Antipsychotic Drugs Market: Current Analysis and Forecast (2021-2027)
Emphasis on Therapeutic Class (First Generation, Second Generation, Third Generation); Application (Schizophrenia, Dementia, Bipolar Disorder, Depression, Others); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others) and Region/Country
The global antipsychotic drugs market is experiencing significant growth due to the increasing aging population, mental health disorders such as schizophrenia and bipolar disorder amongst the population, and awareness regarding the mental health among consumers. In March 2020 Dr. Reddy’s Laboratories announced the launch of Ziprasidone Mesylate for injection, 20 mg (base)/ml single-dose vials, which is the generic therapeutic equivalent of Pfizer’s Geodon injection, in the United States. The ziprasidone injection is used to treat occurrences of severe agitation in patients with schizophrenia. Thus, it works by helping to restore the balance of certain natural substances (neurotransmitters) in the brain. Furthermore, ziprasidone injection is used when quick relief of your symptoms is required. Therefore, the market for antipsychotic drugs is expected to witness a significant CAGR of 7.3% during the forecast period.
Global antipsychotic drugs market is expected to register a significant CAGR of around 6% over the period of 2021-2027. This is mainly due to the high prevalence of neurological disorders and stringent government regulations coupled with the growing focus of major stakeholders in the healthcare system to adopt to make antipsychotic drug products more sustainable with fewer side effects and eco-friendlier. Major healthcare companies are investing heavily in their products due to rising infertility cases, an increase in the demand for at-home diagnostic devices, awareness of healthcare expenditure, and the rising incidence of gynecological disorders. For instance, according to the World Health Organization (WHO), in 2018, globally more than 300 million individuals suffered from depression. The considerably large number of people suffering from mental stress increases the demand for antipsychotic drugs. As a result, the government is focusing on raising awareness about the illnesses and the effect which significantly contributes to the market for antipsychotic drugs. Therefore, the market for antipsychotic drugs is expected to witness significant growth during the forecast period
Eli Lily and Company, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, Otsuka Pharmaceutical Co, Ltd., Pfizer Inc., AbbVie Inc., Bristol-Myers Squibb, Teva Pharmaceuticals, Dr. Reddy’s Laboratories are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Therapeutic class, second generation category accounted for the majority share in the market in 2020”
Based on therapeutic class, the market is classified into first generation, second generation, and third generation. Amongst types, the second-generation category accounted for a significant share of the market. This is mainly due to this segment dominance is attributable to the presence of a large number of second-generation antipsychotic drugs in the global markets. Over the forthcoming years, the rising popularity of mental health disorders among the younger generation is likely to boost the demand for antipsychotic drugs.
“Amongst Application, schizophrenia is expected to witness highest CAGR during the forecast period”
Based on product, the market is categorized into schizophrenia, dementia, bipolar disorder, depression, and others. Among these, schizophrenia is expected to witness the highest CAGR during the forecast period. Schizophrenia is affecting a large number of people and is expected to support the growth of the segment over the forecast period. For instance, as per WHO, Schizophrenia affects approximately 24 million people or 1 in 300 people (0.32%) worldwide. This rate is 1 in 222 people (0.45%) among adults. These results in serious mental illnesses that affect how a person thinks, feels, and behaves. The continuous development of the new products and procedures is likely to strengthen the market of the segment during the forecast period
“North America to witness significant growth during the forecast period”
North America is expected to show significant growth in the antipsychotic drugs market. The major contributors to the growth of this market are US and Canada. The increase in technology development in emerging economies, as well as the expansion of the healthcare industry, has contributed to the growth of the North America market. North America has a higher adoption rate of technologically advanced and innovative solutions and drugs. The enhanced mental awareness regarding the availability of various antipsychotic drugs has propelled the growth of the market in the region. Furthermore, increasing geriatric population and new product launches, and various developmental strategies adopted by the regional market will drive market growth. The endorsement of increasing demand for mental health awareness campaigns also significantly contributed to the considerable growth of the state. As per the national alliance on mental illness, about 1 in 5 U.S. adults experience mental illness each year.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global antipsychotic drugs market were the three major steps undertaken to create and analyze the adoption of antipsychotic drugs in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global antipsychotic drugs market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the antipsychotic drugs market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the antipsychotic drugs market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a therapeutic class, application, distribution channel, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the antipsychotic drugs market. Further, we conducted factor analysis using dependent and independent variables such as a therapeutic class, application, distribution channel, and region of antipsychotic drugs. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the antipsychotic drugs market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global antipsychotic drugs market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of antipsychotic drugs market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global antipsychotic drugs market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global antipsychotic drugs market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of a therapeutic class, application, distribution channel, and region in the global antipsychotic drugs market.
The main objective of the Global Antipsychotic drugs Market Study
The current & future market trends of the global antipsychotic drugs market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the antipsychotic drugs market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of a therapeutic class, application, distribution channel, and region.
- Define and analysis of the regulatory framework for the antipsychotic drugs market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the antipsychotic drugs market for the major region.
- Major countries of regions studied in the report include North America, Europe, Asia Pacific, and Rest of the world.
- Company profiles of the antipsychotic drugs market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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