Global Antipsychotic Drugs Market: Overview
The global market for antipsychotic drugs is witnessing significant traction owing to the global rise in prevalence of psychotic disorders such as bipolar disorder, schizophrenia, delusions, hallucinations, and very severe depression (called “psychotic depression”). Recent studies have stated that antipsychotics are one of the top-selling and most widely prescribed drugs for managing psychotic conditions in the United States. Although earlier prescribed only for such psychotic conditions, a vast variety of antipsychotics are also prescribed as a supplement to antidepressant medications and for routine complaints such as insomnia. Records demonstrate that antipsychotics such as Abilify are outselling other drug varieties and are becoming one of the key and high-profit drug classes of the pharma industry.
This report on the global antipsychotic drugs market presents a thorough overview of the present state of the market, growth dynamics and popular trends of the past years, and predictions regarding the course of growth the market will witness over the period between 2016 and 2024. The report gives in-depth insights about the factors that will have the most influence on the market’s future growth prospects, including market drivers, restraints, regulatory landscape, and competition among key players.
A thorough account of the vendor and competitive landscape of the global antipsychotic drugs market included in the report sheds light on the various opportunities available for new and existing players to gain promising returns on investment in the field of antipsychotic drugs. A SWOT analysis of key vendors allows a clear understanding of the strengths and weaknesses of key market vendors as well as the threats and opportunities ahead of these companies in the global market.
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Global Antipsychotic Drugs Market: Drivers and Restraints
Global estimates suggest that over 1.25% of the global population suffers from psychosis and related disorders. This translates into a potential market of about 7.5 mn people as target consumers for antipsychotic drugs. Although the potential consumer base for the market is relatively much smaller than that for diseases such as cancer and diabetes, the high costs of antipsychotic drugs make the market one with promising returns. The market holds immense growth promise for future years as the patient pool of psychotic conditions rises at an alarming rate across the globe. The introduction of newer antipsychotic compounds and the vast funds poured in for research and development activities are also expected to have a significant positive impact on the overall development of the market in the near future.
However, the market is expected to bear the brunt of the concerning rise in cases of over prescription of these drugs even for routine complaints such as insomnia and the increased awareness regarding the severe drawbacks as well as chances of addiction associated with these drugs. The issues have been known to be more intense in developed economies such as North America and a significant rise in strict regulations observing stronger control on the prescription of these drugs and misleading advertisements has been seen in the past few years. The impending patent expirations of several blockbuster drugs and the threat of cheap generics is also adding to worries of companies operating in the global antipsychotic drugs market.
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Global Antipsychotic Drugs Market: Segmentation
The report segments the global antipsychotic drugs market on the basis of criteria such as drug classes, target disease, and geography.
On the basis of drug classes, the global antipsychotic drugs market is commonly segmented into: older or first-generation antipsychotics, also called typical antipsychotics or neuroleptics, and newer or second-generation drugs, also called as atypical antipsychotics. Studies have shown that several atypical antipsychotics are useful for a broader spectrum of conditions than older or typical antipsychotics and mostly help treat conditions such as bipolar depression that have not responded to standard medication alone.
The key target diseases for the antipsychotic drugs market are Schizophrenia, psychotic depression, dementia, and bipolar disorder. Of these, Schizophrenia and psychotic depression are expected to account for the dominant share in the market’s revenues over the report’s forecast period. Of the key regional markets analyzed, North America is presently the dominant consumer of antipsychotic drugs and is expected to remain a key regional market owing to the vast and rising patient pool of psychotic disorders.
Some of the key companies operating in the global antipsychotic drugs market are Johnson & Johnson, Pfizer, Eli Lilly and Co., Bristol-Myers Squibb, AstraZeneca, and GlaxoSmithKline.