REPORT HIGHLIGHT
Schizophrenia Drugs Market size was valued at USD 7,579.21 Million in 2022, expanding at a CAGR of 5.81% from 2023 to 2030.
Schizophrenia drugs are pharmacological chemicals that are used to treat the symptoms of schizophrenia, a complicated mental condition marked by disordered thoughts, feelings, and perceptions. These medications primarily target neurotransmitter imbalances in the brain, specifically dopamine and serotonin, in order to reduce hallucinations, delusions, disordered thinking, and social disengagement. Schizophrenia medications attempt to improve the quality of life for those suffering from the condition by reducing symptoms and increasing functional recovery, frequently as part of a complete treatment plan that includes counseling and psychological support.
Schizophrenia Drugs Market- Market Dynamics:
- Increasing prevalence of schizophrenia and associated disorders.
- The increased frequency of schizophrenia and related illnesses, along with an aging population that is more vulnerable to late-onset schizophrenia, is the primary driver driving market expansion throughout the projection period. According to the WHO, schizophrenia will affect 24 million people globally by 2022. Furthermore, with the aging of people in general, the figure is anticipated to rise further. The increased prevalence of schizophrenia is driving the need for effective treatment, moving the schizophrenia medications market forward. As more people are diagnosed, there is a larger demand for pharmacological treatments to control symptoms, which is fueling research, innovation, and market development in this sector.
Schizophrenia Drugs Market- Key Insights:
- As per the analysis shared by our research analyst, the global Schizophrenia Drugs market is estimated to grow annually at a CAGR of around 5.81% over the forecast period (2023-2030)
- The Schizophrenia Drugs industry is projected to grow at a significant rate due to the increasing prevalence of schizophrenia and associated disorders
- Based on therapeutic class segmentation, second generation was predicted to show maximum market share in the year 2022
- Based on treatment segmentation, injectable was the leading type in 2022
- Based on distribution segmentation, hospital pharmacies was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Schizophrenia Drugs Market- Segmentation Analysis:
The Global Schizophrenia Drugs Market is segmented on the basis of Therapeutic Class, Treatment, Distribution Channel, and Region.
The market is divided into categories based on therapeutic class: Second Generation, Third Generation, and Other. The Second-generation antipsychotics segment is expected to grow over the forecast period, owing to the factors such as the increased frequency of mental health illnesses such as schizophrenia, particularly effective in treating symptoms such as delusions and hallucinations in people with schizophrenia.
The market is divided into categories based on treatment: oral and injectable. The injectable segment dominates the market. Injectable-based schizophrenia medicines, particularly long acting injectables (LAIs), are among the most sophisticated kinds of therapy. Long-acting injectables frequently aid in the elimination of the drawbacks associated with oral schizophrenia therapy. Some of the advantages of the injectable include improved adherence to treatment regimens, reduced relapses, and the avoidance of irreversible cognitive and neurological impairment in patients.
Schizophrenia Drugs Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold a significant market share the market owing to the growing incidence of schizophrenia and associated mental disorders in the general population, the presence of robust healthcare infrastructure rising geriatric population, high spending on healthcare, and the presence of major market players. Schizophrenia affects about 1.5 million adults annually in the United States, in accordance to the National Alliance of Mental Illness (NAMI) update from June 2022. As a result, it is anticipated that there will be a demand for schizophrenia drugs in the area, which will drive growth in the North American market under study.
Schizophrenia Drugs Market- Competitive Landscape:
Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, performance, product making, technology, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. For instance, in 2022, In order to conduct research, develop, and market novel dopamine receptor modulators for the potential treatment of neuropsychiatric illnesses, AbbVie and Gedeon Richter have engaged into a new co-development and license agreement.
Recent Developments:
In May 2023, UZEDY, a brand-new medication for the treatment of schizophrenia, received FDA approval. UZEDY is a medication produced by Teva Pharmaceutical Industries, Ltd. that gradually releases the active component, risperidone, over the course of one to two months using copolymer technology.
Key features of the study:
- This proposed research study on Schizophrenia Drugs market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Schizophrenia Drugs market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Schizophrenia Drugs market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Schizophrenia Drugs market
- Impact of COVID-19 on Schizophrenia Drugs market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Schizophrenia Drugs market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Schizophrenia Drugs market, we have also included competitive landscape and key innovator analysis for the Schizophrenia Drugs market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Schizophrenia Drugs market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Schizophrenia Drugs market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL SCHIZOPHRENIA DRUGS MARKET KEY PLAYERS
- Vanda Pharmaceuticals
- Sunovion Pharmaceuticals (part of Sumitomo Dainippon Pharma)
- Sumitomo Dainippon Pharma
- Recordati Rare Diseases
- Pfizer
- Otsuka Pharmaceutical
- Novartis
- Johnson & Johnson (Janssen Pharmaceuticals)
- Intra-Cellular Therapies
- H. Lundbeck A/S
- Eli Lilly and Company
- Bristol Myers Squibb
- AstraZeneca
- Allergan (now part of AbbVie)
- Alkermes plc
GLOBAL SCHIZOPHRENIA DRUGS MARKET, BY THERAPEUTIC CLASS
- Second Generation
- Third Generation
- Other
GLOBAL SCHIZOPHRENIA DRUGS MARKET, BY TREATMENT
GLOBAL SCHIZOPHRENIA DRUGS MARKET, BY DISTRIBUTION CHANNEL
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
GLOBAL SCHIZOPHRENIA DRUGS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA