Antipsychotic Drugs Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| CAGR | 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Antipsychotic Drugs Market Analysis
The antipsychotic drugs market is expected to register a CAGR of 3.5% over the forecast period (2022-2027).
COVID-19 has a significant impact on market growth. For instance, as per the Alzheimer's Association, a non-profit organization representing more than 100 Alzheimer’s and dementia associations worldwide, the COVID-19 pandemic is responsible for the massive rise in dementia cases shortly. The Association also says that COVID-19 infections can increase an individual’s likelihood of developing dementia and cause its symptoms to show up earlier. In August 2021, the Alzheimer's Association warned the World Health Organization and governments worldwide to urgently accelerate research on the potential impact of COVID-19 on the rising dementia cases. These factors could work in favor of the market.
Several research studies have also shown that antipsychotics could have a positive effect on coronavirus infection. For instance, a 2021 study led by the Mental Health Unit of the Virgen del Rocio University Hospital in Seville, Spain showed that antipsychotic medication could have a protective effect against COVID-19. People administered with antipsychotics could have a lower risk of contracting the virus or may experience milder symptoms if the coronavirus does affect them. Further research and development to study such effects will bolster the industry outlook. Thus, the COVID-19 pandemic has had a significant impact on market growth.
The rise in the prevalence of mental health disorders, such as schizophrenia and bipolar disorder amongst the population is a major growth driver for the market. According to the Anxiety and Depression Association of America data published in September 2021, Anxiety disorders are the most common mental illness in the United States, affecting 40 million adults in the United States age 18 and older, or 18.1% of the population every year. Nearly one-half of those diagnosed with depression are also diagnosed with an anxiety disorder. the same source also stated that World Health Organization (WHO) has recommended mental health action plans to promote mental health and prevent mental disorders in the member states.
In addition, according to the national alliance on mental illness in United States adults, 84% of the population had at least one major depressive episode in 2020. People of all ages and all racial, ethnic, and socioeconomic backgrounds experience depression, but it does affect some groups more than others. As per the world health organization data published in February 2021, Depression is a common mental disorder with over 280 million people of all ages, an estimated 3.8 percent of the population suffering from it globally. Merely, about one-third of those suffering from an anxiety disorder receive treatment, even though the disorders are highly treatable. Thus, the increasing prevalence of mental disorders is boosting the growth of the market.
Therefore, it is indicated that the market will majorly be driven by the rising prevalence of mental disorders. While addiction Caused Due to Antipsychotic Drugs and Patent Expiry of Major Drugs are the key factors hampering the growth of the market.
Antipsychotic Drugs Market Trends
This section covers the major market trends shaping the Antipsychotic Drugs Market according to our research experts:
Schizophrenia is Expected to Register a Good CAGR Over the Forecast Period
Schizophrenia is a serious mental disorder and is affecting a large number of people across the globe. The disease is mainly characterized by distortions in thinking, emotions, and sense of self and behavior. The increasing prevalence of schizophrenia and associated disorders along with the rising geriatric population, who is more susceptible to late-onset schizophrenia, is the key factor driving the growth of the market over the forecast period.
For instance, according to the World Health Organization, in 2022, schizophrenia affects 24 million people, worldwide. Furthermore, this number is likely to continue to increase, along with the growth in the aging population. According to the World Population Ageing Highlight 2020 report published by the United Nations, the global geriatric population is increasing rapidly around the world and in 2020, about 727 million people of age 65 years or more were living across the world which was about 9.3% of the total global population. The geriatric population is more susceptible to neurological and physiological disorders. As per the article by Psychiatric Times, published in September 2020, Among persons aged 60 years and older with mental and substance-use disorders, schizophrenia ranks third in causes of disability-adjusted life-years. Older adults with schizophrenia also have a substantial impact on health care costs, with an estimated greater expenditure per person compared with most other medical and psychiatric disorders. With the prevalence of schizophrenia in older adults set to double and reach 1.1 million people in the United States by 2025 and 10 million worldwide by 2050 .Thus, the higher geriatric population is increasing the risk of schizophrenia which is driving the market growth. As per the same source, it is anticipated that there will be 1.5 billion people of age 65 years or above in the world, by 2050. Additionally, the American Psychiatric Association and the National Institute of Mental Health estimated that the risk of an individual having schizophrenia at some point in their life is between 0.3% and 0.7%. This rise in the prevalence of the disease is contributing to the market growth.
As the disease is serious and it increases the chances of early death if not treated properly, there is a growing focus of companies to come up with novel drugs for the treatment of this disease. Currently, there are several FDA approved drugs available in the market. For instance, Chlorpromazine, Aripiprazole, Olanzapine, etc. and there is new drug approval every year, which is expected to drive the market growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the market share, owing to its well-established healthcare infrastructure, better regulatory framework, increasing prevalence of mental disorders, and government support in the countries of this region. The increasing burden of mental illness and schizophrenia in the population is the key factor driving the market growth in the region. For instance, according to the statistics published by John Hopkins Medicine, in 2020, titled "Mental Health Disorder Statistics", it has been observed that approximately 1% of the American population is affected by schizophrenia. In addition to this, Schizophrenia typically affects men in their late teens or early twenties and women in their late twenties or early thirties. Similarly, according to the World Health Organization, in 2022, people with schizophrenia are two to three times more likely to die early than the general population. This is often due to physical illnesses, such as cardiovascular, metabolic, and infectious diseases.
