New York, USA, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Antipsychotic Drugs Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Antipsychotic Drugs Market Information By Generation, Types of Antipsychotics, Therapeutic Applications And Region - Forecast till 2030", the market will touch USD 33.59 billion by 2030, at 5.7% CAGR.
Antipsychotic Drugs Market Synopsis
The antipsychotic medicines market has a small number of players. Medium and big sizes are available. The key motivation to pursue novel methods is to have a strong corporate footprint that will benefit them by expanding production facilities and meeting the need for innovative pharmaceuticals. The group of psychiatric diseases is one of the disease groups predicted to have significant growth in patients globally in the current healthcare situation.
Mental illnesses with psychotic symptoms, such as bipolar disorder, schizophrenia, and depression, are included in psychiatric illnesses. Psychosis is a serious sign of mental disease, characterized by the patient's loss of reality, affecting how he processes information. The high likelihood of schizophrenia and bipolar disorder is responsible for the quickest demand for these drugs. Several FDA-approved medications are currently accessible on the market.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 33.59 Billion |
| CAGR | 5.7% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Generation, Types of Antipsychotics, Therapeutic Applications |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing depression due to stressed lifestyle |
| Raising Awareness and focus on mental illness. |
Antipsychotic Drugs Market Competitive Landscape:
The well-known contenders in the antipsychotic drugs market are:
- Johnson and Johnson (US)
- AstraZeneca (UK)
- Bristol-Myers Squibb (US)
- Eli Lily & Co. (US)
- GlaxoSmithKline Plc. (UK)
- Pfizer Inc. (US)
Antipsychotic Drugs Market USP Covered:
Market Drivers:
The rise in the number of persons suffering from major mental illnesses puts additional strain on the healthcare system, services, and providers. The focus from the government's end has shifted to forming a good and dependable level of awareness of diseases and their symptoms. As a result, the market's major players are spending and dedicating their best resources to creating highly effective and safe pharmaceuticals that can be used to treat people suffering from psychotic diseases in locations all over the world.
Fear of infection has reportedly reduced the demand for face-to-face mental health care, particularly among the elderly. Furthermore, several services have been forced to transition to remote healthcare, with different effectiveness, giving consultations via online platforms or by phone. Additionally, many patients are apprehensive about traveling to the pharmacy to pick up medications, and physicians can utilize telemedicine to offer effective over-the-counter treatments and provide instructions on dispensing prescription and non-prescription medications.
Antipsychotic Drugs Market Restraints:
Lack of awareness and recognition is one of the primary reasons that will likely function as a restraint for market players on the way to worldwide expansion throughout the forecast period, which ends in 2027. The majority of people are oblivious to the fact that psychotic disorders are on the rise worldwide. Furthermore, even the target audience with a solid understanding of the illness is unaware of the remedies and treatments that can help patients suffering from it.
COVID 19 Analysis
However, proactive efforts being taken with the support of industry executives and antipsychotic medications market specialists will play a significant role in restoring industry demand and maintaining a proper supply chain flow. Additionally, increased public-sector and government-sector investment is fueling research and development projects that will propel the market forward. Market competitors are also pursuing innovative approaches to developing medicinal products that would assist the audience to grow on a global basis.
There was a stronger shift favoring telemedicine for the therapy of psychotic disorders in terms of the market. Furthermore, the lockdown and stay-at-home policies had a huge negative influence on many people's mental health around the world. More people are taking these medications to deal with their symptoms. As a natural consequence, the global market saw a surge in sales during the epidemic.
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Antipsychotic Drugs Market Segmentation
By Generation
The second-generation category dominated the global antipsychotic drugs market during the forecast period.
By Types of Antipsychotics
The atypical antipsychotics segment holds the largest antipsychotic drug market share during the projection period. Long-acting injectable antipsychotic medications offer the same efficacy as daily pills and do not require patients to monitor their drug consumption. As a result of the numerous benefits linked to this antipsychotic, product uptake has increased.
By Therapeutic Applications
Due to the sheer higher incidence of this disease worldwide and the numerous product launches in this area, the schizophrenia segment is projected to increase quickly throughout the projected period.
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Antipsychotic Drugs Market Regional Insights
North America is likely to govern the industry because of the region's well-established healthcare system, better regulatory system, and government support. Furthermore, nations such as the United States, Mexico, and Canada contribute to the region's market demand. The European region features an important antipsychotic medications market in the global market, owing to rising depression, anxiety, and mental disease due to longer working hours. Another motivating factor is the presence of a well-established, technologically advanced healthcare system. Regarding antipsychotic drug market share, Europe is anticipated to be the second-largest area. This is attributable to the region's growing awareness of psychiatric illnesses and their high prevalence.
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The Asia-Pacific region holds a consequential market portion in the global market, owing to a huge portion of the population suffering from different chronic and mental diseases, which drives market demand. Due to growing social awareness of psychotic illnesses and other related conditions, a good CAGR is projected from the region. Another aspect driving market demand is growing awareness about mental wellness. Because of the lack of infrastructure in Africa, Latin America, and the Middle East, these regions have the smallest market share. The decline in people's disposable income per capita is another issue that limits the market's potential.
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