Schizophrenia Drugs Market: Current Analysis and Forecast (2021-2027)

Report Description

The schizophrenia drugs market is expected to register a CAGR of around 4% over the period of 2021-2027. Schizophrenia is a serious mental disorder in which people interpret reality abnormally. Schizophrenia can cause hallucinations, delusions, and extremely disordered thinking of thoughts and behaviors that interfere with daily functioning and can lead to disability. Schizophrenia treatment is composed of antipsychotic drugs and requires lifelong treatment even when the symptoms have subsided. Schizophrenia medicines often control the symptoms of the disorder by managing dopamine, a critical neurotransmitter. Treatment of schizophrenia has been in recent decades as many patients have switched from first-generation drugs and typical antipsychotics to second-and third-generation drugs, also known as atypical antipsychotics. Second-generation and third-generation antipsychotics are preferred because of the serious side effects associated with first-generation drugs such as rigidity, bradykinesia, dystonias, tremor, and akathisia. Owing to this, industry players are focusing on launching new 2nd and 3rd-generation atypical antipsychotic drugs in the market to expand their product portfolio which in turn is leading to an increase in no. of FDA approvals. For example, in June 2021, Alkermes plc announced that the U.S. Food and Drug Administration (FDA) has approved LYBALVI™ (olanzapine and samidorphan) for the treatment of adults with schizophrenia and for the treatment of adults with bipolar I disorder. LYBALVI is a once-daily, oral atypical antipsychotic composed of olanzapine, an established antipsychotic agent, and samidorphan, a new chemical entity.

 Furthermore, the schizophrenia drugs market is anticipated to grow on account of the increase in the prevalence of schizophrenia, and the rising demand for improved medication and treatment is expected to drive the market. For instance, according to the National Institute of Mental health (NIMH) and the World Health Organization (WHO), schizophrenia is known to impose a substantial burden on patients, their families, and society. In the U.S. alone, the disorder affects approximately 3.5 million people and about 4,000 new cases are reported every year.

1. Lundbeck A/S, Otsuka Pharmaceutical Co., Ltd., Janssen Pharmaceuticals, Inc., Eli Lilly and Company, AstraZeneca, ALLERGAN, Vanda Pharmaceuticals Inc., Sumitomo Dainippon Pharma Co., Ltd., Alkermes plc, Bristol-Myers Squibb Company 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 new drugs.

Insights Presented in the Report

“Amongst Therapeutics Class, the second-generation category accounted for the majority share in the market in 2020”

Based on therapeutic class, the market is classified as the second generation, third generation, and others. Amongst therapeutic classes, the second-generation category accounted for a significant share of the market. This is mainly due to their low risk of neurological side effects as compared to first-generation schizophrenia drugs. One of the most preferred medications is risperidone, also known as a second-generation antipsychotic (SGA) or atypical antipsychotic. Risperidone balances dopamine and serotonin and improves thinking, mood, and behavior. It is expected to help cure some or all the symptoms of schizophrenia.

“Among Treatment, the injectables is expected to witness highest CAGR during the forecast period”

Based on treatment, the market is categorized into oral and injectables. Among these, the injectables segment is expected to witness the highest CAGR during the forecast period. Injectable schizophrenia medications, especially long-acting injections, are one of the most advanced types of treatment. Long-acting injections (LAI) often help eliminate the side effects of oral treatment of schizophrenia. LAI also offers better efficiency and tolerability due to the improvement of adherence and more stable pharmacokinetics. Thereby, boosting the growth of this segment.

“North America to witness significant growth during the forecast period”

For a better understanding of the market dynamics of the schizophrenia drugs market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the schizophrenia drugs market industry in 2020 owing to strong healthcare infrastructure and growing adoption of schizophrenia drugs in the region.

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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Research Methodology

Research Methodology for the Global Schizophrenia Drugs Market Analysis (2021-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global schizophrenia drugs market were the three major steps undertaken to create and analyze the adoption of schizophrenia 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 schizophrenia 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 the industry pertains to. Detailed methodology is explained below:

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 schizophrenia drugs market through company internal sources such as annual report & 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 schizophrenia 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 included in the report as therapeutic class and treatment. 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 schizophrenia drugs market. Further, we conducted factor analysis using dependent and independent variables such as various therapeutic class and treatment of schizophrenia drugs. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Schizophrenia 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 schizophrenia 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 was 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 schizophrenia drugs market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global schizophrenia 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, and 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 of each segment and sub-segment of the global schizophrenia drugs market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of therapeutic class and treatment in the global schizophrenia drugs market.

The main objective of the Global Schizophrenia drugs Market Study

The current & future market trends of global schizophrenia drugs market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were 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 as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the schizophrenia 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 therapeutic class and treatment.
• Define and analysis of the regulatory framework for the schizophrenia 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 schizophrenia drugs market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the Schizophrenia 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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