Antipsychotic Drugs Market - Forecasts from 2024 to 2029

Antipsychotic Drugs Market - Forecasts from 2024 to 2029

The global antipsychotic drugs market was valued at US$16.311 billion in 2022 and is projected to expand at a CAGR of 6.51% over the forecast period to reach US$25.358 billion by 2029.

Antipsychotic medicines, commonly known as antipsychotic drugs or just antipsychotics, are administered to address mental health issues temporarily or permanently. These medications aid in reducing and controlling psychotic symptoms including mania, sadness, delusions, and anxiety. They accomplish this by blocking the brain's dopaminergic pathways. It is crucial to the healthcare industry and therefore is anticipated to expand the antipsychotic drugs market throughout the projected period.

Major mental diseases are becoming more prevalent, placing significant demand on the healthcare system, services, and practitioners. As a result, the leading antipsychotic drugs market players are devoting their best efforts and investments to the creation of drugs that are exceptionally safe and efficient and can be used to treat patients with psychotic illnesses wherever in the globe.

Furthermore, there seems to be reduced demand for in-person mental health care, especially among the elderly population, as a result of this fear of sickness. With varying degrees of success, several providers have been forced to make the switch to remote healthcare, offering consultations over the phone or through online platforms.

Market Drivers
Increasing clinical trials and demand for retail pharmacies-

A surge in R&D efforts for innovative antipsychotic medications was influenced by the growing patient population. Drug development is supported by an increasing number of clinical trials for these medications, which is projected to spur market expansion. Additionally, it is predicted that the antipsychotic drugs market size will grow significantly due to the increasing use of long-acting injectables to treat these conditions.

Opportunities for the antipsychotic drugs market growth are created by the rise in the number of antipsychotic medications distributed through retail pharmacies and the rise in the number of retail pharmacies in developed nations. Additionally, because retail pharmacies are more convenient for customers to reach, patients prefer them for medicine purchases.
Rise in the prevalence of mental health disorders-

An important driver of growth in the antipsychotic drugs market is the rising incidence of mental health disorders, including schizophrenia and bipolar disorder, among the population. According to NAMI, approximately 40 million individuals in the United States, accounting for 18.1% of the population, experience anxiety disorders annually.

Nearly half of individuals diagnosed with depression are also found to have an anxiety condition. The World Health Organization (WHO) has proposed mental health action plans to improve mental health and prevent mental illnesses in member nations.

Depression affects individuals of all ages, backgrounds, and socioeconomic statuses, although certain groups are more susceptible to the illness than others. According to data from the World Health Organization, depression impacts over 280 million people worldwide, representing an estimated 3.8% of the population.

Despite anxiety disorders being highly treatable, only about one-third of those affected seek treatment. Consequently, the antipsychotic drug market is expanding as mental health disorders become increasingly prevalent.

Restraint-
Cost constraints-

While providing essential treatment options for mental health disorders, the antipsychotic drugs market encounters various challenges and constraints that impede its optimal growth and effectiveness. Both first and second-generation antipsychotic medications may come with considerable costs, particularly the branded versions.

This elevated expense can pose a barrier for patients, especially those with limited financial means or insufficient insurance coverage. Moreover, the high treatment expenses can place a burden on healthcare systems, potentially restricting access to these medications for certain individuals.

The segmentation of the anti-psychotic drugs market by therapeutic class into First-generation and Second-generation.

The segmentation of the anti-psychotic drugs market by therapeutic class is divided into first-generation and second-generation. First-generation drugs are noted for their effectiveness in certain patients, particularly in addressing positive symptoms.

Second-generation drugs are recognized for their greater effectiveness in treating both positive and negative symptoms, and occasionally cognitive impairments. They are generally better tolerated by patients.

North America is anticipated to hold a significant share of the antipsychotic drugs market-

North America is predicted to hold a notable share of the antipsychotic drugs market due to the enhanced regulatory environment, high prevalence of disease, and government initiatives. For instance, according to information released by SAMHSA, Any Mental Illness (AMI), 19.86% of adults are experiencing a mental illness. Equivalent to nearly 50 million Americans.

Furthermore, males who have schizophrenia often develop it in their late teens or early twenties, whereas women who have it tend to do it in their late twenties or early thirties, which is anticipated to fuel the antipsychotic market size.

Market Developments
November 2023- Teva Pharmaceuticals, the U.S. subsidiary of Teva Pharmaceutical Industries Ltd., disclosed the release of efficacy and safety results from the phase 3 Risperidone Subcutaneous Extended-Release (RISE) study in The Lancet Psychiatry. These findings provided further validation for the FDA approval of UZEDY, granted in April 2023 for the management of schizophrenia in adults. UZEDY is administered as a subcutaneous injection every one or two months, utilizing a pre-filled syringe.
October 2022- Osanetant (ACER-801), a medication for treating acute stress disorder and post-traumatic stress disorder (PTSD), was given a new indication by Acer Therapeutics Inc.
February 2022- Positive findings from ENLIGHTEN-early, a phase 3b trial evaluating the use of LYBALVI in the treatment of schizophrenia disorder, were reported by Alkermes plc.

Market Segmentation
By Therapeutic Class
First-generation
Second-generation
By Distribution Channel
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
By Application
Schizophrenia
Dementia
Bipolar Disorder
Depression
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Thailand
Others