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| Antipsychotic Drugs Market |
Market Overview:
The global Antipsychotic Drugs Market is estimated to be valued at USD 15.47 billion in 2022 and is
expected to exhibit a CAGR of 6.0%
over the forecast period of 2023-2030, as highlighted in a new report published
by Coherent Market Insights. Antipsychotic drugs are used for the treatment of
various mental disorders, such as schizophrenia and bipolar disorder. These
drugs help in reducing hallucinations and delusions, improving concentration,
and increasing attention span. The rising prevalence of mental disorders across
the globe, along with the growing geriatric population, is driving the demand
for antipsychotic drugs. Additionally, the increasing awareness about mental
health and the availability of advanced treatment options are further fueling
the market growth.
Market Key Trends:
One of the key trends observed in the Antipsychotic Drugs Market is the growing
preference for atypical antipsychotics over typical antipsychotics. Atypical
antipsychotics have lower side effects compared to typical antipsychotics, such
as extrapyramidal symptoms. These medications offer better efficacy and are
preferred by both healthcare professionals and patients. Furthermore, atypical
antipsychotics have been proven to be more effective in treating negative
symptoms of schizophrenia, such as social withdrawal and flat affect. The
increasing focus on patient comfort and adherence, coupled with the
introduction of novel atypical antipsychotics with improved safety profiles, is
driving the market demand for these drugs.
Segment Analysis
The antipsychotic drugs market can be segmented based on drug class,
application, and distribution channel. Among these segments, the drug class
segment dominates the market. Antipsychotic drugs can be categorized into atypical
antipsychotics and typical antipsychotics. Atypical antipsychotics sub-segment
holds the largest market share in the drug class segment. This can be
attributed to the increased effectiveness and fewer side effects associated
with atypical antipsychotics compared to typical antipsychotics. The atypical
antipsychotics are favored by healthcare professionals and patients due to
their improved safety profile and better patient compliance. The dominating
sub-segment of atypical antipsychotics includes risperidone, olanzapine, and
clozapine. These drugs have gained popularity in the market for their efficacy
in treating various psychotic disorders.
Key Takeaways
The global Antipsychotic
Drugs Market Share is expected
to witness high growth, exhibiting a CAGR
of 6.0% over the forecast period from 2023 to 2030. This growth can be
attributed to the increasing prevalence of mental disorders, such as
schizophrenia and bipolar disorder, worldwide. Furthermore, the rising
geriatric population and the subsequent increase in mental health disorders
among older individuals are driving the demand for antipsychotic drugs.
In terms of regional analysis, North America is the fastest growing and
dominating region in the antipsychotic drugs market. This can be attributed to
the high prevalence of mental health disorders and the presence of advanced
healthcare infrastructure in the region. North America is also witnessing
significant investments in research and development activities, leading to the
introduction of innovative antipsychotic drugs.
Key players operating in the antipsychotic drugs market include AstraZeneca,
Pfizer, Inc., Eli Lily and Co., Bristol-Myers Squibb, Johnson & Johnson,
GlaxoSmithKline, and Allergen. These companies are focusing on research and
development activities to develop new and improved antipsychotic drugs. They
are also adopting strategies such as mergers, acquisitions, and collaborations
to strengthen their market presence.
Overall, the global antipsychotic drugs market is projected to witness substantial
growth over the forecast period, driven by the increasing prevalence of mental
health disorders and advancements in drug development. North America is
expected to dominate the market, while key players will continue to invest in
research and development to meet the growing demand for innovative
antipsychotic drugs.
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