Bipolar disorder market
Market Overview:
The bipolar disorder market is anticipated to record a CAGR of approximately 2.5% over the forecast period, 2019-2024 The main considerations for the development of the bipolar disorder market include the growing incidence of bipolar disorder, increased awareness-raising projects by public institutes, and technological advances. Because of the multiple risk factors such as elevated pressure, drug abuse and others, there is an growing incidence of bipolar disorder.
According to the Institute for Health Metrics and Evaluation IHME, Global Burden of Diseases, the incidence of bipolar disorder worldwide ranges from 0.3 percent to 1.2 percent nation by nation. In 2017, around 46 million individuals worldwide had bipolar disorder, 52% of who are female and 48% of were male.
The typical age of onset is the late teenagers or early twenties, and a history of depression is prevalent in individuals with bipolar diagnosis. Men and females are impacted in equal numbers by bipolar disorder. The first episode is typically manic in females, whereas males usually experience first a depressive episode. Therefore, the increase in disease instances and the growing need to efficiently handle them has resulted to the development of the market for bipolar disorder.
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Key market trends: –
Antipsychotic drugs are expected to be fastest growing segment over the forecast period:
Antipsychotic drugs are used to manage psychotic symptoms such as hallucinations, delusions, or mania symptoms as a short-term therapy for bipolar disorder. During acute mania or severe depression these symptoms may happen. Some also treat bipolar depression, and some have shown long-term importance in stopping future mania or depression episodes. Antipsychotics are also used as sedatives in individuals with bipolar disorder as “off label,” for insomnia, anxiety, and/or agitation. They are often taken with a mood-stabilizing drug and can reduce mania symptoms until mood-stabilizers become fully effective. Some antipsychotics, on their own, appear to assist stabilize moods. As a consequence, individuals who do not accept or react to lithium and anticonvulsants may use them alone as a long-term therapy. Some antipsychotic drugs include aripiprazole Abilify , asenapine Saphris , caryprazine Vraylar , clozapine Clozaril , lurasidone Latuda , olanzapine Zyprexa , quetiapine Seroquel , risperidone Risperdal , and ziprasidone Geodon .Therefore, the antipsychotic drug market is anticipated to expand owing to the above-mentioned factors and further contribute to development in the market for bipolar disorder.
North America is estimated to hold largest share in the market:
It is discovered that North America holds a substantial share in the bipolar disorder market and is anticipated to demonstrate a comparable trend over the forecast period without important changes. The market is anticipated to see elevated development over the forecast period due to the growing instances of bipolar disorder and the existence of better healthcare infrastructure. According to information released on Mental Illness by the National Alliance, about 1 in 5 individuals in the U.S. experience mental illness in a specified year.
In order to safeguard patients from injuring themselves or others, hospitalization is needed for serious episodes of mania and depression. Bipolar I disorder is defined in portion by manic symptoms, which are so serious that the individual requires instant hospital care, according to the NIMH. There is a tremendous need to address bipolar disorder as it is a growing issue, and thus the market for bipolar disorder is anticipated to expand over the forecast period.
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Competitive Landscape:
The market studied is a moderately consolidated market owing to the presence of small and large market players. Some of the market players are AbbVie Inc., Allergan PLC, AstraZeneca Plc, Eli Lilly and Company, GlaxoSmithKline Plc, Janssen Pharmaceuticals Inc., Novartis AG, Otsuka Holdings Co. Ltd, and Pfizer Inc.
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