Antipsychotic Drugs Market - Forecast 2019-2025
The Antipsychotic Drugs market size is $14.96 billion in 2018. The global Antipsychotic Drugs Market has been forecasted to reach $19.74 billion by 2025, growing at a CAGR of 4.0% during the forecast period 2019-2025. The market is currently witnessing a growth owing to the increasing prevalence of psychotic disorders reported globally. Also, the huge investments for research and development to create new drugs are further fueling market growth.
Key Takeaways
The North America region has been estimated to hold the largest revenue share owing to the higher prevalence of psychotic disorders in the region as well as the greater availability of advanced healthcare.
The growing prevalence of psychotic disorders worldwide is said to drive the market growth. Companies are also investing in research for developing better drug formulations for combating these mental disorders.
The drugs used for the treatment of these disorders is known to cause addiction if taken in higher quantities. This is considered as a major challenge to the overall market.
Drug Class - Segment Analysis
The second generation drug class holds the largest share in the drug class segment due to having less side effects and higher therapeutic efficiency. However, the third generation drugs are said to have the fastest growth rate with CAGR of 3.5% during the forecast period, owing to the safety and tolerability compared to other generation of drugs. Commonly administered antipsychotic drugs include perphenazine, thiothixene, chlorpromazine hcl, haloperidol, loxapine succinate and others.
Application Type - Segment Analysis
The application of the drugs in the treatment of schizophrenia is estimated to hold the largest share currently. As per WHO, Schizophrenia affects 20 million people worldwide. However, depression is the most common mental disorder affecting all ages and is said to have the fastest growth rate.
Geography - Segment Analysis
The North America region has been estimated to dominate the Antipsychotic Drugs market share with 46%. This is owing to the increasing prevalence of disorders. As per the U.S. National Institute of Mental Health, the prevalence of schizophrenia and related psychotic disorders range between 0.25% and 0.64% in the U.S. Also, Asia Pacific is likely to have a faster growth rate in the coming years due to growing population, increasing healthcare expenditure and increasing awareness programs regarding the usage of these drugs.
Drivers – Antipsychotic Drugs Market
Increasing Prevalence of Psychotic Disorders
The overall global prevalence of psychotic disorders like schizophrenia and depression is increasing at a quick rate. This factor has the potential to be a major market driver for the antipsychotic drugs market. Growing awareness regarding the complications of these disorders and the appropriate treatment is set to fuel the market growth.
Funding for Research and Development
There is a significant rise in the funding for the research and development of effective newer formulations with lesser side effects. This could also be considered as a major market driver as new funding into the research and development could increase the chance of the discovery of a new product to treat psychotic disorders.
Challenges – Antipsychotic Drugs Market
Risk of Addiction
These drugs, when over prescribed, could cause severe complications and also addiction. People are increasingly becoming aware of these problems and this can prove to be a major market constraint. This is more apparent for the people from the more developed parts of the world like North America. This has forced the governments to have even stronger regulations regarding these drugs further limiting the market growth.
Antipsychotic Drugs Industry Outlook
Partnerships and product launches are the key strategies adopted by the major players in the antipsychotic drugs market. Antipsychotic Drugs top 10 companies are Eli Lilly and Company, AstraZeneca, Pfizer Inc., GlaxoSmithKline PLC, Johnson & Johnson, Allergan, Bristol-Myers Squibb, Actavis Generics, Alkermes, and Otsuka Pharmaceutical Co., Ltd.
Developments:
On May 2019, Vraylar from Allergan got an approval from the FDA for the treatment of depressive episodes of bipolar disorder. The company claims that this product will bring in a sales of $683 million in 2019.
On March 2015, GSK had become a partner in a new global fund that is focused on dementia research. The company had provided an investment of $25 million dollars.
Antipsychotic Drugs Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Antipsychotic Drugs Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
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