The global Antipsychotic Drugs Market Growth Accelerated by Increasing Prevalence of Psychotic Disorders

 


Antipsychotic drugs are pharmaceuticals that help relieve psychotic symptoms by blocking the effects of dopamine in the brain. These medications are primarily used for treating psychotic disorders such as schizophrenia, bipolar disorder, and other related conditions. The increasing prevalence of psychotic disorders caused by stress, genetic predisposition, and substance abuse has boosted the demand for antipsychotic drugs.


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 psychotic disorders has accelerated the growth of the antipsychotic drugs market. According to the National Institute of Mental Health (NIMH), around 3.5% of U.S. adults experience psychotic disorders in a given year. The rising cases of stressful life events, substance abuse disorders, and heredity factors are fueling the incidence of schizophrenia, bipolar disorder, and other mental health conditions. This is prompting individuals to seek clinical help and treatment options like antipsychotic medications. Moreover, second-generation antipsychotic drugs which have lower side effects compared to first-generation antipsychotics are gaining more popularity, driving the overall market growth over the forecast period.


Segment Analysis

The global antipsychotic drugs market is divided into various segments based on generation, disease type, and geography. By generation, the market is segmented into first-generation antipsychotics and second-generation antipsychotics. Second-generation antipsychotics dominate the market, as these drugs have lesser side effect profile than first-generation drugs. Second-generation antipsychotics including clozapine, olanzapine, risperidone, quetiapine, and others are safer and treat schizophrenia more effectively.

By disease type, the market is divided into schizophrenia, bipolar disorder, dementia, depression, and others. Schizophrenia segment holds the largest market share due to increasing prevalence of schizophrenia across developed nations and growing diagnosis rates globally.

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$ 16.14 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

Regional analysis:
North America dominates the global antipsychotic drugs market. Higher mental healthcare spending, early new product launches, broader patient access to advanced therapies, and increasing incidence of psychiatric disorders in the United States are major factors driving the North America antipsychotic drugs market. Asia Pacific is expected to witness fastest growth due to evolving healthcare systems, growing mental health awareness, and economic expansion of major countries in the region.

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, Teva Pharmaceuticals, and Dr. Reddy's Laboratories. Eli Lily and Company dominates the market with its strong product portfolio and global presence across key markets. AstraZeneca plc follows Eli Lily with its wide range of antipsychotic drugs for various mental health indications.

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