Westford, USA, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Schizophrenia affects about 1% of the population and is predicted to become more common in the future as the world becomes crowded and people live longer. As per latest WHO, more than 24 million people around the globe are affected by schizophrenia each year. They the most potential consumers in the global schizophrenia drugs market. Wherein, the prevalence is extremely high among people in late adolescence and the twenties. As per SkyQuest analysis, men are more likely to suffer from the condition earlier than female. The study also suggests that people with the condition are 2-3 times more likely to die early than general population.
The increasing prevalence of schizophrenia is a serious public health concern. It is a brain disorder that affects the way people think, feel, and act and is often characterized by hallucinations (seeing things that are not really there), delusions (beliefs that are not true), and impaired social or communication skills.
Fortunately, there is ongoing research into new treatments for schizophrenia. And in some cases, existing treatments may help to improve someone's quality of life. SkyQuest has a published a report on global schizophrenia drugs market that covers a deeper market analysis, available treatment option, consumption and availability of drugs, market analysis by type of drugs and their demand, presence of market players and their growth strategies. Apart from this the report covers in depth market share and pricing analysis, this would help the market players to understand market trend and consumer behavior.
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Antipsychotic Medication are Holding more than 53% of Global Schizophrenia Drugs Market
There are a variety of drugs which are used in the treatment of schizophrenia are available in the global market. These medications can be categorized into several different types. However, the most commonly prescribed drug for the treatment of schizophrenia is antipsychotic medication. These medications work by reducing the symptoms of the disorder, such as delusions, hallucinations, and paranoia. The segment is projected to grow at the fastest CAGR of around 6.8% during the forecast period and is also likely to surpass the market value of 5.5 billion by 2028.
There are several different types of antipsychotic drugs available in the global schizophrenia drugs market today, including first-generation (or typical) antipsychotics and second-generation (or atypical) antipsychotics. Typical antipsychotics, such as chlorpromazine and haloperidol, have been used to treat schizophrenia for many years. Atypical antipsychotics, such as olanzapine and risperidone, were developed more recently and offer certain advantages over typical antipsychotics, such as a lower risk of side effects.
Some of the most commonly used antipsychotics include haloperidol (Haldol), olanzapine (Zyprexa), risperidone (Risperdal), and quetiapine (Seroquel). Apart from this, the global schizophrenia drugs market is flooded with other drugs such as paliperidone, Aripiprazole, Lurasidone, and Amisulpride, among others. As per SkyQuest, consumers in the cost-sensitive countries are more likely to prefer Haldol, Zyprexa, and Risperdal due to their lower cost per dose, which usually cost between $0.20–$1.5. On the other hand, consumers tend to avoid taking cost intensive drugs like paliperidone, which often cost 4 times higher than a forementioned drugs.
Aripiprazole is the Most Prescribed Drug for Schizophrenia in 2021
Aripiprazole is an atypical antipsychotic medication that is approved for the treatment of schizophrenia. It is also known by the brand name Abilify. Aripiprazole work by helping to restore the balance of certain natural chemicals in the brain. This medication can help to reduce psychotic symptoms such as delusions and hallucinations. Aripiprazole may also help to improve mood, energy level, and concentration.
The drug has been widely prescribed in the global schizophrenia drugs market since it was approved by the U.S. Food and Drug Administration in 2002. As per SkyQuest analysis, Aripiprazole is the most prescribed drug for schizophrenia and it is also the second most expensive antipsychotic drug available in the market after paliperidone. In 2021, aripiprazole capsules were the second most prescribed medication in the United States, behind only opioids. It has also been found that aripiprazole was responsible for 44% of all antipsychotic medication prescriptions in 2021 across the global market. This is a 4% increase from the year before and a 7% increase from 2016. SkyQuest expect that this growth in aripiprazole prescriptions will continue over the next few years and the prescriptions will account for 57% of all antipsychotic medications by 2025.
In a recent study on global schizophrenia drugs market by SkyQuest in 2022, it was found that patients who were taking aripiprazole experienced a lower risk of death overall when compared with people who were not taking aripiprazole. The study used data from the oral health care databases of Medicare beneficiaries who were aged 65 years or older and had been diagnosed with schizophrenia between 2007 and 2020. This indicates that the drug also reduces the chancer of mortality in the schizophrenic patients, which further encourages physicians to prescribe the drug to their patients.
SkyQuest has done a detailed analysis on all the antipsychotic drugs available in the market as per their pricing, availability, demand, supply, and consumption. The report also covers a global sales volume of the product across the schizophrenia drugs market.
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431 Clinical Trials are On-Going in Global Schizophrenia Drug Market
As per latest data by SkyQuest Technology, 431 clinical are trial currently recruiting under schizophrenia. Out of which, more than 87% are placed under drug category. This means that new treatments and therapies are being developed and tested in order to help people with the condition. There is still no cure for schizophrenia, but treatment options have improved significantly over the past few decades. Today, people with schizophrenia can usually live normal, fulfilling lives thanks to the progress made in medicine.
As of 2022, Woodland International Research Group has undertaken the higher number of clinical trials in collaboration with other research institutes and pharmaceutical companies. Currently, the organization have undertaken around 14 clinical trials for testing various drugs among children, adult, and aged populations.
SkyQuest has analyzed all these ongoing clinical trials in order to understand their impact on the global schizophrenia market. The report provides complete data on upcoming drugs, number of trials completed, which companies are likely to get affected by the launch of new drugs, how on-going clinical trials are expected to leave impact on overall market analysis, market revenue, and forecast. To get a detailed understanding of the clinical study on the global schizophrenia market,
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Prominent Players in Global Schizophrenia Drugs Market
- H. Lundbeck A/S (Denmark)
- Otsuka Pharmaceutical Co., Ltd. (Japan)
- Janssen Pharmaceuticals, Inc. (Belgium)
- Eli Lilly and Company (US)
- AstraZeneca (UK)
- ALLERGAN (Ireland)
- Vanda Pharmaceuticals Inc. (US)
- Sumitomo Dainippon Pharma Co., Ltd. (Japan)
- Alkermes plc (Ireland)
- Bristol-Myers Squibb Company (US)
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