SEATTLE, May 10, 2021, (MEDGADGET) — Overview:
Mental disorders are also called mental illness or psychiatric disorder. Mental disorders are defined by how a person behaves, feels, sees and thinks, and mental disorders occur as a result of damage or problems associated with brain functions. There are various types of mental disorders such as depression, bipolar disorder, schizophrenia and other mental illnesses, dementia, and developmental disorders including autism. These problems can be treated with the help of various medications, such as anti-depressants, anti-depressants, and therapies such as psychotherapy, brain therapy, and others.
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The global mental disorder treatment market is estimated to be valued at US$ 48.4 Billion in 2020 and is expected to exhibit a CAGR of 6.6% during the forecast period (2020-2027).
Global Mental Disorder Treatment Market – Impact of Coronavirus (COVID-19)
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries around the world and the World Health Organization has declared it a public health emergency. According to a World Health Organization report, exposure to coronavirus (COVID-19) has led to more than 65.1 million people worldwide since December 4, 2020.
The coronavirus epidemic (COVID-19) and the emerging crash in various parts of the world have had a profound effect on the financial situation of large corporations in the mental disorder treatment market. The private health sector is one of the sectors, most affected by COVID-19. The epidemic has a devastating effect on the mental disorder treatment market in various fields such as development, production, and supply of medicines and has affected the growth of pharmaceutical companies in various companies around the world due to the closure of many international governments. The nationwide closure has led to the closure of industrial areas, in addition to the production of essential goods and the disruption of the sale of consumer goods and medical drugs.
Increasing prevalence of psychiatric disorders such as depression is expected to drive growth of the global mental disorder treatment market in the forecast period. For instance, according to a 2019 World Health Organization report, depression is the world’s most common mental illness and an estimated 264 million people suffer from depression worldwide by 2019.
Moreover, key companies focused on product adoption by psychiatric regulatory agencies are expected to propel growth of the global mental disorder treatment market in the forecast period. For instance, May 2019, Allergan plc. and Gedeon Richter Plc. has announced that the U.S. Food and Drug Administration (FDA) has approved its VRAYLAR (cariprazine) as a new drug (sNDA) in the treatment of depressive episodes associated with bipolar I disorder (bipolar disorder) in adults.
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By Disorder Type: Depression, Bipolar Disorder, Schizophrenia, Dementia, Post-traumatic Stress Disorder, and Others.
By Medication: Anti-depressants, Anti-anxiety, Mood Stabilizing Medication, and Antipsychotic Medications.
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies
North America is expected to hold a prominent position in the global mental disorder treatment market at the time of forecasting, owing to key companies focusing on strategies such as collaborative strategies to improve the treatment of various psychiatric disorders such as depression and more. For instance, in June 2020, VistaGen Therapeutics, a U.S. pharmaceutical company and EverInsight Therapeutic entered into a joint venture to develop and market ph94b for anxiety disorders in mainland China, South Korea and Southeast Asia.
Major players operating in the global mental disorder treatment market include Allergan plc, Eli Lilly and Company, Sanofi S.A, VistaGen Therapeutics, Novartis International AG, Cipla Ltd, Mylan N.V., Bristol Myers Squibb, Sun Pharmaceutical Industries Ltd., Amneal Pharmaceuticals LLC, Glenmark Pharmaceuticals Limited, Lupin Limited, Janssen Pharmaceutica, and Sumitomo Dainippon Pharma Co., Ltd.
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