Antipsychotic drugs are pharmaceuticals prescribed to alleviate symptoms of psychosis such as delusions, hallucinations, paranoia and disorganized thinking or speech associated with schizophrenia and bipolar disorder. These drugs help regulate the balance of chemicals in the brain and control some symptoms of mental illnesses. The growing prevalence of psychotic disorders and rising mental healthcare expenditure are driving the demand for antipsychotic drugs globally.
The global Antipsychotic Drugs Market is estimated to be valued at US$ 16.14 Bn 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 increasing adoption of novel therapeutic approaches such as personalized medicine and digital therapeutics is propelling the antipsychotic drugs market growth. Personalized medicine aims to customize treatment according to an individual’s genetic profile and expected response to therapy. This approach helps in improving treatment outcomes by minimizing adverse drug reactions and risks of treatment failure. Numerous pharmaceutical companies are developing predictive biomarkers and companion diagnostics to achieve more precise treatment selection for psychotic patients. In addition, digital therapeutics leveraging technologies like mobile apps, software, and virtual reality are gaining acceptance as an important complementary approach to pharmacotherapies for various mental health conditions including schizophrenia and bipolar disorders.
SWOT Analysis
Strength: Antipsychotic drugs are effective in treating psychotic disorders such as schizophrenia and bipolar disorder. They help manage the symptoms of these conditions.
Weakness: Antipsychotic drugs can cause significant side effects like weight gain, involuntary movements, drowsiness, and sexual dysfunction. This leads to low treatment adherence.
Opportunity: Growing geriatric population susceptible to dementia and Alzheimer’s diseases represents an opportunity for antipsychotic drugs market. According to WHO, number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion in 2050.
Threats: Patent expirations of blockbuster drugs and emergence of generic competition poses serious pricing pressure in this market. Stringent regulations for drug approval is also a challenge for market growth.
Key Takeaways
The global antipsychotic drugs market is expected to witness high growth at a CAGR of 6.0% during the forecast period of 2023 to 2030. The market size is estimated to reach US$ 16.14 Billion in 2023.
Regional analysis: North America dominates the antipsychotic drugs market currently due to high healthcare expenditure and regional presence of key players. The US accounts for over 40% market share. Asia Pacific region is expected to grow at the fastest pace during the forecast period led by China and India on account of rising awareness, improved diagnostics and increasing healthcare expenditure.
Key players: Key players operating in the antipsychotic drugs market are Eli Lily and Company, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, Otsuka Pharmaceutical Co, Ltd., Pfizer Inc., AbbVie Inc., Bristol-Myers Squibb, Teva Pharmaceuticals, and Dr. Reddy’s Laboratories. These leading companies are focusing on developing innovative products and expanding their geographic presence through collaborations and mergers & acquisitions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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