Antipsychotic Drugs Market: Overview
The global antipsychotic drugs market was worth USD 12,729.5 million in 2021, rising at a compound annual growth rate (CAGR) of 7.7%. The need for antipsychotic drugs is driven by the rising prevalence of psychosis and related illnesses. As of 2021, nearly 1 billion individuals worldwide have a mental illness; in low-income nations, more than 75% of those affected go untreated. Nearly 3 million people lose their lives to drug misuse each year. Genetic abnormalities, drug-induced psychoses, and physical illnesses that cause depression are the main causes of the rising prevalence of these disorders. The introduction of more modern antipsychotic drugs and large R&D expenditures fuel market expansion. Additionally, it is projected that in the near future, possibilities will arise for extending the portfolio of antipsychotics, stimulating demand. This is due to market participants' increased attempts to broaden the therapeutic applications of these medications.
The prevalence of mental diseases is rising, placing pressure on the healthcare system. The government focuses on raising public awareness of the ailments and the efficacy of the therapies employed to treat them. In February 2021, the government nominated Tetsushi Sakamoto as Minister in Charge of Isolation and Loneliness to address mental health issues in Japan. The campaign was created in response to Japan's first increase in suicide rates in 11 years. As a result, there has been a sharp rise in demand for highly efficient and secure medications to treat people with psychotic diseases worldwide.
Additionally, the companies are concentrating on creating cutting-edge antipsychotic injectable medications that would assist in doing away with the need for patients to be monitored for drug use. In December 2021, Zydus Cadila was approved by the USFDA to market as a generic schizophrenia medication. Atypical antipsychotic medication cariprazine is used to treat bipolar disorder's acute manic and mixed episodes and schizophrenia. The global antipsychotic drugs market is predicted to increase favorably due to these factors.
Antipsychotic Drugs Market: COVID-19 Impact
There has been a bigger shift in the market toward telemedicine for treating psychotic illnesses. Additionally, a large number of people all across the world experienced a substantial negative impact on their mental health as a result of the lockdown and stay-at-home orders. As a result, more people are using these drugs to treat their symptoms. Consequently, during the epidemic, the global market had high sales performance. This can also be attributed to the pandemic's increased use of long-acting injectables (LAIs). The sales of the medication (ABILIFY MAINTENA) manufactured by Otsuka Pharmaceutical Co. Ltd. increased by 13.9% in 2020 compared to 2019. Overall, COVID-19 positively affected the market's expansion in 2020. From 2021 onward, the market's growth will be predicted to stabilize.
Antipsychotic Drugs Market: Drivers
Rise in Mental Health Disorder Prevalence to Drive Market Growth
It is projected that the global market for these drugs will experience positive growth patterns due to the sharp rise in the prevalence of psychotic diseases. It is projected that the expansion of patient pools around the globe will fuel market expansion. For instance, a study published in 2020 predicted that the cost of mental diseases to the world economy by 2030 would be approximately USD 6 trillion. As public awareness of the seriousness of these mental diseases increases, it is anticipated that these figures will increase the demand for these therapies. In 2022, the World Health Organization (WHO) predicted that there would be around 24.0 million cases of schizophrenia worldwide. However, there has been a significant rise in the prevalence of bipolar illness and schizophrenia in recent years. This prompted various pharmaceutical firms to work on the R&D of these drugs, resulting in the launch of new products throughout the projection period. Such elements will likely contribute to the expansion of the global market.
Increased R&D Activities to Create New Antipsychotic Drugs to Drive Market Expansion
The creation of these drugs has been the subject of various research and development projects in recent years. The goal of these R&D efforts was to make these medications safer and more effective. Increased adoption of these medications due to better awareness in important markets greatly accelerated market expansion in those nations. Karuna Therapeutics, for example, is expanding its product pipeline by presenting innovative medication candidates, including KarXT (xanomeline-trospium), for treating mental and neurological diseases. Late-stage clinical trials are currently examining the candidate as a potential therapy for schizophrenia and psychosis in Alzheimer's disease. This rise in awareness is anticipated to fuel market expansion, along with new product releases built on creative R&D.
Antipsychotic Drugs Market: Restraints
Antipsychotic Drug Side Effects to Prevent Wider Market Adoption
Despite the significant advantages of using these popular medicines to treat various psychiatric diseases, some restrictions exist. One of these important limiting considerations for these products is the negative side effects associated with their use. An article from JAMA Psychiatry in 2018 found that unexpected deaths were considerably more common in children and young people starting antipsychotic treatment for illnesses other than schizophrenia. These elements are predicted to restrict market expansion severely. Mild sedative symptoms, dry mouth, akathisia, digestive problems, weight problems, abrupt dystonia, and tardive dyskinesia are only a few of the frequent side effects of these drugs. These adverse effects may considerably impact the patient's ability to operate daily. The market growth may be further constrained by non-adherence to these treatments due to these undesirable events.
