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Antipsychotic drugs, also known as neuroleptics or major tranquilizers, are a class of pharmaceuticals primarily used to manage psychosis (including delusions, hallucinations, paranoia or disordered thought), principally in schizophrenia and bipolar disorder. They are increasingly being used in the treatment of other psychiatric conditions including behavior problems in dementia, depression, and post-traumatic stress disorder. The global antipsychotic drugs market plays a vital role in treating patients suffering from chronic and debilitating mental health conditions. These drugs help relieve distressing symptoms and enable people to function better.
The global Antipsychotic Drugs Market is estimated to be valued at US$ 16.14 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. The growing prevalence of mental disorders including schizophrenia, bipolar disorder and post-traumatic stress disorder has been a key growth driver for the market. According to WHO, over 264 million people across the world suffer from depression while an estimated 246 million people are affected by anxiety globally each year. Increased awareness regarding availability of treatment options and reduced stigma attached to mental illnesses have also fueled the demand for antipsychotic medications.
Market key trends:
One of the major trends witnessed in the antipsychotic drugs market has been the steady launch of novel products with improved safety and efficacy profiles. For instance, several second-generation or atypical antipsychotics such as Abilify, Rexulti, and Vraylar launched in the past decade offer better tolerability and are associated with less extrapyramidal side effects as compared to first-generation antipsychotics. These newer products have gained popularity as first-line treatment options for a range of psychological disorders. In addition, the introduction of longer acting injectable antipsychotics such as Invega Trinza and Aristada have allowed for less frequent dosing cycles, reducing pill burden and facilitating better patient compliance.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is medium as setting up manufacturing facilities and obtaining regulatory approvals require high capital investments and time.
Bargaining power of buyers: The bargaining power of buyers is high as the market is fragmented with presence of many national and international players providing a variety of treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of alternative raw material suppliers and commodity nature of raw materials.
Threat of new substitutes: The threat of new substitutes is medium as research is ongoing for development of next-generation therapies.
Competitive rivalry: The competitive rivalry is high due to many branded and generic players competing on pricing and new product launches.
Key Takeaways
The global antipsychotic drugs market is expected to witness high growth over the forecast period. Regionally, North America is expected to dominate the market throughout the analysis period. The large share can be attributed to increasing prevalence of psychotic disorders and growing awareness. Europe is anticipated to witness rapid growth due to rising geriatric population susceptible to mental disorders demanding effective treatment options.
Key players operating in the antipsychotic drugs market are Eli Lily and Company, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, Otsuka Pharmaceutical Co, Ltd., Pfizer Inc., AbbVie Inc., Bristol-Myers Squibb, Teva Pharmaceuticals, and Dr. Reddy’s Laboratories. Eli Lily and Company leads the branded drugs market with popular products such as Zyprexa and Latuda. Generic manufacturers such as Teva and Mylan are introducing low-cost substitutes to gain market share.
North America dominates the global antipsychotic drugs market and is expected to continue its dominance during the forecast period. High healthcare expenditure and increasing adoption of novel treatment options drive market growth in the region. Europe is anticipated to emerge as the second largest market owing to rising mental health concerns and government support for treatment and prevention programs. However, Asia Pacific is likely to witness fastest growth through 2030 on back of growing awareness, improving access to diagnosis, and rise in healthcare expenditure in developing countries.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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