Antipsychotic Drugs - Market Insights, Competitive Landscape, and Market Forecast - 2030

Antipsychotic Drugs - Market Insights, Competitive Landscape, and Market Forecast - 2030

Antipsychotic Drugs Market By Indication (Schizophrenia, Bipolar Disorder, Unipolar Disorder, Dementia, And Others), By Drug Class (First Generation Or Typical Antipsychotics [Haloperidol, Prochlorperazine, And Others], Second Generation Or Atypical Antipsychotics [Clozapine, Risperidone, And Others], Third Generation [Abilify And Others], By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, And E-Commerce), and by geography is expected to advance at a respectable CAGR forecast till 2030 owing to the increasing burden of mental disorders such as schizophrenia, dementia, and others and the increasing research & developmental activities concerning to the antipsychotic drugs across the globe

The global antipsychotic drugs market was valued at USD 13,404.76 million in 2022 and is likely to register a CAGR of 6.62% during the forecast period from 2024 to 2030 to reach USD 19,653.29 million by 2030. The antipsychotic drugs market is observing substantial market growth due to the growing prevalence of mental disorders such as schizophrenia, schizoaffective disorder, bipolar disorder, severe depression, psychotic symptoms of a personality disorder, and others. Further, the increasing geriatric population base prone to mental disorders, the increasing focus of governments and healthcare organizations on mental health, the increasing demand for long-acting injectables, and others will aid in surging the demand for antipsychotic drugs. Likewise, the increasing research & developmental activities along with the surging drug approvals and launches and the presence of key players in the market will create a requisite for antipsychotic drugs in the market. Therefore, the market for antipsychotic drugs is estimated to grow at a substantial CAGR during the forecast period from 2024 to 2030.

Antipsychotic Drugs Market Dynamics:

According to the World Health Organization (WHO) 2022, stated that in 2019, 1 in every 8 people, or 970 million people around the world were living with a mental disorder, with anxiety and depressive disorders the most common. In 2020, the number of people living with anxiety and depressive disorders rose significantly because of the COVID-19 pandemic.

Further, the afore-mentioned source in 2022 stated that depression is a common illness worldwide, with an estimated 3.8% of the population affected, including 5.0% among adults and 5.7% among adults older than 60 years. The source mentioned that approximately 280 million people in the world had depression, in 2019.

The WHO in 2022 stated that nearly 40 million people experienced bipolar disorder and nearly 40 million people, including children and adolescents, were living with conduct-dissocial disorder in 2019.

Thus, from the above statistics, it can be concluded that the prevalence of mental disorders is very high across the globe, ultimately increasing the demand for antipsychotic drugs, engaged in the treatment of the above-mentioned disorders.

Additionally, there have been numerous research and development initiatives aimed at the development of these medications in recent years. R&D activities are carried out to improve the safety and efficacy of such drugs. Also, the increased awareness led to greater adoption of these drugs in key countries, significantly increasing market growth in key countries.

Moreover, the clinical trials of antipsychotic drugs are expected to significantly advance the drug development process. For instance, Karuna Therapeutics is advancing its product pipeline by introducing novel drug candidates such as KarXT (xanomeline-trospium) for the treatment of various psychiatric and neurological conditions. Currently, the candidate is being evaluated in late-stage clinical trials as a potential treatment for schizophrenia and psychosis in Alzheimer’s disease. In October 2022, the company also announced the data of the Phase III clinical trial.

Thus, the surging awareness, united with the new launches based on innovative R&D, is expected to drive the market growth for antipsychotic drugs during the forecast period 2022 - 2028.

Therefore, the factors stated above collectively will drive the overall antipsychotic drugs market throughout the forecast period from 2024-2030.

However, the high cost of drug development and launches, addiction caused due to antipsychotic drugs, and stringent regulatory approval process may halt the market growth of antipsychotic drugs.

The antipsychotic drugs market was moderately impacted during the period of COVID- 19 pandemic. During the initial stage of the pandemic, the sale of antipsychotics suffered collapse owing to the imposition of strict lockdown rules, disruption in manufacturing, and supply. However, the government classified medicines and drugs under emergency products during the pandemic, thereby leading to an increase in their demand or sales. Moreover, with the involvement of online pharmacies, the sale of many over-the-counter medicines increased, impacting the market for antipsychotic drugs. Also, the pandemic attributed to the greater adoption of Long-Acting injectables (LAIs) during the pandemic. For instance, Otsuka Pharmaceutical Co. Ltd.’s drug, ABILIFY MAINTENA, a LAI witnessed an increase of 13.9% in its revenue in 2020 compared to 2019. Likewise, the ease of lockdown restrictions, the upturn of resources and supply chain, the administration of a vaccine to the public, and with the increasing number of treatment rates for mental disorders, the demand for antipsychotic drugs increases and is anticipated to do the same during the forecast period from 2022 – 2028.

