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Antipsychotic drugs are primarily used for the treatment of psychiatric disorders including schizophrenia, bipolar disorders, depression, and others. These drugs work by altering the effects of chemicals in the brain and reducing certain symptoms of mental illnesses. The global antipsychotic drugs market is led by newer generations of drugs including atypical antipsychotics that have improved safety and tolerability compared to previous generations.
The global antipsychotic drugs market is a mature market with strong brand recognition of leading drugs. Key products in the market include Latuda, Rexulti, Vraylar, Saphris, Invega, Abilify, Risperdal, and others used for treating schizophrenia, bipolar disorder, depression, and other mental health conditions. These drugs are available in oral and injectable dosage forms based on the patient’s condition and treatment needs. The psychiatric care system relies heavily on effective drug therapies to manage symptoms of chronic and acute mental illnesses.
The global antipsychotic drugs Market is estimated to be valued at US$ 18.9 billion in 2024 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 Dynamics:
Antipsychotic Drugs Market is Expected to Experience a Stable Growth Driven by Increasing Burden of Psychiatric Disorders
One of the major drivers for the growth of antipsychotic drugs market is the rising global burden of psychiatric disorders. According to WHO, around 1 in 4 people in the world will be affected by mental or neurological disorders at some point in their lives. Mental health conditions are becoming one of the leading causes of disability or ill health among youth aged 10–24 years. The prevalence of disorders such as schizophrenia, bipolar disorder, and depression has been increasing rapidly which requires long-term drug therapies that drive the demand for newer and improved antipsychotic medications. Another driver is the continued launch of novel drugs which provide more effective treatment options and improved side effect profile compared to existing drugs. Ongoing research has resulted in approvals and launches of newer atypical and novel antipsychotic drugs in the developed markets which will help expand market revenue.
Segment Analysis
The global antipsychotic drugs market is segmented on the basis of generation, application, and end user. Based on generation, the market is segmented into first generation, second generation, and third generation. Second generation antipsychotic drugs dominates the market as they are safer and more tolerable as compared to first generation drugs.
PEST Analysis
Political: Governments across various countries are supporting mental health awareness programs and introducing favorable policies for antipsychotic drug production and consumption which is positively impacting the market growth.
Economic: Rising per capita healthcare expenditure and growing prevalence of mental disorders are fueling the demand for antipsychotic drugs globally.
Social: Growing social acceptance of mental illness is reducing the stigma associated with it and encouraging more people to seek treatment which is propelling the market expansion.
Technological: Developments in drug delivery systems and molecules are resulting in production of safer and long-acting antipsychotic formulations with fewer side effects.
Key Takeaways
The global antipsychotic drugs market is expected to witness high growth during the forecast period of 2023 to 2030. The global antipsychotic drugs Market is estimated to be valued at US$ 18.9 billion in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
North America dominates the antipsychotic drugs market owing to increasing mental health awareness and rising prevalence of psychotic disorders in the region.
Key players analysis
Key players operating in the antipsychotic drugs market are Pfizer, Johnson & Johnson, Bristol-Myers Squibb, Eli Lilly and Company, AstraZeneca, and GlaxoSmithKline. These manufacturers are focused on developing long-acting formulations and pipeline drugs with new mechanisms of action to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
