The global Insulin Biosimilars Market Growth Accelerated by Rising Prevalence of Mental Illnesses

 Antipsychotic drugs are pharmaceutical agents used primarily for treating psychotic disorders such as schizophrenia and bipolar disorder. These drugs help manage symptoms associated with psychosis such as hallucinations and delusions. Antipsychotics can also be used to treat certain mental and behavioural disorders such as agitation and sleep disorders. With rising incidence of mental illnesses globally, the demand for antipsychotic medications has witnessed substantial 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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing prevalence of mental illnesses such as schizophrenia and bipolar disorder has been a key factor fueling demand for antipsychotic drugs. According to WHO, around 450 million people suffer from mental disorders worldwide. Other trends supporting the market growth include growing acceptance of antipsychotic drugs for adjunct treatment of diseases like Alzheimer's disease and major depressive disorder. Furthermore, strong pipeline with novel product launches involving novel drug delivery mechanisms and improved efficacy/safety profiles are expected to define future growth trajectories in the antipsychotic drugs market during the forecast period.
Segment Analysis

The global antipsychotic drugs market is dominated by the atypical antipsychotic drugs segment. Atypical antipsychotic drugs such as Clozapine, Olanzapine, Quetiapine, and Risperidone are preferred over typical antipsychotic drugs as they cause fewer motor side effects and are more tolerable. They are considered a first-line treatment for schizophrenia and other related disorders due to their enhanced safety and tolerability.

Key Takeaways
The global antipsychotic drugs market is expected to witness high growth over the forecast period. North America is currently the largest market for antipsychotic drugs and this trend is expected to continue in the coming years. Increasing prevalence of mental disorders such as schizophrenia, bipolar disorder, and depressive disorder is driving the demand for antipsychotic drugs in the region.

Regional analysis:
North America is currently dominating the global antipsychotic drugs market. High healthcare expenditure, presence of major pharmaceutical manufacturers, rising awareness about mental health issues among people are some key factors contributing to the large market size of antipsychotic drugs in the region. Asia Pacific region is expected to emerge as the fastest growing regional market for antipsychotic drugs during the forecast period owing to increasing patient pool, rising disposable incomes, and improving healthcare facilities across emerging countries like China and India.

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. Eli Lily and Company and Johnson & Johnson are the leaders in the market with their blockbuster drugs Zyprexa and Risperdal, respectively, accounting for a major market share.

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