Antipsychotic Drugs Market Overview
The worldwide antipsychotic drugs market is expected to expand market value at a CAGR of 5.7% from 2020 to 2027. Further, the global market for Antipsychotic Drugs is estimated to generate a market size of USD 33.59 billion during the review period of 2027.
The global antipsychotic drugs market is projected to drive in the forecast timeframe due to the rising awareness and focus on mental illness worldwide. Another major growth driving factor for the global market is raising depression among the population due to a stressed lifestyle. Moreover, the increasing number of mental hospitals across various regions is projected to bring lucrative opportunities for the manufacturers and key players in the assessment period.
However, the lack of awareness and recognition among the population might hamper the growth of the global market for Antipsychotic Drugs.
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Antipsychotic Drugs Market Segmentation
As per the antipsychotic drugs market report, the global market has been classified on the basis of generation, therapeutic applications, and end-user industry.
On the basis of the therapeutic applications segment, the antipsychotic drugs industry has been categorized into depression, anxiety, schizophrenia, dementia, bipolar disorder, and others. Among all, the schizophrenia segment is estimated to expand the largest market share during the research period.
The global market for antipsychotic drugs has been segregated into hospitals, research institutes, and other industries depending on the end-user industry segment. In terms of the generation segment, the global market for antipsychotic drugs has been segmented into the first-generation, second-generation, and third-generation.
Antipsychotic Drugs Market Regional Analysis
Regionally, the antipsychotic drugs market has covered all the important regions, including Asia Pacific, North America, Latin America, Europe, the Middle East, and Africa.
Out of all, the North American market for antipsychotic drugs is registered to acquire the largest market share during the review period due to the presence of countries like Mexico, the US, and Canada and rising health awareness among the population. Moreover, the European antipsychotic drugs market is projected to hold the second-largest market share during the assessment timeframe due to the rising mental illness, depression and stress because of the growing working hours in the region. This region is expanding because of the presence of a well-established advanced technological healthcare system in the region.
Further, the Asia Pacific regional market for antipsychotic drugs is projected to be the third-largest market share as well as the fastest-growing region in the research period due to the rising population of various mental and chronic diseases in the region. This region is driving the market demand due to the rising concern about the physical and mental health of the population. In addition, the Middle East and African and Latin American region are projected to acquire the least market share because of the reduction in the per capita disposable income of the demography and the presence of low infrastructure in these two regions.
The prominent players in the antipsychotic market are AstraZeneca (UK), Bristol-Myers Squibb (US), Eli Lily & Co. (US), Johnson and Johnson (US), GlaxoSmithKline Plc. (UK), Pfizer Inc. (US)
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Antipsychotic Drugs Industry News
In March 2020, the Dr. Reddy’s Laboratories launched its Ziprasidone Mesylate for injection with 20 mg (base) per single-dose vial. This launch has been aimed to propel the company’s portfolio in the United States.
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