Furthermore, the company is mainly focusing on adopting various business strategies such as collaborations, product launches, acquisitions, and partnerships to withhold their position in the schizophrenia drugs market is likely to boost the market growth. For instance, in November 2021, Neurocrine Biosciences partnered with Sosei Group Corporation to develop a new brand of protein inhibitor that helps to improve treatments for a wide range of neuropsychiatric disorders. Under the agreement, Neurocrine Biosciences has the right to develop and produce muscarinic M4, M1, and dual M1/M4 receptor agonists discovered by Sosei Heptares. In addition, Neurocrine Biosciences plans to submit an Investigational New Drug Application to the Food and Drug Administration and begin a placebo-controlled phase 2 study with one of the M4 agonists as a potential schizophrenia treatment, by 2022. Similarly, in June 2020, Neurocrine Biosciences entered into a strategic collaboration with Takeda Pharmaceuticals to develop and commercialize compounds in Takeda’s early-to-mid-stage psychiatry pipeline. Under the collaboration, Takeda granted an exclusive license to Neurocrine Biosciences for seven pipeline programs, including three clinical-stage assets for schizophrenia, treatment-resistant depression, and anhedonia.
Hence, the increasing burden of mental illness, schizophrenia, and related disorders among people, increasing focus and research and development activities by the market players, and other factors are likely to increase the market expansion over the forecast period.
Antipsychotic Drugs Industry Overview
The market for antipsychotic Drugs is moderately competitive and consists of global players as well as local players. Since most of the drugs for the treatment of the disease are approved by the US FDA, global players are currently holding a major share of the market. Due to the rising focus of the small players for market penetration, it is believed that these players will hold a substantial share of the market in the coming future. The key market players are AbbVie Inc., Pfizer Inc., Otsuka Pharmaceutical Co, Ltd., Johnson & Johnson, GlaxoSmithKline plc, AstraZeneca plc, and Eli Lily and Company.
Antipsychotic Drugs Market Leaders
Eli Lily and Company
Johnson and Johnson
Pfizer Inc.
AstraZeneca plc
Otsuka Pharmaceutical Co, Ltd.
*Disclaimer: Major Players sorted in no particular order
Antipsychotic Drugs Market News
- In February 2022, Alkermes plc announced positive results from ENLIGHTEN-early, a phase 3b study that evaluate the study of LYBALVI in schizophrenia disease.
- In January 2022, Otsuka Pharmaceutical Co., Ltd., its subsidiary Otsuka American Pharmaceutical, Inc., and Lundbeck, Inc., announced that the United States Food and Drug Administration has approved the supplemental new drug application of REXULTI for Schizophrenia in 13 to 17-year-old patients.
- In February 2021, Dr. Reddy’s Laboratories Ltd. has launched Fluphenazine Hydrochloride tablets. The medication is used to treat the symptoms of psychotic disorders.
Antipsychotic Drugs Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Mental Disorders
4.2.2 Increasing Focus of Governments and Health Care Organizations on Mental Health
4.2.3 Constant Investment in Research and Development
4.3 Market Restraints
4.3.1 Addiction Caused Due to the Antipsychotic Drugs
4.3.2 Patent Expiry of Major Drugs
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Application
5.1.1 Schizophrenia
5.1.2 Bipolar Disorder
5.1.3 Unipolar Disorder
5.1.4 Dementia
5.1.5 Others
5.2 By Drug Classification
5.2.1 First Generation (Typical)
5.2.2 Second Generation (Atypical)
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Eli Lily and Company
6.1.2 AstraZeneca plc
6.1.3 GlaxoSmithKline plc
6.1.4 Johnson & Johnson
6.1.5 Otsuka Pharmaceutical Co, Ltd.
6.1.6 Pfizer Inc.
6.1.7 AbbVie Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Antipsychotic Drugs Industry Segmentation
As per the scope of the report, antipsychotic drugs also called antipsychotic medications or simply antipsychotics, are prescribed as short or long-term treatment of mental health problems. These drugs help alleviate and control psychotic symptoms such as anxiety, depression, delusions, hallucinations, or mania. The Antipsychotic Drugs Market is segmented by Application (Schizophrenia, Bipolar disorder, Unipolar depression, Dementia, Others), Drug Classification (First Generation and Second Generation) and Geography, (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
| By Application | |
| Schizophrenia | |
| Bipolar Disorder | |
| Unipolar Disorder | |
| Dementia | |
| Others |
| By Drug Classification | |
| First Generation (Typical) | |
| Second Generation (Atypical) |
| Geography | ||||||||
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Antipsychotic Drugs Market Research FAQs
What is the current Global Antipsychotic Drugs Market size?
The Global Antipsychotic Drugs Market is projected to register a CAGR of 3.5% during the forecast period (2023-2028).
Who are the key players in Global Antipsychotic Drugs Market?
Eli Lily and Company, Johnson and Johnson, Pfizer Inc., AstraZeneca plc and Otsuka Pharmaceutical Co, Ltd. are the major companies operating in the Global Antipsychotic Drugs Market.
Which is the fastest growing region in Global Antipsychotic Drugs Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global Antipsychotic Drugs Market?
In 2023, the North America accounts for the largest market share in the Global Antipsychotic Drugs Market.
Global Antipsychotic Drugs Industry Report
Statistics for the 2023 Global Antipsychotic Drugs market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Antipsychotic Drugs analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
