Schizophrenia Drugs Market, Size, Global Forecast Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Schizophrenia Drugs Market, Size, Global Forecast Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Schizophrenia Drugs Market size is projected to reach US$ 9.46 Billion by 2030, according to Renub Research. Schizophrenia is a complex, chronic mental health disorder characterized by various symptoms, including delusions, hallucinations, disorganized speech or behavior, and impaired cognitive ability. The early onset of the disease, along with its chronic course, makes it a disabling disorder for many patients and their families. Disability often results from negative and cognitive symptoms, such as attention, working memory, or executive function impairments. In addition, relapse may occur because of positive signs, such as suspiciousness, delusions, and hallucinations. The inherent heterogeneity of schizophrenia has resulted in a lack of consensus regarding the disorder's diagnostic criteria, aetiology, and pathophysiology.

Treatment of schizophrenia has been in recent decades as many patients have switched from first-generation 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 severe side effects of first-generation medications, such as rigidity, bradykinesia, dystonia, 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.

Schizophrenia Drugs Market will expand with a CAGR of 3.51% during 2023-2030

For instance, schizophrenia affects 24 million human beings worldwide, according to the World Health Organization, in 2022. This range is possibly to preserve to increase, along with growth within the ageing populace. According to the United Nations, the global geriatric population is increasing swiftly. In 2020, approximately 727 million human beings elderly 65 or older lived worldwide, about 9.3% of the global population. Furthermore, it's far predicted that there might be 1.5 billion people aged 65 years or above globally by 2050. Additionally, the American Psychiatric Association and the National Institute of Mental Health estimated that the risk of a person having schizophrenia in some time in the future in their lifestyle is between 0.3% and 0.7%.

The growing incidences of mental illnesses due to genetic tendencies, particular chemical imbalances in the mind, substance abuse, and psychosocial variables are the major driver of the global schizophrenia drugs market. In addition, government bodies and NGOs' increasing investments in digitally and telecommunication solutions to promote self-care and mental fitness attention further bolstered the market increase. Moreover, the rising popularity of injectable based schizophrenia drugs, specifically long-acting injectable, owing to their associated benefits, including effective long-term relapse prevention, improved patient compliance, ease of administration, and fewer adverse consequences compared to oral remedies, is also creating a tremendous outlook for the market.

Additionally, the escalating utilization of high-content single-cell screenings to expand efficacious compounds for brand spanking new schizophrenia drugs similarly augments the market boom. They are cost-effective and time-saving options for introducing modern medicines that can be supplied to small-scale clinics and other healthcare carriers using this treatment repurposing strategy. The inflating demand for novel tablets with expanded efficacy without adverse reactions on the person's safety and well-being is predicted to pressure the schizophrenia market inside the coming years. Besides this, several key players are investing extensively in growing 2nd generation antipsychotics, such as serotonin and histamine, to prevent amphetamine-induced behavioural changes in patients. Worldwide Schizophrenia Drugs Market becomes US$ 7.43 Billion in 2023.

Injectable treatment segment is witnessing the fastest market growth within the Schizophrenia Drugs Market

By treatment, the Schizophrenia Drugs Market is segmented into Oral and Injectable. The injectable section is projected to seize the biggest market proportion and experience the highest increase within the forecast duration in the Schizophrenia Drugs Market. This growth can be attributed to numerous factors, such as the efficacy of injectable medicines in dealing with schizophrenia symptoms, improved patient compliance, and the improvement of long-acting injectables, which reduces dosing frequency. These advantages make injectable a preferred choice for lots of patients and healthcare vendors, contributing to their dominant role in the market for schizophrenia drugs.

Second-generation segment is poised for growth in the forecast period due to increasing mental health disorders prevalence, including schizophrenia

By Therapeutic Class, the Schizophrenia Drugs Market is divided into second-generation, third-generation, and others. The Second-generation drugs are positioned for enormous growth in the coming years, primary due to the growing prevalence of mental health disorders. These drugs have validated exceptional effectiveness in dealing with the complex symptoms associated with situations like hallucinations and delusions in patients with schizophrenia. As awareness and diagnosis of mental health disorders keep to extend, the demand for Second-generation is anticipated to surge, making this section a significant player within the field of psychiatric prescribed drugs, imparting hope for improved remedy and outcomes for the ones affected from schizophrenia and associated situations.