Antipsychotic Drugs Market Segment Analysis:

Antipsychotic Drugs Market by Indication (Schizophrenia, Bipolar Disorder, Unipolar Disorder, Dementia, and Others), Drug Class (First Generation or Typical Antipsychotics [Haloperidol, Prochlorperazine, and Others], Second Generation or Atypical Antipsychotics [Clozapine, Risperidone, and Others], Third Generation [Abilify and Others], Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and E-Commerce), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the indication segment of the antipsychotic drugs market, the schizophrenia segment is expected to have a significant revenue share in the year 2023. This was primarily owing to the increasing prevalence of schizophrenia across the globe. Also, the expanding launches and strategic investments, and other activities by the key players related to the segment will support the market growth during the forecast period.

For instance, the source WHO in 2022 statistics, added that schizophrenia affects approximately 24 million people or 1 in 300 people (0.32%) worldwide and this rate is 1 in 222 people (0.45%) among adults, in 2019. Moreover, onset is most often during late adolescence and the twenties, and the onset tends to happen earlier among men than among women.

Further, as per the latest study done by National Alliance on Mental Illness, nearly 1.5 million people yearly suffer from schizophrenia, in the United States. The same source stated that at some time during their life about 1 in 100 people will suffer an episode of schizophrenia.

Moreover, the presence of a robust number of schizophrenia-treating antipsychotic drugs in the pipeline will drive market growth. For instance, in February 2022, Alkermes plc received positive results from ENLIGHTEN-Early, a phase 3b study that assessed the effect of LYBALVI (olanzapine and samidorphan) compared to olanzapine on body weight in young adult patients (ages 16 to 39; mean age: 26 years) with schizophrenia, schizophreniform disorder or bipolar I disorder.

Further, various other strategic steps taken by key players in the market will help in driving the growth of antipsychotics. For instance, in January 2022, Otsuka America Pharmaceutical, Inc. and H. Lundbeck A/S received the U.S. FDA approval for the supplemental new drug application (sNDA) of REXULTI (brexpiprazole) for the treatment of schizophrenia in pediatric patients from the ages 13 to 17.

Therefore, owing to the above-mentioned factors, the demand for schizophrenia-treating antipsychotic drugs upsurges, thereby the category is expected to witness considerable growth eventually contributing to the overall growth of the global antipsychotic drugs market during the forecast period.

North America is expected to dominate the overall Antipsychotic Drugs Market:

Among all the regions, North America is expected to dominate the global antipsychotic drugs in the year 2023 and is expected to do the same during the forecast period from 2024-2030.

This can be ascribed to the increasing demand for antipsychotic drugs in the region owing to the increasing prevalence of various mental disorders in the region. Further, the rising burden of geriatric patients, the presence of key domicile players in the region, surging drugs approvals and launches, and others are among the key factors that contribute to the growth of the antipsychotic drugs market in North America during the forecast period from 2022 - 2028.

For instance, as per the latest study conducted by the National Alliance on Mental Illness, 1 in 5 US adults experience mental illness each year and 1 in 20 US adults experience serious mental illness each year. Further, 1 in 6 US youth aged 6-17 experience a mental health disorder each year.

Additionally, as per the source Depression and Bipolar Support Alliance 2022, bipolar disorder affects approximately 5.7 million adult Americans, or about 2.6% of the US population aged 18 and older every year.

Thus, the rising prevalence of mental disorders such as bipolar disorder, dementia, depression, and others will propel the demand for antipsychotic drugs during the forecast period.

Additionally, the rising burden of geriatric patients prone to mental disorders is also going to propel the demand for antipsychotic drugs in the region.

Furthermore, the increasing activities by the key players in the region will in turn increase the demand for the product during the forecast period. For instance, in June 2020, Neurocrine Biosciences entered into a strategic collaboration with Takeda Pharmaceuticals to develop and commercialize compounds in Takeda’s early-to-mid-stage psychiatry pipeline. Under the collaboration, Takeda granted an exclusive license to Neurocrine Biosciences for seven pipeline programs, including three clinical-stage assets for schizophrenia, treatment-resistant depression, and anhedonia.

Moreover, the market players in the country are continuously concentrating on the development of novel drugs to tackle mental disorders indications using antipsychotic drugs, and they are also adopting various strategies to develop better drugs with reduced side effects. Thus, this is likely to drive the market in the region. For instance, in September 2022, Zydus Lifesciences’ US subsidiary Zydus Pharmaceuticals (USA) Inc. received final approval from the United States Food and Drug Administration (USFDA) to market Cariprazine Capsules, USP 1.5 mg, 3 mg, 4.5 mg, and 6 mg. Cariprazine is an atypical antipsychotic indicated for the treatment of schizophrenia and acute treatment of manic or mixed episodes associated with bipolar I disorder.

