Antipsychotic Drugs Market Overview
The antipsychotic drugs market size is expected to reach USD 33.59 billion by 2027 at 5.7% CAGR, says Market Research Future (MRFR). Antipsychotic pharmaceuticals are medications that are used to alleviate psychosis, such as schizophrenia and bipolar illness. Psychosis is a serious sign of mental disease that includes a loss of touch with reality, which affects how one processes information.
COVID-19 has significantly influenced the antipsychotic medicine industry, causing care and treatment to be disrupted. Some specialist mental health services have been reduced to boost capacity to handle the physical effects of COVID-19. Several general hospital mental wards have been transformed into COVID-19 units, resulting in the discharge of many multiply sick patients.
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Antipsychotic Drugs Market Segmentation
Therapeutic class, application, distribution channel, and geography are segments of the worldwide antipsychotic drugs market. The market is divided into two categories based on therapeutic class: first-generation and second-generation. It is divided into schizophrenia, dementia, depression, bipolar disorder, and other disorders based on the application. Retail pharmacies, hospital pharmacies, and online pharmacies are the three distribution channels.
Antipsychotic Drugs Market Regional Classification
The antipsychotic drugs market has been segmented into North American, European, Asia-Pacific, Latin American, and the Middle East and African regions depending on the region. The North American area has the biggest antipsychotic drugs market share in the global industry, owing to rising health awareness, which increases market demand in this region. Furthermore, countries such as Canada, the United States, and Mexico contribute to the region’s market demand.
The European area holds the second-largest antipsychotic drugs market share in the global market, owing to rising stress, depression, and mental disease due to longer working hours, which pushes market demand to this area. Another motivating factor is the presence of a well-established, technically sophisticated healthcare system.
The Asia-Pacific region holds the third-largest antipsychotic drugs market share in the global industry, owing to a big portion of the population suffering from different chronic and mental ailments, which drives market demand to this area. Another aspect driving antipsychotic drugs market demand is growing awareness about mental and physical wellness.
Because of the lack of infrastructure in both Latin America and the Middle East and Africa, these areas have the smallest market share. The fall in people’s disposable income per capita is another issue limiting the market’s potential.
Key Players
Key players of the global antipsychotic drugs market are Bristol-Myers Squibb (US), Eli Lilly & Co. (US), AstraZeneca (UK), GlaxoSmithKline Plc. (UK), Pfizer Inc. (US), and Johnson & Johnson (US).
Antipsychotic Drugs Industry News
The group of psychiatric diseases is predicted to have significant growth in patients globally in the modern healthcare situation. Mental illnesses with psychotic symptoms, such as schizophrenia, bipolar disorder, and depression, are included in psychiatric illnesses. Psychosis is a serious symptom of mental illness that involves the patient’s disconnection from reality, which affects how he processes information.
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The increased prevalence of schizophrenia and bipolar disorder is responsible for the fastest-growing need for antipsychotic drugs. Moreover, leading firms such as H. Lundbeck A/S and Janssen Pharmaceuticals, Inc. are expected to drive market growth over the projection period. In addition, the introduction of antipsychotic medications in newer forms, such as long-acting injectables with more advantages, would help the market development throughout the projection period.
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