Growing At 6.87% CAGR, Antipsychotic Drugs Market size to hit USD 22.89 Billion in 2028, Says Brandessence Market Research

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Jul 07, 2022, 09:00 ET

LONDON, July 7, 2022 /PRNewswire/ -- Antipsychotic Drugs Market is valued at USD 14.37 Billion in 2021 and expected to reach USD 22.89 Billion by 2028 with a CAGR of 6.87% over the forecast period.

Global Antipsychotic Drugs Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing incidences of mental disorders, rising number of product launches of antipsychotic drugs, and growing geriatric populations are major factors anticipated to drive the growth of Global Antipsychotic Drugs Market.

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Antipsychotic Drugs: Market Scope

The global antipsychotic drugs market has been growing in the past few years with the awareness about mental illness and also the pandemic which affected the mental illness of world in a significant way. The antipsychotic drugs refer to the medicines which are used in the treatment of illnesses which come under the purview of psychosis and include bipolar disorder and schizophrenia. Psychosis is a major symptom which occurs because of a mental illness and includes loss of reality that affects how a person processes information.

The pandemic has had a major impact on the antipsychotic drugs and its market and has caused a critical disruption to treatment and care. Some very specialized mental health provisions have been created to increase the capacity of treating the physical capacity of the coronavirus pandemic and that is impacting the psychiatric patients as the wards are being converted into the COVID-19 wards. This has meant that the ill people have been moved out and that increased the global antipsychotic drugs market statistics.

Antipsychotic Drugs: Competitive Analysis

The global antipsychotic drugs market companies 2021 include the key players like Global AstraZeneca plc, Eli Lily and Company, Johnson & Johnson, GlaxoSmithKline plc, Pfizer Inc., AbbVie Inc., Otsuka Pharmaceutical Co, Ltd., Teva Pharmaceuticals, Bristol-Myers Squibb, and Dr. Reddy's Laboratories. The global antipsychotic drugs market players are working on strategies to make these drugs more accessible and also spreading awareness about them as the world adopts to newer means of combating mental illness.

Dr. Reddy's Laboratories
GlaxoSmithKline plc
Eli Lily Company
Johnson & Johnson
AstraZeneca plc
Teva Pharmaceuticals
Otsuka Pharmaceutical Co, Ltd.
Bristol-Myers Squibb
Pfizer Inc.
AbbVie Inc.
others.

Antipsychotic Drugs: Segmentation Analysis

In terms of distribution channels, the market is going to grow the most in the online channel market whereas the dominance has thus far been seen in the retail channel. Depending on therapeutic class, the revenue generator has been the second generation and it is going to be the greatest market in terms of share going forward too. The long-acting injectable antipsychotic drug has an efficacy of daily pill and also eliminates the need for monitoring the drug intake of the patients.

Therefore, the benefits which are attributed to the form of antipsychotic drugs has been leading to a bigger degree of adoption of these drugs. In terms of the application, the segment of schizophrenia has been dominating this market and has been expected to continue this trend in the coming years with the trend continuing on as there is no stemming the growth of this illness in the near future.

By Disease Type

Schizophrenia
Bipolar Disorder
Dementia
Unipolar Depression
Others

By Distribution Channel

Hospital Pharmacy
Online Pharmacy
Retail Pharmacy

By End-Users

Veterinary Hospitals
Hog Production Farm

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Antipsychotic Drugs: Key Drivers

The global antipsychotic drugs market growth has been due to the mental disorders, rising geriatric population and growing awareness program with regard to the mental health is going to drive the growth of this market. Furthermore, there is a wave of education and advocacy of mental health rights being basic human rights and there being less stigma about the antipsychotic drugs which is helping in the growth of the market. What does hamper this growth is the mental health cost and the substance abuse and that will be a major restraining factor.

Further, global antipsychotic drugs market is going to grow and witness a great growth trend due to the strong increase in the psychotic disorders. The increasing pool of patients all over the world is going to drive this market. Another aspect which is growing the market is the growth in the bipolar disorder that has led to the different pharmaceutical companies to engage in the research of medicines which are antipsychotic and that leads to newer product launches. These factors will grow the market in the coming years.

This is coupled with the rise in schizophrenia which is a major mental disorder and affects a large number of people in the world. This is a disease which is characterized by distortions in thinking, sense of self, emotions and overall behaviour. This is an illness on the rise and it is a disease which is serious and if not treated well, it increases the chances of death early and there is growth in the focus of companies which are going to come up with different drugs for the disease to be treated. These drugs need to get an approval which is a hampering factor as it takes a lot of investment to prepare for the time taken to get approvals. The global antipsychotic drugs market size is going to keep growing though.

Antipsychotic Drugs: Key Trends

The global antipsychotic drugs market trends suggest that the market has been affected positively due to covid as it has been reported that people have faced the consequences of restrictions and not being able to move freely due to the lockdowns and these affects have created a scenario where the psychology support activities have also increased, and many regions have come together to help people who haven't got help during the pandemic.

The face-to-face interactions stopped and that led to major problems that people faced and healthcare had to be done remotely which created difficulties for the people who were suffering from the mental illnesses. This definitely increased the scope of the market as online consultation started and people drew to different forms of consultations which people started resorting to and companies cashed in on the antipsychotic drugs. Things are going to look upwards in the coming years for the online channels.

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Antipsychotic Drugs: Regional Analysis

In terms of region, the market which grew the most in the last few years was the North American market. Biggest reason for this dominance in market size is the healthcare infrastructure that is very well established and there is a surging adoption of the services of mental healthcare and an increase in the geriatric population which is going to need this kind of care and the rise of the prevalent mental diseases. What is also expected though is that the global antipsychotic drugs market 2022 is going to be one where the Asia pacific market grows at a rapid rate due to the awareness which has come into this market and the development of infrastructure and health care structure as well as the rising number of hospitals which are equipped with the medical facilities at an advanced level.

On Special Requirement Antipsychotic Drugs Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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