Antipsychotic Drugs Market: Current Analysis and Forecast (2021-2027)

Antipsychotic Drugs Market: Current Analysis and Forecast (2021-2027)

The global antipsychotic drugs market is experiencing significant growth due to the increasing aging population, mental health disorders such as schizophrenia and bipolar disorder amongst the population, and awareness regarding the mental health among consumers. In March 2020 Dr. Reddy’s Laboratories announced the launch of Ziprasidone Mesylate for injection, 20 mg (base)/ml single-dose vials, which is the generic therapeutic equivalent of Pfizer’s Geodon injection, in the United States. The ziprasidone injection is used to treat occurrences of severe agitation in patients with schizophrenia. Thus, it works by helping to restore the balance of certain natural substances (neurotransmitters) in the brain. Furthermore, ziprasidone injection is used when quick relief of your symptoms is required. Therefore, the market for antipsychotic drugs is expected to witness a significant CAGR of 7.3% during the forecast period.

Global antipsychotic drugs market is expected to register a significant CAGR of around 6% over the period of 2021-2027. This is mainly due to the high prevalence of neurological disorders and stringent government regulations coupled with the growing focus of major stakeholders in the healthcare system to adopt to make antipsychotic drug products more sustainable with fewer side effects and eco-friendlier. Major healthcare companies are investing heavily in their products due to rising infertility cases, an increase in the demand for at-home diagnostic devices, awareness of healthcare expenditure, and the rising incidence of gynecological disorders. For instance, according to the World Health Organization (WHO), in 2018, globally more than 300 million individuals suffered from depression. The considerably large number of people suffering from mental stress increases the demand for antipsychotic drugs. As a result, the government is focusing on raising awareness about the illnesses and the effect which significantly contributes to the market for antipsychotic drugs. Therefore, the market for antipsychotic drugs is expected to witness significant growth during the forecast period

Eli Lily and Company, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, Otsuka Pharmaceutical Co, Ltd., Pfizer Inc., AbbVie Inc., Bristol-Myers Squibb, Teva Pharmaceuticals, Dr. Reddy’s Laboratories are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst Therapeutic class, second generation category accounted for the majority share in the market in 2020”

Based on therapeutic class, the market is classified into first generation, second generation, and third generation. Amongst types, the second-generation category accounted for a significant share of the market. This is mainly due to this segment dominance is attributable to the presence of a large number of second-generation antipsychotic drugs in the global markets. Over the forthcoming years, the rising popularity of mental health disorders among the younger generation is likely to boost the demand for antipsychotic drugs.
"Amongst Application, schizophrenia is expected to witness highest CAGR during the forecast period”

Based on product, the market is categorized into schizophrenia, dementia, bipolar disorder, depression, and others. Among these, schizophrenia is expected to witness the highest CAGR during the forecast period. Schizophrenia is affecting a large number of people and is expected to support the growth of the segment over the forecast period. For instance, as per WHO, Schizophrenia affects approximately 24 million people or 1 in 300 people (0.32%) worldwide. This rate is 1 in 222 people (0.45%) among adults. These results in serious mental illnesses that affect how a person thinks, feels, and behaves. The continuous development of the new products and procedures is likely to strengthen the market of the segment during the forecast period
"North America to witness significant growth during the forecast period”

North America is expected to show significant growth in the antipsychotic drugs market. The major contributors to the growth of this market are US and Canada. The increase in technology development in emerging economies, as well as the expansion of the healthcare industry, has contributed to the growth of the North America market. North America has a higher adoption rate of technologically advanced and innovative solutions and drugs. The enhanced mental awareness regarding the availability of various antipsychotic drugs has propelled the growth of the market in the region. Furthermore, increasing geriatric population and new product launches, and various developmental strategies adopted by the regional market will drive market growth. The endorsement of increasing demand for mental health awareness campaigns also significantly contributed to the considerable growth of the state. As per the national alliance on mental illness, about 1 in 5 U.S. adults experience mental illness each year.

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