Antipsychotic Drugs Market: Segment Overview
Schizophrenia Category to Lead Psychotic Illness due to Rising Geriatric Population
Schizophrenia is a terrible mental illness that affects a lot of people all over the world. The condition is primarily identified by cognitive, emotional, and behavioral abnormalities. The main driver propelling the market's growth over the projection period is the rising elderly population, which is more prone to late-onset schizophrenia, and the rising prevalence of schizophrenia and associated illnesses. The World Health Organization estimates that 24 million people will be affected by schizophrenia globally in 2022. Along with the growing elderly population, this figure will also probably rise. The United Nations' World Population Ageing Highlight 2020 study states that the global geriatric population is fast growing and that there will be 727 million individuals worldwide who are 65 years of age or older in 2020, making up around 9.3% of the entire world's population. Aging people are more prone to neurological and physiological conditions. Hence, the increasing burden of schizophrenia is likely to increase the segment expansion over the forecast period.
Second Generation of Antipsychotics Medicine to Dominate Market due to Improved Results
Throughout the forecast period, the second generation category dominated the global market. The prevalence of second-generation pharmaceuticals on the global market, which is a significant portion of this segment, is responsible for its domination. Several well-known second-generation antipsychotics are Rexulti, Zyprexa, Invega Hafyera, and Seroquel XR. Additionally, the improved efficacy and safety profiles of these medication generations would also aid in expanding this market. The first-generation antipsychotic drugs created in the 1950s were conventional or standard antipsychotics. However, there are hazards associated with these medications, including drowsiness and blurred vision, and some of them may have deadly consequences. With the availability of substantially more effective medications with fewer side effects, these items are predicted to see negative growth over the projected period.
Antipsychotic Drugs Market: Regional Landscape
North America to Acquire Major Market Share due to Increased Prevalence of Mental Disorders
North America is predicted to dominate the market share due to its well-established healthcare infrastructure, superior regulatory environment, rising prevalence of mental diseases, and government backing in the nations of this area. The main element fueling market expansion in the area is the rising prevalence of schizophrenia and mental disease in the population. It has been noted that around 1% of the American population suffers from schizophrenia. Additionally, men who have schizophrenia often develop it in their late teens or early twenties. In contrast, women who have it tend to do it in their late twenties or early thirties. The World Health Organization predicts that in 2022, people with schizophrenia will have a two- to three-fold increased risk of premature death compared to the general population. Physical ailments like viral, metabolic, and cardiovascular problems are frequently blamed for this. However, strong regional awareness of the seriousness of mental diseases is anticipated to boost market expansion throughout the forecast period. The North American region company's primary emphasis is on implementing various business strategies, such as partnerships, product releases, acquisitions, and collaborations, to maintain its position in the market for schizophrenia medications, which is expected to spur market expansion. For instance, Neurocrine Biosciences and Sosei Group Corporation collaborated in November 2021 to create a new brand of protein inhibitor that aids in developing medicines for various neuropsychiatric illnesses.
The market in the Asia Pacific is predicted to expand at the fastest rate, particularly in developing nations like China and India. With the numerous programs raising awareness of psychiatric illness and the rising number of mental illness patients in the area, it is anticipated that the acceptance of these drugs will pick up steam there. The World Health Organization (WHO) predicts that India will have 56 million cases of depression and another 38 million anxiety disorders in 2020. The Asia Pacific market is anticipated to increase due to expanding access to the availability of medicines for the management and treatment of the symptoms of mental diseases.
Global Antipsychotic Drugs Market: Competitive Landscape
In January 2022, Otsuka America Pharmaceutical, Inc. and H. Lundbeck A/S gained FDA approval for REXULTI (brexpiprazole) supplemental new drug application (sNDA) to treat schizophrenia in pediatric patients aged 13 to 17. Furthermore, in February 2021, Dr. Reddy's Laboratories Ltd. introduced Fluphenazine Hydrochloride Tablets, USP, a therapeutic equivalent generic version of Prolixin Tablets, 1 mg, 2.5 mg, 5 mg, and 10 mg, which was approved by the US Food and Drug Administration (USFDA).
Few of the players in the antipsychotic drugs market include Abbvie Inc. (Allergan Inc.), AstraZeneca Plc., Alkermes Plc., Dr. Reddy’s Laboratories Limited, Bristol-Myers Squibb, Eli Lilly And Company, Teva Pharmaceutical Industries Ltd, Pfizer Inc., Otsuka Holdings Co., Ltd. (Otsuka Pharmaceutical Co., Ltd.), and Johnson & Johnson (Janssen Pharmaceuticals).
Regional Classification of the Global Antipsychotic Drugs Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Antipsychotic Drugs Market
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