Antipsychotic drugs are used to treat symptoms associated with mental health conditions such as schizophrenia, bipolar disorder, and others by correcting imbalances in the brain’s chemical messengers. Unlike antidepressants and anti-anxiety medications, antipsychotics are primarily used to treat thought disorders and hallucinations rather than mood disorders. The global rise in cases of mental disorders like schizophrenia and bipolar disorder has boosted the demand for effective treatment options like antipsychotic drugs.
The global Antipsychotic Drugs Market is estimated to be valued at US$ 20.0 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of mental health disorders across major regions is one of the key factors propelling the antipsychotic drugs market. According to the National Institute of Mental Health, around 13 million American adults had at least one major depressive episode in 2017. Similarly, the World Health Organization estimates nearly 280 million people suffer from depression globally. Additionally, around 3 million Americans have schizophrenia or bipolar disorder. The rising cases of mental illnesses have increased the demand for effective medications like antipsychotic drugs leading pharmaceutical manufacturers to invest more in R&D to develop novel drug formulations.
SWOT Analysis
Strength: Antipsychotic drugs have strong clinical efficacy against schizophrenia, one of the prevalent mental illnesses. They help control symptoms such as delusions or hallucinations.
Weakness: Long-term usage of antipsychotic drugs can cause serious side effects such as weight gain, increased risk of diabetes and high cholesterol. Non-adherence to medication is also a weakness.
Opportunity: Rising incidences of mental health disorders globally present an opportunity. Growing awareness about mental health treatment is encouraging more patients to seek medication.
Threats: Patent expiries of blockbuster drugs and introduction of generic versions pose pricing pressure. Stringent regulations for drug approval is another threat.
Key Takeaways
The global antipsychotic drugs market is expected to witness high growth. The market is projected to reach a value of $25.4 billion by 2030 from $16.2 billion in 2024, expanding at a CAGR of 6.0% during the forecast period.
North America currently dominates the antipsychotic drugs market owing to the high mental healthcare expenditure and rising incidence of schizophrenia in the region. However, Asia Pacific is likely to emerge as the fastest-growing market in the upcoming years. Country-level analysis shows that China, Japan, and India will be lucrative markets for antipsychotic drugs manufacturers due to their large populations and improving health infrastructure.
Key players operating in the antipsychotic drugs market are Pfizer, Johnson and Johnson, Bristol-Myers Squibb, AstraZeneca, Eli Lilly and Company, GlaxoSmithKline, Otsuka Pharmaceutical and Allergan. These companies are focusing on developing new formulations and line extensions of their blockbuster drugs to retain market share amid intensifying competition. Partnerships and licensing agreements are also being utilized as key growth strategies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
