PUBLISHER: The Business Research Company | PRODUCT CODE: 1588796
PUBLISHER: The Business Research Company | PRODUCT CODE: 1588796
Antipsychotic drugs are medications primarily used to manage and treat symptoms of psychosis, including delusions, hallucinations, paranoia, and disordered thinking. Psychosis is often linked with psychiatric conditions such as schizophrenia, bipolar disorder, and severe depression. These medications are also known as neuroleptics or major tranquilizers.
Antipsychotic drugs are classified into first-generation, second-generation, and third-generation categories. First-generation drugs, the earliest developed, primarily work by blocking dopamine receptors in the brain, which helps alleviate hallucinations and delusions. They are prescribed for various conditions, including schizophrenia, bipolar disorder, unipolar depression, and dementia. These drugs are available through multiple distribution channels, such as hospital pharmacies, drug stores, and online pharmacies.
The antipsychotic drugs market research report is one of a series of new reports from The Business Research Company that provides antipsychotic drugs market statistics, including the antipsychotic drugs industry global market size, regional shares, competitors with the antipsychotic drugs market share, detailed antipsychotic drugs market segments, market trends, and opportunities, and any further data you may need to thrive in the antipsychotic drugs industry. These antipsychotic drugs market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The antipsychotic drugs market size has grown strongly in recent years. It will grow from $17.82 billion in 2023 to $19.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth during the historic period can be attributed to the increasing prevalence of mental health disorders, the development of second-generation antipsychotics, the expanding geriatric population, advancements in healthcare infrastructure, and substantial investments in research and development.
The antipsychotic drugs market size is expected to see strong growth in the next few years. It will grow to $28.3 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth during the forecast period can be attributed to the rising incidence of schizophrenia and bipolar disorder, supportive government policies and funding, a growing demand for personalized medicine, efforts to reduce side effects, and the increasing presence of mental health advocacy and support groups. Key trends expected in this period include the integration of digital health tools for monitoring, the development of novel mechanisms of action, a greater emphasis on combination therapies, the use of pharmacogenomics for tailored treatments, and a focus on patient-centric drug development.
The rising incidence of mental disorders is expected to drive the growth of the antipsychotic drug market. Mental disorders, or mental illnesses, affect a person's thinking, behavior, mood, and overall mental health. Various factors contribute to mental disorders, including stress, societal pressures, genetic predisposition, biochemical imbalances, neurodevelopmental issues, and physical health conditions. Antipsychotic drugs manage these disorders by modifying the activity of neurotransmitters, particularly dopamine and serotonin, to alleviate psychotic symptoms, stabilize mood, and enhance cognitive and emotional function. For instance, a survey conducted by the Substance Abuse and Mental Health Services Administration (SAMHSA) in November 2023 found that about 6% of adults aged 18 or older, roughly 15.4 million people, reported experiencing serious mental illness (SMI). Additionally, a December 2022 SAMHSA survey of 69,850 individuals aged 12 or older indicated that 5.5% of adults aged 18 and older, or 14.1 million people, were affected by mental illness in 2021. Thus, the increasing prevalence of mental disorders is propelling the antipsychotic drug market.
Leading companies in the antipsychotic drug market are developing advanced medical products, such as subcutaneous atypical antipsychotic injections, to improve patient compliance and efficacy compared to traditional oral medications. These injections are administered under the skin and help in maintaining stable medication levels and better symptom control. For example, in April 2023, Teva Pharmaceutical Industries Ltd., an Israel-based pharmaceutical company, and MedinCell SA, a French manufacturer of biological products, introduced UZEDY, an FDA-approved extended-release injectable formulation of risperidone. This long-acting subcutaneous injection offers flexible dosing intervals of one or two months and employs MedinCell's proprietary SteadyTeq technology for consistent medication release, reaching therapeutic levels within 6-24 hours of administration. Clinical trials showed that UZEDY reduced the risk of schizophrenia relapse by up to 80% compared to a placebo, addressing adherence issues commonly associated with oral antipsychotics.
In March 2024, Bristol-Myers Squibb, a US-based pharmaceutical firm, acquired Karuna Therapeutics Inc. for $14 billion. This acquisition aims to significantly enhance Bristol-Myers Squibb's neuroscience portfolio by integrating Karuna's innovative antipsychotic treatment, KarXT. The deal also provides access to Karuna's early-stage and preclinical pipeline, potentially contributing to Bristol-Myers Squibb's long-term growth and diversification in neuroscience. Karuna Therapeutics Inc. is a US-based clinical-stage biopharmaceutical company focused on developing treatments for psychiatric and neurological conditions.
Major companies operating in the antipsychotic drugs market are Pfizer Inc., Johnson & Johnson Services Inc., Merck And Co. Inc., AbbVie Inc., Bristol-Myers Squibb Company, AstraZeneca PLC, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly And Company, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Otsuka Pharmaceutical Co. Ltd., Aurobindo Pharma Ltd., Cipla Ltd., H. Lundbeck A/S, Dr. Reddy's Laboratories Ltd., Intas Pharmaceuticals Ltd., Apotex Inc., Lupin Limited, Glenmark Pharmaceuticals Ltd., Torrent Pharmaceuticals Ltd., Alkermes plc
North America was the largest region in the antipsychotic drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the antipsychotic drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the antipsychotic drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The antipsychotic drugs market consists of sales of long-acting injectables, depot injections, and atypical antipsychotics. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Antipsychotic Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on antipsychotic drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for antipsychotic drugs ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The antipsychotic drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.