Antipsychotic Drugs Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4448
Antipsychotic Drugs Market size is poised to witness monumental demand from 2021 to 2027. The increasing burden of numerous chronic and severe mental health disorders such as dementia, schizophrenia, unipolar disorder, and bipolar disorders is one of the major factors driving this demand. For example, schizophrenia affects more than 20 million people worldwide, as per WHO. The WHO also says that individuals with schizophrenia are 2-3 times more likely to die early compared to the general population. However, these disorders can be treated effectively with the help of medicine and psychosocial support.
Continuous efforts by public health organizations to raise awareness about mental health problems, expand the availability of treatment options, and reduce their burden will augment the growth of market. For instance, the U.S. Centers for Medicare & Medicaid Services (CMS) had partnered with the federal and state agencies, healthcare providers, and nursing homes to enhance comprehensive dementia care. The partnership is aimed at finding new ways to improve the quality of life for people with dementia and providing personalized care for every nursing home resident. Considering the wide occurrence of mental disorders, particularly among older individuals, such initiatives will certainly boost the consumption of antipsychotic drugs in the coming years.
Antipsychotic drugs, also called antipsychotic medication or simply antipsychotics, are prescribed as short or long-term treatment of mental health problems. These drugs help alleviate and control psychotic symptoms such as anxiety, depression, delusions, hallucinations, or mania. Antipsychotics are generally classified as first generation, second generation, and third generation drugs. Among these, the second-generation antipsychotic drugs market is slated to grow substantially through 2027. Also known as atypical antipsychotics, these medications have lower risk of extrapyramidal side-effects and tardive dyskinesia compared to other types.
In terms of application, dementia is estimated to hold a substantial share of the market in terms of revenue over the next few years. The WHO reports that nearly 10 million new dementia cases are added around the world each year. Alzheimer’s Disease is among the most common causes of dementia among older adults, but other types of dementia can affect younger individuals. Government and public health organizations are introducing new initiatives and programs to improve the quality of life for dementia. For example, the Administration for Community Living (ACL), a functioning body under the U.S. Health Department, provides grants that support federal and community efforts to expand the availability of care and treatment for people with Alzheimer's disease and related dementia (ADRD).
Europe antipsychotic drugs market share is predicted to reach a sizable valuation by the end of 2027. According to the WHO Regional Office for Europe (WHO/Europe), dementia is the leading cause of disability and dependency among older people in the region. currently, dementia affects about 10 million people and the regional prevalence is projected to double by 2030. A lack of awareness and knowledge about the disease is still prevalent in numerous European countries, leading to delay in diagnosis and treatment. To address this, public health agencies are taking steps to improve outcomes through early diagnosis. These factors along with the presence of leading drug makers such as AstraZeneca and GlaxoSmithKline will complement the regional outlook significantly.
Bristol-Myers Squibb, Pfizer, AstraZeneca, GlaxoSmithKline, Johnson & Johnson and Eli Lilly and Company are some of the top vendors in the market. Regulatory approvals will play an important role in the introduction of novel solutions in the market. In September 2021, Janssen Pharmaceutical Companies, the wholly-owned business of Johnson & Johnson, announced the U.S. FDA approval for INVEGA HAFYERA, an atypical antipsychotic medication for adults with schizophrenia.
Understanding the impact of COVID-19 on antipsychotic drugs market forecast
According to Alzheimer's Association, a non-profit organization representing more than 100 Alzheimer’s and dementia associations worldwide, the COVID-19 pandemic could lead to a massive rise in dementia cases in the near future. The Association also says that COVID-19 infections can increase an individual’s likelihood of developing dementia and cause its symptoms to show up earlier. In August 2021, the Alzheimer's Association had warned the WHO and governments globally to urgently accelerate research on the potential impact of COVID-19 on the rising dementia cases. These factors could work in favor of the market.
Several research studies have also shown that antipsychotics could possibly have a positive effect against the coronavirus infection. For instance, a 2021 study led by the Mental Health Unit of the Virgen del Rocio University Hospital in Seville, Spain showed that antipsychotic medication could have a protective effect against COVID-19. People administered with antipsychotics could have a lower risk of contracting the virus or may experience milder symptoms if the coronavirus does affect them. Further research and development to study such effects will bolster the industry outlook.
The market research report on antipsychotic drugs includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, by Drugs, 2014-2025 (USD Million)
- First Generation
- Second Generation
- Third Generation
Market, by Application, 2014-2025 (USD Million)
- Unipolar disorder
- Bipolar disorder
Market, by Distribution Channel
- Pharmacy stores
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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