The global Antipsychotic Drugs Market Growth Accelerated by Rise in Mental Health Issues

 


Antipsychotic drugs are medications that are used to treat psychotic symptoms such as hallucinations, delusions, or disorganized thinking that are associated primarily with mental illnesses such as schizophrenia, bipolar disorder, and psychosis caused by drug abuse or medical conditions. Antipsychotic drugs help relieve the symptoms of psychosis and reduce the risk of relapse and enable individuals to function better.

The global Antipsychotic Drugs Market is estimated to be valued at US$ 19.0 billion 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 rise in mental health issues such as schizophrenia, bipolar disorder and drug-induced psychosis across the world has significantly contributed to the growth of the antipsychotic drugs market over the forecast period. According to WHO, around 450 million people suffer from mental health issues globally. The increasing stress levels, substance abuse and lifestyle changes have all led to a surge in cases of mental illnesses. Further, the increasing awareness about available treatment options for mental health issues has also encouraged more people to seek medical help. This has propelled the demand for antipsychotic drugs for effective treatment of psychotic symptoms associated with mental illnesses.


Segment Analysis
The global antipsychotic drugs market is segmented based on drug class, generation, application, and geography. By drug class, the market is categorized into first-generation antipsychotic drugs and second-generation antipsychotic drugs. The second-generation antipsychotic drugs segment dominated the market in 2022 owing to the minimal side-effects compared to first-generation drugs. By generation, the market is classified into first-generation antipsychotic drugs, second-generation antipsychotic drugs, and third-generation antipsychotic drugs. Second-generation antipsychotic drugs account for a larger revenue share as they are preferred first-line treatment owing to fewer side effects.

Key Takeaways
The global antipsychotic drugs market is expected to witness high growth over the forecast period of 2023 to 2030. The global Antipsychotic Drugs Market is estimated to be valued at US$ 19.0 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

Regional analysis shows that North America currently dominates the market and is expected to continue dominating owing to higher healthcare expenditure and increasing prevalence of mental illnesses in the region. Asia Pacific is expected to be the fastest growing region in the antipsychotic drugs market on account of growing geriatric population, improving healthcare facilities, and rising awareness regarding mental health issues.

Key players operating in the antipsychotic drugs market are Pfizer Inc., Johnson & Johnson, Bristol-Myers Squibb, AstraZeneca, Eli Lilly and Company, and AbbVie Inc. Pfizer Inc. holds the largest revenue share in the global market owing to its diversified product portfolio comprising brands such as Invega, Invega Sustenna, and Geodon. Bristol-Myers Squibb also enjoys a sizable market share on the back of strong sales of Abilify Maintena and Rexulti.

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