Pune, India, June 30, 2021 (GLOBE NEWSWIRE) -- The global antipsychotic drugs market size is expected to showcase exponential growth by reaching USD 33.69 billion by 2028 while exhibiting a CAGR of 6.2% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Antipsychotic Drugs Market, 2021-2028.”
The report further mentions that the market stood at USD 18.59 billion in 2020. The World Health Organization (WHO) estimates that around 56 million individuals in India suffer from anxiety and depression. The high prevalence of psychotic disorders leads to the development of several medications to treat diseases such as bipolar disorder, dementia, and schizophrenia.
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This report focuses on Antipsychotic Drugs Market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application. Regional analysis is another highly comprehensive part of the research and analysis study of the global market presented in the report. This section sheds light on the sales growth of different regional and country-level markets. For the historical and forecast period to 2028, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global market.
The COVID-19 pandemic has had a seismic effect on several economies across the globe. To curb the pandemic spread, the governments of several countries have ordered complete lockdown of industrial and human activities. This is expected to have a significant impact on the market in 2021. However, proactive steps by the industry leaders to revive the Healthcare industry will bode well for the growth of the market in the near future.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Market Segmentation
Based on disease, the market is segmented into schizophrenia, bipolar disorder, unipolar depression, dementia, and others.
- On the basis of disease, the schizophrenia segment held a global antipsychotic drugs market share of about 45.2% in 2020 and is expected to gain traction during the foreseeable years. This is due to the increasing prevalence of schizophrenia among people globally. Moreover, supportive government initiatives to create awareness regarding the treatment options for mental issues are expected to bode well for the adoption of innovative drugs.
Based on therapeutic class, the market is classified into first generation, second generation, and third generation. On the basis of the distribution channel, the market is categorized into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. Lastly, based on the region, the market is divided into North America, the Middle East and Africa, Latin America, Europe, and Asia-Pacific.
What does the Report Provide?
The global market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
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Increasing Awareness Regarding Psychotic Disorders to Aid Growth
According to the American Psychiatric Association (APA), about 1 in 24 patients in 2018 suffered from serious mental disorders involving serious psychotic disorders. The growing prevalence of mental disorders exerts a huge burden on the healthcare system. Therefore, the government is focusing on creating awareness regarding the diseases and the efficacy of the drugs involved in their treatment. This has led to significant demand for highly efficient and safe drugs to treat patients suffering from psychotic diseases across the globe. Moreover, the companies are focusing on launching innovative antipsychotic injectable drugs that help eliminate the need to monitor the patient’s drug intake. This is anticipated to favor the global antipsychotic drugs market growth in the forthcoming years.
Regional Insights
North America – The region is expected to remain at the forefront during the forecast period. This is ascribable to factors such as the growing focus on R&D by prominent biopharmaceutical companies to develop advanced antipsychotic drugs in the region. North America stood at USD 11.62 billion in 2020.
Europe – The region is expected to hold the second position in the market during the forecast period. This is owing to the increasing prevalence of mental disorders that are propelling the demand for several antipsychotic drugs in the region. For instance, according to the Mental Health First Aid England (MHFA), mental illness is the second-largest source of healthcare burden in England as of 2020.
Major Companies Focus on Expanding Their Facilities to Expand Their Business Horizon
The global market comprises small, medium, and large companies. They are striving to maintain their business footprint by expanding their production facilities to cater to the growing demand for innovative antipsychotic drugs. Additionally, the adoption of strategies such as partnership, collaboration, and merger and acquisition by other key players is expected to bode well for the growth of the market.
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Industry Development:
- June 2020 – Sumitomo Dainippon Pharma’s atypical antipsychotic agent, LATUDA tablets were launched in Japan. The introduction of the drug is expected to strengthen the company’s position in the country.
List of the Companies Profiled in the Market:
- H. Lundbeck A/S (Copenhagen, Denmark)
- Otsuka Pharmaceutical Co., Ltd. (Tokyo, Japan)
- Janssen Pharmaceuticals, Inc. (Johnson & Johnson) (Beerse, Belgium)
- Eli Lilly and Company (Indianapolis, U.S.)
- ALLERGAN (AbbVie, Inc.) (North Chicago, U.S.)
- Teva Pharmaceutical Industries Ltd. (Petah Tikva, Israel)
- Dr. Reddy’s Laboratories Ltd. (Hyderabad, India)
- Sumitomo Dainippon Pharma Co., Ltd. (Osaka, Japan)
- Alkermes plc (Dublin, Ireland)
- Bristol-Myers Squibb Company (New York City, U.S.)
- Other Prominent Players
Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Psychiatric Disorders, By Key Countries/Regions, 2020
- Analysis of the Cost and Burden of Mental Health Disorders
- Pipeline Analysis
- Overview of Current Advances in R&D for Antipsychotic Drugs
- Analysis of Antipsychotics in Treatment of Dementia
- Analysis: First Generation Antipsychotics vs. Third Generation Antipsychotics
- Key Industry Developments
- New Product Launches
- Impact of COVID-19 on Antipsychotic Drugs Market
- Global Antipsychotic Drugs Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast– By Disease
- Schizophrenia
- Bipolar Disorder
- Unipolar Depression
- Dementia
- Others
- Market Analysis, Insights and Forecast – By Therapeutic Class
- First Generation
- Second Generation
- Third Generation
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Drug Stores & Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Antipsychotic Drugs Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Disease
- Schizophrenia
- Bipolar Disorder
- Unipolar Depression
- Dementia
- Others
- Market Analysis, Insights and Forecast – By Therapeutic Class
- First Generation
- Second Generation
- Third Generation
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Drug Stores & Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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