Antipsychotic Drugs Market
Market Overview:
In the forecast period from 2018 to 2023, the global market for antipsychotic drugs is expected to register a CAGR of 3.5%. Drugs used in the treatment of psychosis, including schizophrenia and bipolar disorder, are antipsychotic medicines. The increase in the prevalence of mental health disorders among the population such as schizophrenia and bipolar disorder is a major driver of growth for the market. According to data published by the American Anxiety and Depression Association, about 6.7% of the U.S. population aged 18 years and older suffered from major depression. Due to the high prevalence of psychosis and related disease conditions, North America is expected to dominate the market during the forecast period.
Rise in Psychosis Prevalence and Associated Disorders:
The increase in the prevalence rate of psychotic disorder would also increase the governments interest in antipsychotic drug research and development. The World Health Organization WHO has recommended an action plan for mental health in the member states to promote mental health and prevent mental disorders. Moreover, according to key facts published by WHO, depression affects an estimated 300 million people and bipolar disorder affects 60 million people worldwide. The most common psychiatric disorders affecting children and adults are anxiety disorders. It is estimated that 44 million American adults experience the ill effects of the uncomfortable problem. Simply, about one-third of people with an anxiety disorder receive treatment, although the disorders are highly treatable. Therefore, the large pool of patients expected to stimulate market growth.
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Other factors that drive this market are a constant investment in research and development and a growing focus on mental health by governments and health care organizations.
increased cases of addiction:
Antipsychotic drugs associated with side effects on the patient. Drug abuse and addiction is a condition that is characterized by a self-destructive pattern of using a substance that leads to substantial problems and distress. Mostly those patients with schizophrenia are at very high risk of drug abuse and addiction. According to Substance Abuse and Mental Health Services Administration SAMHSA estimates, in 2014, an estimated 22.5 million Americans aged 12 and older self-reported need treatment for alcohol or illicit drug use and 11.8 million self-reported adults in the past year needed mental health treatment or counseling. Therefore, the increase in the case of addiction is expected to limit the growth of the market.
Other factors restraining the growth of the market is the patent expiry of major drugs.
Asia-Pacific is expected to witness the fastest growth rate:
Due to increased social awareness of psychotic disorders and other associated disorders such as mania, anxiety, and depression, healthy CAGR is expected. It is expected that growing access and availability of medicines for mental illness treatment will drive market growth. Due to well-established healthcare infrastructure, better regulatory framework and government support in this regions countries, North America is expected to dominate market share.
Key Developments:
May 2018–Takeda Pharmaceutical Company Limited and H. Key developments in the antipsychotic drugs market. The U.S. has been announced by Lundbeck A / S. A supplementary new drug application for TRINTELLIX vortioxetine was approved by the Food and Drug Administration FDA.
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April 2018–Proteus Digital Health is working together on a pipeline of digital oral solid-dose drugs for various therapies, including cardiovascular and oncological drugs, based on its first NDA, which used ingestible sensors in antipsychotic treatment.
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