Number of pages: 100 | Report Format: PDF | Published date: November 04, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global antipsychotic drugs market was pegged at US$ 15.25 billion in 2021 and is expected to witness a CAGR of 6.5% during the forecast period.
Antipsychotics or neuroleptics are generally used to treat psychosis (which includes delusions, hallucinations, paranoia, or disordered thought), primarily in schizophrenia but also in a variety of other psychotic diseases. Along with mood stabilizers, they are essential in the management of bipolar disorder.
The need for antipsychotic medications is being driven by the rising prevalence of psychosis and related illnesses. Genetic abnormalities, substance-induced psychoses, and medical illnesses that cause depression are the main causes of the rising prevalence of these disorders. The development of innovative antipsychotic compounds and large R&D expenditures are propelling the expansion of the global antipsychotic drugs market. Additionally, it is projected that in the forecast period, possibilities will arise for the portfolio of antipsychotics to be expanded, stimulating demand. This is due to market participants' increased attempts to broaden the therapeutic applications of these medications.
The global antipsychotic drugs market has been analyzed from four perspectives: product, application, end-user, and region.
Antipsychotic drugs Market by Disorder
Based on product, the global antipsychotic drugs market has been divided into, schizophrenia, bipolar disorder, depression, and dementia and others. When treating and maintaining schizophrenia, antipsychotic drugs are the first-line therapeutic options. Since there is no known cause of schizophrenia, treating its symptoms is the focus of treatment. The main source of revenue is the use of antipsychotics in the treatment of schizophrenia.
Antipsychotic drugs Market by Drug Class
Based on the class, the global antipsychotic drugs market is subdivided into first-generation, second-generation, and third generation. Second-generation antipsychotic drugs hold most of the global antipsychotic drugs market share. Clozapine, risperidone, sertindole, asenapine, olanzapine, paliperidone, and quetiapine are all members of the atypical antipsychotics class. These have quickly taken the place of older, first-generation antipsychotics in the treatment of schizophrenia.
Antipsychotic drugs Market by Distribution Channel
Based on the distribution channel, the global antipsychotic drugs market is subdivided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment dominates the global antipsychotic drugs market. This is attributed to the high amount of prescription drugs and since most of these drugs can be prescribed by medical professionals.
Antipsychotic drugs Market by Region
Based on region, the global antipsychotic drugs market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global antipsychotic drugs market. This is attributed to the high prevalence of mental illness in the region and the presence of key pharmaceuticals. Most of the population in the U.S. has been diagnosed with bipolar disorder which is also responsible for driving the market growth.
Some of the prominent players operating in the global antipsychotic drugs market are: -
The global antipsychotic drugs market is expected to grow at a CAGR of 6.5% in the forecast period.
Pfizer Inc., Johnson & Johnson, etc. are a few key players in the global antipsychotic drugs market.
The Schizophrenia segment dominates the global antipsychotic drugs market.
Asia Pacific region is expected to witness the highest global antipsychotic drugs market growth in the forecast period.
*Insights on financial permanence is subject to availability of information in public domain