Antipsychotic Drugs Market projected to achieve a CAGR of 5.94% to reach US$22.783 billion by 2028

NOIDA, UTTAR PARDESH, INDIA, December 18, 2023 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the antipsychotic drugs market is projected to grow at a CAGR of 5.94%, between 2021 and 2028 to reach US$22.783 billion by 2028.

The antipsychotic drugs market is influenced by factors such as the growth in clinical trials and the need for retail pharmacies, the surge in the occurrence of mental health disorders, an increase in depression among the younger population, and the rise in government initiatives.

Antipsychotic medications, also referred to as antipsychotic drugs or simply antipsychotics, are prescribed to address temporary or persistent mental health issues. These drugs play a crucial role in reducing and managing symptoms associated with psychosis, including mania, depression, delusions, and anxiety, by blocking dopaminergic pathways in the brain. Given their significance in the healthcare sector, it is expected that the antipsychotic drugs market will experience growth throughout the projected period.

The prevalence of major mental illnesses is increasing, placing substantial demands on healthcare systems, services, and professionals. Consequently, key players in the antipsychotic drugs market are directing their efforts and investments toward developing drugs that are exceptionally safe and effective, catering to patients with psychotic disorders globally. Additionally, there is a decreasing preference for in-person mental health care, particularly among the elderly, due to concerns about illness. Many providers have had to transition to remote healthcare with varying degrees of success, offering consultations via phone or online platforms.

Access sample report or view details: https://www.knowledge-sourcing.com/report/antipsychotic-drugs-market

Categorized based on therapeutic class, antipsychotic drugs can be distinguished between first-generation and second-generation.

Based on application, there is an expected significant increase in the prevalence of schizophrenia. The onset of schizophrenia typically occurs at a young age, usually between 15 and 25 years for men and 25 and 35 years for women. It affects both genders equally. Cases of schizophrenia in children, particularly those occurring before the age of 18, tend to be particularly severe. Around 20% of new cases of schizophrenia can manifest in individuals over the age of 45. Delusional symptoms are highly prevalent in such cases, with less severe negative symptoms and impacts on cognitive abilities and focus.

The market can also be segmented into hospitals, retail, and online pharmacies, based on distribution channels. The growth of the antipsychotic drugs market is facilitated by the increased distribution of antipsychotic medications through retail pharmacies and the expansion of retail pharmacy outlets in developed countries. Furthermore, the convenience of access makes retail pharmacies a preferred choice for patients when purchasing medications.

North America is expected to have a significant share in the antipsychotic drugs market, attributed to an improved regulatory environment, a high prevalence of the disease, and government initiatives. Between 2019 and 2020, more than 50 million Americans, accounting for 20.78% of adults, were grappling with a mental illness. Notably, a substantial majority of individuals dealing with a substance use disorder in the United States did not seek treatment. In the past year, 15.35% of adults had a substance use disorder, with a staggering 93.5% of them not receiving any form of treatment. Moreover, the onset of schizophrenia tends to occur in males in their late teens or early twenties, while females typically develop it in their late twenties or early thirties, contributing to the anticipated expansion of the antipsychotic market.

The antipsychotic drug market is characterized by the presence of both global and regional companies, contributing to its moderation. The competitive landscape involves the examination of several well-established international and local companies that hold significant market shares, including AstraZeneca Plc., Pfizer Inc., AbbVie Inc., and Eli Lily and Company. In January 2022, the supplemental new drug application for REXULTI^®, intended for the treatment of schizophrenia in patients aged 13 to 17, was accepted by the U.S. FDA, as submitted by Otsuka American Pharmaceutical, Inc., and Lundbeck, Inc. During 2021, Neurocrine Biosciences acquired the rights to develop and market Sosei Heptares' dual M1/M4 and M4/M1 muscarinic receptor agonists. Neurocrine Biosciences plans to submit an investigational new drug application to the Food and Drug Administration and initiate a placebo-controlled phase 2 study to assess one of the M4 agonists as a potential therapy for schizophrenia.

The market analytics report segments the antipsychotic drugs market using the following criteria:

• By Therapeutic Class

o First-generation
o Second-generation

• By Application

o Schizophrenia
o Dementia
o Bipolar Disorder
o Depression
o Others

• By Distribution Channel

o Hospital Pharmacies
o Retail Pharmacies
o Online Pharmacies

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others

Companies Profiled:

• AstraZeneca Plc.
• Pfizer, Inc
• Alkermes Plc.
• Eli Lilly and Company
• Bristol-Myers Squibb Company
• Johnson and Johnson
• Teva Pharmaceutical Industries Ltd.
• Otsuka Holdings Co. Ltd.
• AbbVie, Inc.

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Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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