February 22, 2024

The Global Antipsychotic Drugs Market is driven by rising prevalence of schizophrenia and other psychotic disorders

Antipsychotic drugs are used to treat psychotic disorders such as schizophrenia, bipolar disorder and severe depression. These drugs help manage symptoms such as hallucinations, delusions, paranoia, and disorganized thoughts or speech associated with these conditions. The global antipsychotic drugs market is mainly categorized into first generation and second generation drugs. First generation antipsychotic drugs or typical antipsychotics such as chlorpromazine are effective in managing psychotic symptoms but cause severe extrapyramidal side effects. Second generation or atypical antipsychotics including clozapine, risperidone, and olanzapine have similar efficacy with fewer side effects.

The global antipsychotic drugs market is estimated to be valued at US$ 16.14 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the antipsychotic drugs market is the development of drugs with less side effects. The traditional first generation antipsychotics are associated with motor side effects like tremors and rigidity. Second generation antipsychotics were developed to overcome these issues but still have other metabolic side effects like weight gain. Drug manufacturers are focusing on developing novel antipsychotic drugs targeting specific pathways with reduced side effect burden. For instance, companies are developing drugs targeting serotonin, glutamate and GABA pathways with the goal of improving therapeutic effects and safety. Another notable trend is the increasing focus on developing long-acting injectable forms of antipsychotics. These long-acting formulations provide more consistent drug levels, improve patient compliance and reduce relapses.

Porter’s Analysis

Threat of new entrants: Low. There are high patent protections and clinical research costs to bring new drugs to market. Significant capital is required to comply with regulatory norms.

Bargaining power of buyers: Moderate. Buyers include hospitals, healthcare facilities and patients. They have moderate bargaining power due to presence of substitute therapies.

Bargaining power of suppliers: Moderate. Large suppliers have significant influence over pricing and availability of raw materials. However, high R&D investments limit suppliers’ power.

Threat of new substitutes: Low. Limited research on new substitutes and most drugs are patent protected. Alternate therapies have safety concerns.

Competitive rivalry: High. Industry comprises major global players. Competition on pricing and newer formulations.

Key Takeaways

The global antipsychotic drugs market is expected to witness high growth. The global antipsychotic drugs market is estimated to be valued at US$ 16.14 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024-2030.

Regional analysis comprises North America dominates the market currently due to large healthcare spending. However, Asia Pacific is expected to witness fastest growth in the antipsychotic drugs market supported by rising mental healthcare awareness, increasing patient population and healthcare reforms.

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.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it