At present, the global psychotic disorder treatment market accounts for US$ 13.6 billion and is projected to surge past a valuation of US$ 24.5 billion by the end of 2032.
Stress levels among the general population have increased notably over the past few years and this has led to an increase in the incidence of psychotic disorders such as bipolar disorder, schizophrenia, etc.
Fact.MR forecasts worldwide revenue from psychotic disorder treatment to increase at a high CAGR of 6.1% between 2022 and 2032.
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Psychotic Disorder Treatment Market: Drivers and Restraints
The global psychotic disorder treatment market is anticipated to register a significant CAGR over a forecast period. The increasing research and development activities for the new drugs and new combinations of drugs to minimize the adverse effects of the antipsychotics drugs and increase safety and efficacy of the drug is anticipated to boost the demand for the psychotic disorder drugs and drives the global psychotic disorder treatment market. Increasing the number of prevalence of severe psychotic disorder is likely to fuel the growth of global psychotic disorder treatment market. The rising in the awareness among people is also anticipated to drives the global psychotic disorder treatment market.
However, the possible side effects of the antipsychotics drugs may hamper the demand for the psychotic disorder treatment and restrain the growth of the global psychotic disorder treatment market. Lack of specific drugs and methods is a significant challenge to ensure the treatment is another factor that hinder the demand for the psychotic disorder treatment and restrain the growth of global psychotic disorder treatment market.
Psychotic Disorder Treatment Market: Segmentation
The global Psychotic disorder treatment market is segmented on the basis of drug type, indication and distribution channel:
On the basis of drug type, the global psychotic disorder treatment market is segmented into:
- Atypical antipsychotics
- Phenothiazine antipsychotics
- Miscellaneous antipsychotics agents
On the basis of indication, the global psychotic disorder treatment market is segmented into:
- Bipolar disorder
- Delusional disorder
- Drug induced psychosis
- Organic psychosis
On the basis of distribution channel, the global psychotic disorder treatment market is segmented into:
- Hospital pharmacies
- Retail pharmacies
- Drug store
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Psychotic disorder treatment providers are pushing for the approval of new drugs and treatment therapies from regulatory bodies to fast track the launch of these novel treatments.
- In February 2022, AbbVie, a leading biopharmaceutical organization, announced that it had submitted a Supplemental New Drug Application to the United States Food and Drug Administration (FDA). The application is based on new clinical trial results for cariprazine (VRAYLAR®) for adjunctive treatment of major depressive disorder (MDD).
- In April 2022, BioXcel Therapeutics, a renowned biopharmaceutical firm, announced that it had received approval for IGALMI™ (dexmedetomidine) Sublingual Film by the U.S. FDA, which will be used to treat bipolar disorder.
Psychotic Disorder Treatment Market: Key Players
- Teva Pharmaceutical Industries Ltd.
- Amgen Inc.
- Pfizer Inc.
- Novartis International AG
- Merck & Co. Inc.
- Sanofi S.A.
- Allergan Plc
- Mylan N.V.
- Johnson & Johnson Services Inc.
- Hoffmann-La Roche Ltd.
The US will continue to Reflect Lucrative Growth Prospects
The US is contributing majority of shares to the in value terms owing to rise in the number of occurrence of severe psychotic disorder amid people and will record a notable CAGR in 2021 & beyond.
China & India are also contributing moderate shares and will reflect a robust growth pace for psychotic disorder treatment.
The UK is projected to be the most lucrative region. On the other hand, UAE, Turkey, Kenya along with other regions is still at a nascent stage and is anticipated to record a decent expansion in the forthcoming years.
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The Europe psychotic disorder treatment market accounts for a total valuation of US$ 3.45 billion in 2022 and holds a notable market share of 25.4% in the global industry landscape.
Increasing prevalence of severe psychotic disorders and rising awareness of mental health issues are prime factors driving market growth in this region.
Surging cases of severe mental illnesses and rising focus on mental health in North America are anticipated to primarily propel psychotic disorder treatment demand in this region. Currently, the market in the region accounts for a sales revenue of US$ 2.89 billion and a market share of 21.3%.
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