and experience. They treat various mental health conditions, including depression, anxiety, bipolar disorder, schizophrenia, and attention deficit hyperactivity disorder (ADHD).
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Psychotropic drugs work by altering the levels of neurotransmitters in the brain. Neurotransmitters are chemicals that transmit signals between nerve cells. By changing the levels of neurotransmitters, psychotropic drugs can affect mood, cognition, and behavior.
Latest Psychotropic Drugs Market Trends:
The global market is influenced by current market trends that expand the international reach. A few of the latest trends are as follows:
Digital Mental Health: The increasing digital technologies are improving mental health care. The adoption of mental health apps, telemedicine, and online therapy platforms offering medication and treatment advice are gaining huge popularity.
Personalized Medicine: The rising advanced biomarker research is increasing the adoption of personalized medicine. These processes enhance safety and limit side effects with better drug prescriptions.
Expanded Indications: The demand for psychotropic drugs that successfully treat patients' mental illnesses and disorders is increasing the global market trends.
Opioid Epidemic Impact: The adoption of opioid epidemic impact to treat patients pain with mental health conditions is attracting demand at the international level.
Mental Health Parity: Healthcare providers are focused on treating mental health as physical health conditions due to surging numbers of mental disorder patients. It leads to an increase in the adoption of psychotropic drugs.
Psychedelic Medicine: Research institutions are developing potential psychedelic medicine, such as MDMA, to treat patients' mental illnesses and disorders. As per studies, these drugs are approved to treat PTSD, depression, and related conditions.
Drug Repurposing: Drug repurposing is a new treatment that effectively improves patients' mental health. Researchers have found its novel uses by exploring this strategy known as medications.
“The global psychotropic drugs market is expected to experience steady growth in the coming years, driven by the increasing prevalence of mental health disorders, rising geriatric population, and the growing awareness of mental health issues,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI) analyst.
Key Takeaways:
- The global psychotropic drugs market is projected to expand at a CAGR of 3.1% from 2023 to 2033.
- The United States registers a maximum share of 16.4%, dominating the global market.
- India accounts for a share of 12.0% of the global market.
- Germany significantly drives the global market with a share of 7.3%.
- With a share of 10.2%, China is rapidly advancing in the global market.
- The United Kingdom holds a share of 5.3% of the global market.
- Based on the end-use sector, hospital pharmacies are estimated to lead the global market by registering a share of 53.4%.
Latest Psychotropic Drugs Market Size:
| Attributes | Details | ||
| Psychotropic Drugs Market Size, 2023 | US$ 21,269.4 million | ||
| Psychotropic Drugs Market Size, 2033 | US$ 28,876.2 million | ||
| Value-based CAGR from 2023 to 2033 | 3.1% | ||
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Key Players Adding Value to the Global Psychotropics Drugs Market:
The market is highly competitive due to several players operating globally. These players play a vital role in expanding the global market through their innovations, ideas, technologies, and expertise. Key players are trying to offer unique and advanced products to their consumers with better quality.
Key players are improving their products with new experiments and skills by investing in research and development activities. They are adopting various strategies to upsurge the market at international reach. These marketing strategies are collaborations, agreements, product launches, mergers, and partnerships. These key players will likely achieve their goals in the global market in the future.
Key Players in the Global Psychotropic Drugs Market:
- Forest Laboratories
- Sun Pharmaceutical Industries Ltd.
- FUJIFILM Wako Pure Chemical Corporation
- Randox Laboratories Ltd
- Pfizer Inc.
- Ely Lilly
- Company
- Mylan N.V.
Key Segments in the Psychotropic Drugs Market:
By Drug Type:
- Chlorpromazine
- Thioridazine
- Quetiapine
- Risperidone
- Clozapine
- Paroxetine
- Fluvoxamine
- Others
By Application:
- Anti-psychotics
- Antidepressants
- Mood Stabilizers (MS)
- Anti-anxiety (AA)
- Antiepileptic drugs (AEDs)
- Hypnotics
- Stimulants
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Drug Stores
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding China & Japan
- China
- Japan
- Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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