New York, United States , March 16, 2023 (GLOBE NEWSWIRE) -- The Global Schizophrenia Drug Market Size to grow from USD 9.1 billion in 2021 to USD 11.80 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period. The growth of the global Schizophrenia Drugs Market growth is majorly driven by the increase in prevalence of mental disturbances & schizophrenia and rise in awareness about mental health. In addition, surge in mental health awareness programmes by government and non-government organizations drives the growth of market.
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People with schizophrenia have abnormal perceptions of reality. Hallucinations, delusions, and severely disordered thought and behaviour are typical symptoms that can be catastrophic and impede with daily functioning. Although it may begin earlier in men, both sexes are equally affected by this condition. Patients with schizophrenia are more likely to die at a young age due to the incidence of co-occurring disorders, such as diabetes and heart disease. In early adulthood, the symptoms begin to emerge. Males typically experience their initial symptoms in their late teens or early 20s, whereas females typically experience their first symptoms in their 20s and early 30s. Medication is used to treat the mental disease known as schizophrenia. The chemical imbalance in the brain is impacted by these drugs. The three drug classes used to treat schizophrenia are Second-Generation Antipsychotics, Third-Generation Antipsychotics, and Others. Depending on the treatment, it is separated into oral and injectable forms. The primary factors driving the growth of the schizophrenia market are the significant unmet medical needs and increased expenditure in research and development. As a result of the creation of novel, cutting-edge drugs with improved efficacy and safety profiles, the market for schizophrenia has increased. Additionally, it is anticipated that agreements and collaborations between pharmaceutical companies, academic institutions, and governmental organisations to develop and market novel treatments will further fuel the growth of the schizophrenia industry. As a result, this aspect is driving the market CAGR. Because of advances in the disciplines of neuroimaging, genetics, and neurochemistry, the underlying causes of schizophrenia are now well known. These advancements have also paved the way for the development of new, more effective drugs. These include tardiveness, sexual problems, dizziness, constipation, nausea, impaired vision, low blood pressure, seizures, and a low white blood cell count, which could restrict the worldwide market and act as market obstacles.
Market Trends
The understanding of the underlying causes of schizophrenia has been enhanced due to developments in the fields of neuroimaging, genetics, and neurochemistry, which have also paved the way for the creation of new and more potent medications. Also, the industry is expanding as a result of the development in public-private partnerships, investments in R&D, and helpful reimbursement laws in many nations.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report TOC on “Global Schizophrenia Drug Market Size, Share, and COVID-19 Impact Analysis, by Type (Paranoid Schizophrenia, Hebephrenic Schizophrenia, Catatonic Schizophrenia and Undifferentiated Schizophrenia), By Therapeutic Class {Second-Generation Antipsychotics [Risperdal (Risperidone), Invega (Paliperidone), Zyprexa (Olanzapine), Geodon (Ziprasidone), Seroquel (Quetiapine), Latuda (Lurasidone)], Third-Generation Antipsychotics and others}, By Route of Administration (Oral and Injectables) by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” Get Detailed Report Description Here:
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The Second-Generation segment is dominating the market with the largest market share over the forecast period.
On the basis of therapeutic class, the global Schizophrenia drug market is segmented into second-generation antipsychotics, third-generation antipsychotics. Among these, the second-generation segment is dominating the market with the largest market share over the forecast period. Due to their superior efficacy and safety compared to first-generation medications, second-generation antipsychotics are anticipated to earn the largest revenue during the projection period. The necessity to treat the severe side effects of first-generation medications, which frequently made patients' conditions worse, led to the development of second- and third-generation medications, also referred to as typical antipsychotics.
The Paranoid Schizophrenia segment holds the highest market share over the forecast period.
On the basis of type, the global schizophrenia drug market is segmented into paranoid schizophrenia, hebephrenic schizophrenia, catatonic schizophrenia and undifferentiated schizophrenia. Among these, the paranoid schizophrenia segment holds the highest market share over the forecast period. Auditory hallucinations and delusions of grandeur or persecution are hallmarks of the paranoid schizophrenia subtype of schizophrenia. Schizophrenia will have a disproportionately large market share in 2022, which can be attributed to both the high prevalence of paranoid schizophrenia among patients and the growing demand for effective treatment alternatives.
The injectables segment is witnessing the fastest market share over the forecast period.
Based on the route of administration, the global schizophrenia drug market is segmented into oral, and injectables. Among these, the injectables segment is witnessing the fastest market growth. The injectable form of schizophrenia drugs reduces the risk of relapses, which is a major concern for patients and healthcare workers. The longer the drug stays in the body thanks to these LAIs, the lesser the chance of brain and cognitive damage brought on by relapses. They accomplish this by preventing drug non-adherence. This is a crucial advantage of schizophrenia drugs that are administered intravenously, and it is expected to drive the market's growth throughout the forecast period.
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North America is dominating the market with the largest market share over the forecast period.
During the course of the research period, a sizable CAGR is predicted for the North American market for schizophrenia. Due to the region's ageing population, robust healthcare infrastructure, and high healthcare spending, the market for schizophrenia is expected to grow. Moreover, supportive regulatory frameworks, a strong demand for novel and improved medicines, and a heightened emphasis on R&D activities are all driving market expansion in North America. Due to its advanced healthcare system, growing awareness of early diagnosis, rising disposable income, and accessibility to good treatment, Japan is expected to see the fastest increase during the projected period. The availability of efficient treatment options, rising healthcare spending, and the demand for target-specific and customised treatments will all contribute to the growth of the global market for schizophrenia medications.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Schizophrenia Drug Market include Pfizer Inc., AbbVie, AstraZeneca, Bristol Myers Squibb, Eli Lilly, GlaxoSmithKline, Johnson & Johnson, Merck KGAA, Minerva Neurosciences, Novartis AG, Reliance, Sumitomo Dainippon, Takeda Pharmaceuticals, Vanda Pharmaceuticals, Alkermes
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