Antipsychotic Drugs Market Size to Surpass USD 29.5 Billion by 2032 | North America Accounted Highest Revenue share of 45 %
The antipsychotic drugs industry is expected to experience growth, with the aging population being a key contributing factor. As individuals age, they may develop conditions such as Alzheimer’s and dementia that necessitate treatment with antipsychotic drugs.
New York, April 13, 2023 (GLOBE NEWSWIRE) — According to Market.us, The global antipsychotic drugs market was valued at US$ 17 billion in 2022 and expected to grow to US$ 29.5 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 5.8%. In the current healthcare environment, it is projected that the category of mental disorders would see a large increase in patients worldwide. This group of psychiatric disorders includes schizophrenia, bipolar disorder, and depression, as well as other diseases, which show the symptoms of psychosis. Psychosis is a significant indicator of mental disorder in addition to affecting the patient’s capacity to understand new information. These drugs are in high demand due to increasing schizophrenia and bipolar disorder.
This market is expanding due to an increase in elderly people, an increase in mental illness, and a rise in public awareness-raising efforts for mental health. Increased awareness of mental diseases and initiatives demanding for them to be treated with more respect and less stigma is contributing to the rise in demand for antipsychotic drugs.
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- By Therapeutic Class, in 2022, the Antipsychotic Drugs market was dominated by the second-generation segment, and the market’s expansion will be aided by this generation’s improved efficacy and safety.
- By Disease, schizophrenia dominated the largest market share in Disease analysis and accounted for the largest revenue share in the Antipsychotic Drugs market in 2022.
- By Distribution Channel, the hospital pharmacies dominated the largest market share.
- In 2022, North America dominated the market with the highest revenue share of 45 %.
- APAC is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the Antipsychotic Drugs industry.
There are several factors that can have an impact on the growth of the antipsychotic Drugs industry. Some of these factors include:
- Prevalence of psychiatric disorders: The prevalence of psychiatric disorders, such as schizophrenia and bipolar disorder, is one of the primary drivers of growth in the antipsychotic drugs industry. As the number of people diagnosed with these conditions increases, the demand for antipsychotic drugs also increases.
- Increasing awareness and diagnosis: Increasing awareness of mental health issues and improved diagnosis of psychiatric disorders can also drive growth in the antipsychotic drugs industry. As more people seek treatment for mental health conditions, the demand for antipsychotic drugs is likely to increase.
- Aging population: The aging population is also a significant factor that can contribute to the growth of the antipsychotic drugs industry. As people age, they are more likely to develop conditions such as dementia and Alzheimer’s disease, which often require treatment with antipsychotic drugs.
- New drug development: The development of new antipsychotic drugs with improved efficacy and fewer side effects can also contribute to the growth of the industry. These drugs can improve patient outcomes and increase the overall market demand for antipsychotic medications
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In the modern healthcare scenario, one of the disease groups expected to witness considerable growth in patients globally is the group of psychiatric illnesses. Schizophrenia, bipolar disorder, and depression are among the psychiatric conditions in this category that mimic the symptoms of psychosis. One of the main signs of mental illness is psychosis, which includes the patient’s loss of reality, which affects how he processes information. The increase in the prevalence of bipolar disorder and schizophrenia is responsible for these drugs’ highest demand. The market is also expected to grow at a faster rate during the forecast period thanks to well-known companies like Drive DeVilbissSidhil Ltd., ALPS Mountaineering, H. Lundbeck A/S, Sumitomo Dainippon Pharma Co. Ltd., Abbvie Inc, Alkermes Plc, AstraZeneca Plc, Dr. Reddy’s Laboratories Ltd, Eli Lilly and Company, and Otsuka Holdings Co. During the forecast period, the market will also benefit from developing novel medication forms, such as longer-acting injectables with more capabilities.
Over the forecast period , North America is expected to dominate the market.
North America is expected to lead the market share because of its well-established healthcare infrastructure, better regulatory environment, growing incidence of mental illnesses, and government support in the countries of this region. The rising incidence of schizophrenia and other mental disorders in the population is the primary driver of market development in the region. In terms of market share for antipsychotic drugs, Europe is thought to be the second-most dominating area. The growing awareness of mental problems in the area and their high prevalence are responsible for this. Particularly in rising nations like India and China, the market in the Asia Pacific is predicted to grow at the fastest rate.
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Scope of the Report
|Market Value (2022)||USD 17 Billion|
|Market Size (2032)||USD 29.5 billion|
|CAGR (from 2022 to 2032)||5.8%|
|North America Revenue Share||45%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Due to the rise in cases of major mental illnesses, the healthcare system, services, and providers are under additional strain. A high and consistent degree of knowledge about illnesses and their accompanying symptoms is currently a focus of government concern. Consequently, the major market players are investing and committing their greatest resources to the development of medications that are extremely safe and effective and can be used to treat patients with psychotic disorders worldwide. Because of this dread of illness, there seems to be less demand for in-person mental health care, especially among the elder population. Several services have been obligated to transition to remote healthcare, with different degrees of success, giving consultations over the phone or on online platforms.