Retail Pharmacies have captured more shares in the Schizophrenia Drugs Market

By Distribution Channel, the Schizophrenia Drugs Market is classified into Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. Retail pharmacies have notably secured a larger market share within the Schizophrenia Drugs Market. This trend is driven by the convenience and accessibility they offer to patients seeking prescription medications for managing schizophrenia. Retail pharmacies ensure patients receive their prescribed antipsychotic drugs promptly, promoting treatment adherence and improved symptom management. As mental health awareness grows, and with a focus on community-based care, retail pharmacies will likely continue capturing an increased market share, playing an essential role in distributing and supporting schizophrenia drugs.

China Schizophrenia Drugs Market is showing good Growth

By Country, Schizophrenia Drugs Market is split into North America (United States & Canada), South America (Brazil & Mexico), Europe (United Kingdom, Germany, France, Italy, Spain, & Netherlands), Asia Pacific (China, Japan, India, South Korea & Australia) Middle East & Africa (South Africa & UAE), Rest of the World. The schizophrenia drugs market in China is experiencing enormous growth, driven by numerous key factors.

The China market is expected to grow significantly over the forecast period, primarily due to the increasing number of people affected by schizophrenia and related disorders. This is further compounded by the fact that the geriatric population, who are more susceptible to late-onset schizophrenia, is also on the rise. As a result, the demand for effective treatments and therapies is expected to increase, thereby driving the growth of the market. Increasing healthcare investments, research projects, and improving access to healthcare services are accelerating market growth. Pharmaceutical corporations also focus on growing and advertising innovative medicines for schizophrenia treatment. As a result, the Chinese schizophrenia drugs market is poised for sustained expansion, providing better alternatives and improved care of people stricken by this complex circumstance.

Key Player

The some of the major market player includesHLundbeck, Pfizer Inc, AbbVie, AstraZeneca, Bristol Myers Squibb, Eli Lilly, GlaxoSmithKline, Johnson & Johnson, Takeda Pharmaceuticals& Novartis AG.

Renub Research latest report “Schizophrenia Drugs Market, By Class ( Second Generation, Third Generation& Others), Treatment Market Analysis (Oral, Injection), End-User (Hospital, Retails, Online), Region (North America (United States & Canada), South America (Brazil & Mexico), Europe (United Kingdom, Germany, France, Italy, Spain, & Netherlands), Asia Pacific (China, Japan, India, South Korea & Australia) Middle East & Africa (South Africa & UAE), Rest of the World), Companies (H Lundbeck, Pfizer Inc, AbbVie, AstraZeneca, Bristol Myers Squibb, Eli Lilly, GlaxoSmithKline, Johnson & Johnson, Takeda Pharmaceuticals & Novartis AG)” provides a detailed analysis of Schizophrenia Drugs Industry.

Class – Market has been covered from 3 viewpoints:

1. Second Generation

2. Third Generation

3. Others

Treatment – Market has been covered from 2 viewpoints:

1. Oral

2. Injectable

End-User – Market has been covered from 3 viewpoints:

1. Hospital Pharmacies

2. Retail Pharmacies

3. Online Pharmacies

Country – This report covers the 18 Countries Schizophrenia Drugs Market

1. North America

1.1 United States

1.2 Canada

2. South America

2.1 Brazil

2.2 Mexico

3. Europe

3.1 United Kingdom

3.2 Germany

3.3 France

3.4 Italy

3.5 Spain

3.6 Netherlands

4. Asia Pacific

4.1 China

4.2 Japan

4.3 India

4.4 South Korea

4.5 Australia

5. Middle East & Africa

5.1 South Africa

5.2 UAE

6. Rest of the World

Company Insights:

Overview

Business Strategy

Financial Insight

Company Analysis:

1. H Lundbeck

2. Pfizer Inc

3. AbbVie

4. AstraZeneca

5. Bristol Myers Squibb

6. Eli Lilly

7. GlaxoSmithKline

8. Johnson & Johnson

9. Takeda Pharmaceuticals

10. Novartis AG