Schizophrenia Drugs Market: Current Analysis and Forecast (2021-2027)
The schizophrenia drugs market is expected to register a CAGR of around 4% over the period of 2021-2027. Schizophrenia is a serious mental disorder in which people interpret reality abnormally. Schizophrenia can cause hallucinations, delusions, and extremely disordered thinking of thoughts and behaviors that interfere with daily functioning and can lead to disability. Schizophrenia treatment is composed of antipsychotic drugs and requires lifelong treatment even when the symptoms have subsided. Schizophrenia medicines often control the symptoms of the disorder by managing dopamine, a critical neurotransmitter. Treatment of schizophrenia has been in recent decades as many patients have switched from first-generation drugs and typical antipsychotics to second-and third-generation drugs, also known as atypical antipsychotics. Second-generation and third-generation antipsychotics are preferred because of the serious side effects associated with first-generation drugs such as rigidity, bradykinesia, dystonias, tremor, and akathisia. Owing to this, industry players are focusing on launching new 2nd and 3rd-generation atypical antipsychotic drugs in the market to expand their product portfolio which in turn is leading to an increase in no. of FDA approvals. For example, in June 2021, Alkermes plc announced that the U.S. Food and Drug Administration (FDA) has approved LYBALVI™ (olanzapine and samidorphan) for the treatment of adults with schizophrenia and for the treatment of adults with bipolar I disorder. LYBALVI is a once-daily, oral atypical antipsychotic composed of olanzapine, an established antipsychotic agent, and samidorphan, a new chemical entity.
Furthermore, the schizophrenia drugs market is anticipated to grow on account of the increase in the prevalence of schizophrenia, and the rising demand for improved medication and treatment is expected to drive the market. For instance, according to the National Institute of Mental health (NIMH) and the World Health Organization (WHO), schizophrenia is known to impose a substantial burden on patients, their families, and society. In the U.S. alone, the disorder affects approximately 3.5 million people and about 4,000 new cases are reported every year.
H. Lundbeck A/S, Otsuka Pharmaceutical Co., Ltd., Janssen Pharmaceuticals, Inc., Eli Lilly and Company, AstraZeneca, ALLERGAN, Vanda Pharmaceuticals Inc., Sumitomo Dainippon Pharma Co., Ltd., Alkermes plc, Bristol-Myers Squibb Company 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 new drugs.
Insights Presented in the Report
"Amongst Therapeutics Class, the second-generation category accounted for the majority share in the market in 2020”
Based on therapeutic class, the market is classified as the second generation, third generation, and others. Amongst therapeutic classes, the second-generation category accounted for a significant share of the market. This is mainly due to their low risk of neurological side effects as compared to first-generation schizophrenia drugs. One of the most preferred medications is risperidone, also known as a second-generation antipsychotic (SGA) or atypical antipsychotic. Risperidone balances dopamine and serotonin and improves thinking, mood, and behavior. It is expected to help cure some or all the symptoms of schizophrenia.
"Among Treatment, the injectables is expected to witness highest CAGR during the forecast period”
Based on treatment, the market is categorized into oral and injectables. Among these, the injectables segment is expected to witness the highest CAGR during the forecast period. Injectable schizophrenia medications, especially long-acting injections, are one of the most advanced types of treatment. Long-acting injections (LAI) often help eliminate the side effects of oral treatment of schizophrenia. LAI also offers better efficiency and tolerability due to the improvement of adherence and more stable pharmacokinetics. Thereby, boosting the growth of this segment.
"North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the schizophrenia drugs market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the schizophrenia drugs market industry in 2020 owing to strong healthcare infrastructure and growing adoption of schizophrenia drugs in the region.
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