Antipsychotic drugs are pharmaceutical drugs used to treat various mental disorders including schizophrenia, bipolar disorder, and other psychotic disorders. These drugs help relieve psychotic symptoms by correcting an imbalance in the chemicals and messages between nerve cells.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The rapid increase in cases of mental illnesses like schizophrenia and bipolar disorder globally has been a major driver for the growth of the antipsychotic drugs market. According to WHO data, close to one billion people suffer from some form of mental disorder worldwide. Growing mental health awareness programs by governments and health organizations are encouraging more people to seek treatment. This has significantly boosted the demand for antipsychotic medications over the past decade. Moreover, the development of newer drugs with improved efficacy and tolerability is also helping patients adhere to treatment better, further augmenting market revenues.
SWOT Analysis
Strength: Antipsychotic drugs have strong therapeutic effects in managing conditions like schizophrenia, bipolar disorder and other mental illnesses. They help control symptoms effectively.
Weakness: Some antipsychotic drugs have dangerous side effects like weight gain, movement disorders and diabetes. Long term usage can also cause other health complications. Monitoring is required.
Opportunity: Growing geriatric population prone to mental illnesses worldwide offers scope for market expansion. Increasing awareness about available treatment options also supports the demand.
Threats: Patent expiries of blockbuster drugs enable market entry of generic versions, posing pricing challenges. Stringent regulations for new drug approvals amid safety concerns act as a barrier.
Key Takeaways
The global antipsychotic drugs market is expected to witness high growth. 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 2023-2030.
Regional analysis Western Europe dominates the global market currently due to high acceptance of novel therapies and lifestyle changes leading to mental health issues. North America also captures a significant share and is poised to grow further supported by ongoing drug innovation and strong reimbursement structure.
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 major players are focused on developing novel therapeutic entities with improved safety and efficacy to gain market share. Collaborations and acquisitions are among the strategic initiatives adopted by them to strengthen their product portfolios.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
