June 25, 2024

Antipsychotic Drugs Market Size to Grow USD 31.37 Bn by 2033

The global antipsychotic drugs market size accounted for USD 17.43 billion in 2023 and is estimated to attain around USD 31.37 billion by 2033, growing at a CAGR of 6.05% from 2024 to 2033.

Key Points

  • North America held the largest share of the market share of 53% in 2023.
  • Europe is anticipated to gain a considerable market share in the upcoming years.
  • By disease, the schizophrenia segment dominated the market in 2023.
  • By disease, the bipolar disorder segment is observed to carry a significant share over the forecast period.
  • By therapeutic class, the second-generation segment dominated the market in 2023.
  • By therapeutic class, the third-generation segment is expected to grow at the fastest rate during the forecast period.
  • By drug, the aripiprazole segment held a significant share of the market in 2023.
  • By drug, the paliperidone palmitate segment is expected to grow at a significant rate during the forecast period.
  • By distribution channel, the hospital pharmacies segment is expected to hold the largest market share during the forecast period.
  • By distribution channel, the drug stores & retail pharmacies segment is expected to witness a notable rate of growth during the forecast period.

Antipsychotic Drugs Market Size 2024 to 2033

The global antipsychotic drugs market has witnessed significant growth in recent years, driven by the rising prevalence of mental disorders such as schizophrenia, bipolar disorder, and major depressive disorder. Antipsychotic drugs, also known as neuroleptics, are medications primarily used to manage psychosis symptoms, including hallucinations, delusions, and disordered thinking. These drugs work by modulating the activity of neurotransmitters in the brain, particularly dopamine and serotonin, to alleviate symptoms and improve patient’s quality of life.

Get a Sample: https://www.precedenceresearch.com/sample/3992

Growth Factors

Several factors contribute to the growth of the antipsychotic drugs market. Firstly, the increasing awareness and recognition of mental health disorders worldwide have led to a higher demand for effective treatment options. Additionally, advancements in drug research and development have resulted in the introduction of new-generation antipsychotics with improved efficacy and fewer side effects, driving market expansion. Moreover, the growing geriatric population, which is more susceptible to mental health issues, further fuels the demand for antipsychotic medications.

Region Insights:

The antipsychotic drugs market exhibits regional variations in terms of market size, growth rate, and prevalent disorders. North America dominates the market, attributed to factors such as high healthcare expenditure, advanced healthcare infrastructure, and a large patient pool. Europe follows closely, with significant contributions from countries like Germany, the UK, and France. In the Asia-Pacific region, rapid urbanization, changing lifestyles, and increasing awareness of mental health issues are driving market growth. Emerging economies in this region, such as China and India, present lucrative opportunities for market players due to their large population and expanding healthcare infrastructure.

Antipsychotic Drugs Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 6.05%
Global Market Size in 2023 USD 17.43 Billion
Global Market Size by 2033 USD 31.37 Billion
U.S. Market Size in 2023 USD 6.47 Billion
U.S. Market Size by 2033 USD 11.64 Billion
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Therapeutic Class, By Disease, By Drug, and By Distribution Channel
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Antipsychotic Drugs Market Dynamics

Drivers:

Several drivers propel the growth of the antipsychotic drugs market. One significant driver is the increasing prevalence of mental health disorders worldwide. Factors such as stress, trauma, genetic predisposition, and substance abuse contribute to the rise in mental illnesses, necessitating the use of antipsychotic medications for treatment. Furthermore, the expanding geriatric population, coupled with the associated increase in age-related mental health disorders, drives market growth. Additionally, favorable government initiatives and policies aimed at improving mental healthcare accessibility and affordability contribute to market expansion.

Opportunities:

The antipsychotic drugs market is ripe with opportunities for innovation and growth. One such opportunity lies in the development of novel formulations and delivery methods to enhance drug efficacy and patient adherence. For instance, sustained-release formulations and long-acting injectables offer the advantage of improved medication compliance and reduced frequency of dosing, thereby enhancing treatment outcomes. Moreover, expanding market penetration in untapped regions, particularly in developing countries with a growing burden of mental health disorders, presents significant growth opportunities for market players.

Restraints:

Despite the promising growth prospects, the antipsychotic drugs market faces certain challenges and restraints. One major restraint is the presence of side effects associated with antipsychotic medications, including weight gain, metabolic abnormalities, extrapyramidal symptoms, and increased risk of cardiovascular events. These side effects often lead to treatment discontinuation or non-compliance, limiting the market’s growth potential. Additionally, stringent regulatory requirements for drug approval and the increasing preference for non-pharmacological interventions, such as psychotherapy and cognitive-behavioral therapy, pose challenges to market growth. Moreover, the stigma surrounding mental health disorders in some societies impedes the uptake of antipsychotic medications, hindering market expansion efforts.

Read Also: Wire and Cable Polymer Market Size to Touch USD 14.58 Bn by 2033

Recent Developments

  • In January 2023, Luye Pharma Group received the Food and Drug Administration approval for Rykindo to treat schizophrenia and bipolar disorders.
  • In February 2022, Alkermes plc released positive results from ENLIGHTEN-early, a phase 3b study that evaluates the study of LYBALVI in schizophrenia disease.
  • In January 2022, Otsuka Pharmaceutical Co., Ltd., its subsidiary Otsuka American Pharmaceutical, Inc., and Lundbeck, Inc. received the Food and Drug Administration approval for the supplemental new drug application of REXULTI for Schizophrenia in 13 to 17-year-old patients.
  • In February 2022, Alkermes plc released encouraging results from ENLIGHTEN-early, a phase 3b research that evaluated the effectiveness of LYBALVI in the treatment of schizophrenia disorder.

Antipsychotic Drugs Market Companies

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

Segments Covered in the Report

By Therapeutic Class

  • First Generation
  • Second Generation
  • Third Generation

By Disease

  • Schizophrenia
  • Bipolar Disorder
  • Unipolar Depression
  • Dementia
  • Other Diseases

By Drug

  • Risperidone
  • Quetiapine
  • Olanzapine
  • Aripiprazole
  • Others

By Distribution Channel

  • Hospital Pharmacies
  • Drug Stores & Retail Pharmacies
  • Online Pharmacies

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/


Prathamesh

Leave a Reply

Your email address will not be published. Required fields are marked *