Lack of awareness and recognition is one of the primary reasons anticipated to restrict market participants from growing internationally over the projected period. The majority of people are ignorant of the fact that psychotic illnesses are becoming increasingly commonplace in society. Even members of the target audience who are well-informed about the illness are ignorant of the treatments and medications that can assist people who are afflicted.
The market is expanding as a result of technological developments in medical treatments and a more competitive environment. Increasing government expenditure and increased corporate R&D efforts will open up new revenue prospects, which will in turn drive market expansion. The expansion of the worldwide market for antipsychotic drugs is predicted to be supported by this in the upcoming years. As a result, there is a considerable need for efficient psychiatric disorder treatment. Hence, a large number of pharmaceutical companies have introduced long-acting injectable antipsychotic medications. Due to the advantages associated with these long-acting injectables, these medications are now being used more often, which is driving market expansion.
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Report Segmentation of the Antipsychotic Drugs Market
Therapeutic Class Insight
According to the therapeutic class, there are three market segments: first-generation, second-generation, and third-generation. This market sector is dominated by second generation medicines, which predominate the worldwide market. Among the popular second generation antipsychotics are SEROQUEL XR, ZYPREXA, HAFYERA, and INVEGA. Also, this market will grow thanks to the increased safety and greater efficacy of the drugs from this generation. The first generation sector is expected to grow at the lowest CAGR due to the relatively inferior safety profile of these drugs. Throughout the projection period, it is expected that the third generation sector would have the greatest CAGR.
Based on diseases, such as dementia, bipolar disorder, schizophrenia, and others, the worldwide market is segmented into subgroups. The category of schizophrenia is predicted to grow at the fastest rate during the forecast period because to the high incidence of this condition globally and the numerous product releases for its treatment in the market. The market for bipolar disorder is expected to hold the second-largest market share since these drugs are frequently used to stabilize the symptoms of the condition. The unipolar depression category is anticipated to hold the third-largest market share because of the usage of well-known antipsychotic drugs like Rexulti. It is estimated that the market share of the dementia category will decline over the course of the forecasted year.
Distribution Channel Insight
Hospital pharmacies, pharmacy shops, and internet pharmacies are the three segments of the market according to the distribution channel. The hospital pharmacies market segment is predicted to have the greatest market share throughout the forecast period. The reason this market sector is so dominant is that in these facilities, only after complete evaluations by licenced medical specialists can most therapy drugs be provided. The sector of pharmacy shops is expected to hold the second-largest market share. These locations, which are recognized as an important distribution route for oral prescription pharmaceuticals, allow for the renewal of existing prescriptions. Internet pharmacies are expected to have the greatest CAGR throughout the anticipated period since they encourage patient comfort and ease when it comes to obtaining pharmaceuticals.
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Based on Therapeutic Class
- First Generation
- Second Generation
- Third Generation
Based on Disease
Based on Distribution Channel
- Hospital Pharmacies
- Drug Stores
- Online Pharmacies
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Johnson & Johnson, Bristol-Myers Squibb, and Eli Lilly & Co. are major players in the global market in antipsychotic drugs. Competitors adopt strategies including partnerships, joint ventures, acquisitions, and agreements to increase their market share. To stay competitive in the market, businesses are conducting research and development and developing new, inventive products. Otsuka Pharmaceuticals got FDA clearance for the first antipsychotic medication treatment, Abilify MyCite, which includes a digital ingestion tracking device and is intended to treat acute bipolar disorder and schizophrenia attacks. Some of the major players include:
- Drive DeVilbissSidhil Ltd.
- ALPS Mountaineering
- Sumitomo Dainippon Pharma Co. Ltd.
- Abbvie Inc
- Alkermes Plc
- AstraZeneca Plc
- Reddy’s Laboratories Ltd
- Eli Lilly and Company
- Johnson and Johnson
- Otsuka Holdings Co. Ltd
- Teva Pharmaceutical Industries Ltd
- Bristol-Myers Squibb Company
- Other Key Players
Recent Development of the Antipsychotic Drugs Market
- In February 2022, Alkermes plc announced positive findings from ENLIGHTEN-early, a phase 3b study that evaluated LYBALVI’s efficacy in treating schizophrenia disorder.
- Otsuka Pharmaceutical Co.Ltd., Otsuka American Pharmaceutical Inc., and Lundbeck Inc. announced in January 2022 that the US Food and Drug Administration had approved REXULTI’s supplemental new drug application for the treatment of schizophrenia in patients ages 13 to 17.
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