Therefore, the interplay of the aforementioned factors would provide a conducive growth environment for the North America region in the antipsychotic drugs market.

Antipsychotic Drugs Market Key Players:

Some of the key market players operating in the antipsychotic drugs market include Eli Lily and Company, Janssen Global Services, LLC, Pfizer Inc., Otsuka Pharmaceutical Co., Ltd., Alkermes, Inc., Dr. Reddy’s Laboratories Ltd., AbbVie Inc., Sun Pharmaceutical Industries Ltd., Amneal Pharmaceuticals LLC., Alvogen., Hikma Pharmaceuticals PLC, Viatris Inc., Bayer AG, Bristol-Myers Squibb Company, Cardinal Health Inc., Sanis Health Inc., H. Lundbeck A/S, Elikem Pharmaceuticals Pvt Ltd, Devlife Corporation Private Limited., GSK plc, and others.

Recent Developmental Activities in the Antipsychotic Drugs Market:

In November 2022, Teva Pharmaceuticals announced positive results for a Phase III trial on a subcutaneous, long-acting injectable risperidone formulation in the treatment of schizophrenia.

In November 2022, Neurocrine Biosciences partnered with Sosei Group Corporation to develop a new brand of protein inhibitor that helps to improve treatments for a wide range of neuropsychiatric disorders. Under the agreement, Neurocrine Biosciences has the right to develop and produce muscarinic M4, M1, and dual M1/M4 receptor agonists discovered by Sosei Heptares.

In February 2022, Dr. Reddy's Laboratories Ltd. launched Fluphenazine Hydrochloride Tablets, USP, a therapeutic equivalent generic version of Prolixin Tablets, 1 mg, 2.5 mg, 5 mg, and 10 mg, approved by the U.S. Food and Drug Administration (USFDA).

Key Takeaways from the Antipsychotic Drugs Market Report Study

Market size analysis for current antipsychotic drugs market size (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the antipsychotic drugs market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global antipsychotic drugs market.

Various opportunities available for the other competitor in the antipsychotic drugs market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current antipsychotic drugs market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for antipsychotic drugs market growth in the coming future?

Target Audience who can be benefited from this Antipsychotic Drugs Market Report Study

Antipsychotic drugs providers

Research organizations and consulting companies

Antipsychotic drugs -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in antipsychotic drugs

Various end users who want to know more about the antipsychotic drugs market and the latest developments in the antipsychotic drugs market.

Frequently Asked Questions for the Antipsychotic Drugs Market:

1. What are antipsychotic drugs?

Antipsychotic drugs are prescribed as short or long-term treatment of mental health problems. These drugs help alleviate and control psychotic symptoms such as anxiety, depression, delusions, hallucinations, or mania.

2. What is the global market for antipsychotic drugs?

The global antipsychotic drugs market was valued at USD 13,404.76 million in 2022 and is likely to register a CAGR of 6.62% during the forecast period from 2024 to 2030 to reach USD 19,653.29 million by 2030.

3. What are the drivers for the global antipsychotic drugs market?

The antipsychotic drugs market is witnessing positive market growth owing to the factors such as the growing prevalence of mental disorders, increasing geriatric population base prone to mental related ailments, increasing focus of governments and health care organizations on mental health, growing demand of long-acting injectables, surging new drug launches and approvals, presence of key players in the market, and others will create an exigency for the antipsychotic drugs market.

4. Who are the key players operating in the global antipsychotic drugs market?

Some of the key market players operating in the antipsychotic drugs market include Eli Lily and Company, Janssen Global Services, LLC, Pfizer Inc., Otsuka Pharmaceutical Co., Ltd., Alkermes, Inc., Dr. Reddy’s Laboratories Ltd., AbbVie Inc., Sun Pharmaceutical Industries Ltd., Amneal Pharmaceuticals LLC., Alvogen., Hikma Pharmaceuticals PLC, Viatris Inc., Bayer AG, Bristol-Myers Squibb Company, Cardinal Health Inc., Sanis Health Inc., H. Lundbeck A/S, Elikem Pharmaceuticals Pvt Ltd, Devlife Corporation Private Limited., GSK plc, and others.

5. Which region has the highest share of the antipsychotic drugs market?

Among all the regions, North America is estimated to hold a significant revenue share in the global antipsychotic drugs market. This can be ascribed to the increasing demand for antipsychotic drugs among the patients in the region owing to the increasing prevalence of various mental disorders such as depression, bipolar disorders, substance-induced psychoses, schizophrenia, and others. Further, the rising burden of geriatric patients and the presence of key domicile players in the region are the reasons which act as a supportive factor for the North America antipsychotic drugs market growth.