Global Schizophrenia Therapeutics Market 2017-2021
About Schizophrenia Therapeutics
Schizophrenia is a chronic mental disorder that alters the perception, thinking, and social behavior of an individual. Individuals suffering from this disease face difficulty in distinguishing between imaginary things and reality. Although schizophrenia is not as prevalent as other mental disorders, it affects 7 or 8 individuals out of 1,000 people. Globally, the disease affects 1% of the total population. Schizophrenic patients are usually diagnosed with low levels of dopamine and serotonin. These are major neurotransmitters in the brain and are responsible for transmitting nerve signals from one neuron to another neuron. Deficiency of these neurons in the brain leads to impairment of thinking, perception, and the activity of an individual. At present, the treatment regimen for this disease focuses on relieving symptoms. Thus, antipsychotic drugs are used as a standard treatment regimen for schizophrenia. It helps in reversing the low levels of dopamine and serotonin, thereby improving the patient's condition. Technavio’s analysts forecast the global schizophrenia therapeutics market to grow at a CAGR of 1.84% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global schizophrenia therapeutics market for 2017-2021. To calculate the market size, the report considers the sales of branded, generic, and off-label drugs.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Schizophrenia Therapeutics Market 2017-2021
Technavio recognizes the following companies as the key players in the global schizophrenia therapeutics market: AstraZeneca, Eli Lilly, GlaxoSmithKline, and Johnson & Johnson.
Other Prominent Vendors in the market are: Alkermes and Bristol-Myers Squibb.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increase in use of LAI antipsychotic drugs. The global schizophrenia therapeutics market is witnessing an increase in the popularity of LAI antipsychotics, as they can attain higher efficacy in negative and cognitive predominant patients. LAI antipsychotics are administered once every two or four weeks (depending on the specific drug). They improve patient compliance, which is important for long-term maintenance of therapeutic drugs, and are associated with both reduced hospitalization rates and reduced care costs.”
According to the report, one of the major drivers for this market is Increasing expenditure on prescription drugs. The global schizophrenia therapeutics market witnessed a large shift in the clinical and economic role of prescription drugs because of the policy changes in the healthcare sector, availability of insurance coverage, introduction of behavioral healthcare techniques, and marketing strategies adopted by pharmaceutical companies to promote their products. All these efforts have positively influenced the prescription value of antipsychotic drugs.
Further, the report states that one of the major factors hindering the growth of this market is Technological advances in non-invasive neuromodulation devices. The majority of schizophrenic population treated with antipsychotic drugs continue to suffer from their side effects such as weight gain, muscle spasm, blurred vision, dry mouth, and drowsiness. Hence, alternative methods were being investigated, and devices were developed for the individuals who do not respond to medications.
AstraZeneca, Eli Lilly, GlaxoSmithKline, Johnson & Johnson, Alkermes and Bristol-Myers Squibb.