USD 7.16 billion
Report ID: SQSG35I2011 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 90 | Figures: 76
Global Schizophrenia Drugs Market size was valued at USD 7.16 billion in 2021 and is poised to grow from USD 7.58 billion in 2022 to USD 12.58 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).
Significant suffering and impairment in essential facets of one's life, including those related to the self, the family, the community, education, employment, and others, are typical symptoms of schizophrenia.
Schizophrenia patients have a two to three times higher risk of dying young than the general population. Physical ailments like the cardiovascular, metabolic, and frequent occurrence of infectious diseases. Schizophrenia affects approximately 24 million people or 1 in 300 people (0.32%) worldwide. This rate is 1 in 222 people (0.45%) among adults (2). It is not as common as many other mental disorders. Schizophrenia is diagnosed 1.4 times more frequently in males than females, as the onset is earlier in men. The peak age of onset is 20–28 years for males and 25–32 years for females.
India and China are starting to present opportunities for market growth. The main driving forces for market expansion in these two countries are elements like advantageous healthcare reforms, a rising aging population, improved health awareness, and a low-cost basis., thereby supporting the growth of the market in the Asia Pacific region. While the lack of awareness in underdeveloped countries is the limiting factor to the growth of the market.
US Schizophrenia Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.16 billion
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Schizophrenia Drugs Market is segmented based on therapeutic class, treatment, distribution channel, and Region. Based on the therapeutic class the Global schizophrenia drugs market is segmented as Second Generation, Third Generation, and Others. Based on treatment, the Global schizophrenia drugs Market is segmented as Oral and Injectable. Based on the distribution channel, the Global schizophrenia drugs Market is segmented as Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others. Based on Region Schizophrenia Drugs Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Schizophrenia Drugs Market Analysis by Therapeutic Class
Based on the therapeutic class the Global schizophrenia drugs market is segmented as Second Generation, Third Generation, and Others. Based on therapeutic class, the second and third-generation anti-psychotics segments are the preferred therapy line for schizophrenia due to greater development in delivering various benefits like improved treatment outcomes and fewer hospitalizations. The factors influencing schizophrenia medications include the increase in the elderly population and product approvals.
Schizophrenia Drugs Market Analysis by Treatment
Based on treatment, the Global schizophrenia drugs Market is segmented as Oral and Injectable. According to treatment, the injectable antipsychotics segment is dominating the market for schizophrenia treatments. Due to increased adherence and more consistent pharmacokinetics, long-acting injectable antipsychotics are more effective and tolerable. Combining injectable antipsychotics with high-quality psychosocial care will lower the probability of relapse in schizophrenia outpatients.
Schizophrenia Drugs Market Analysis by Distribution channel
Based on the distribution channel, the Global schizophrenia drugs Market is segmented as Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others. The hospital pharmacies segment is predicted to be the most dominant sector in the distribution channel segment, in part because major psychiatrists continue to practice in major hospitals and in part because long-acting injectables are becoming more popular, which the doctors may use in their everyday work. Next comes the online pharmacies segment with the convenient method of availability of medicines growing at a steady pace following the growth of hospital pharmacies.
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Global schizophrenia drugs market is dominated by Asia pacific region. Many manufacturers on the market are concentrating on research and development efforts to create safer and more effective medications to treat mental disorders. Key players are also attempting to enter into agreements, colorations, and acquisitions to broaden their product range in order to meet the soaring demand for anti-anxiety and anti-depression medications.
For instance, an Indian multinational pharmaceutical company named Sun Pharmaceutical Industries Ltd. announced in 2022 that it had entered into a licensing agreement with a pharmaceutical company based in Denmark to introduce cutting-edge anti-depression medications under the trade name Vortidiftm in India. Numerous of these changes are predicted to benefit the market for psychotropic medications in the Asia Pacific except in China and Japan. In the region of North America, the market is lately been in a declining phase because of decreasing demand for schizophrenia drugs.
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Schizophrenia Drugs Market Driver
Schizophrenia Drugs Market Restraint
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There is huge competition in the global Schizophrenia drugs Market. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and product differentiation are some of the growth strategies that are adopted by these key players to thrive in the competitive market.
Schizophrenia Drugs Market Top Players Company Profiles
Schizophrenia Drugs Market Recent Developments
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According to our Global Schizophrenia drugs Market Analysis, Asia pacific has dominated the market due to many manufacturers on the market are concentrating on research and development efforts to create safer and more effective medications to treat mental disorders. Key players are also attempting to enter into agreements, colorations, and acquisitions to broaden their product range in order to meet the soaring demand for anti-anxiety and anti-depression medications. Among segments, the second and third-generation therapeutics are expected to capture a larger market share in the future whereas the segment of injectable antipsychotics segment is dominating the market for schizophrenia treatments. Due to increased adherence and more consistent pharmacokinetics, long-acting injectable antipsychotics are more effective and tolerable. The market growth is been favored by the rising demand of antipsychotic drugs. Factor such as higher costs and lack of awareness about mental disorders are restraining the growth of market.
|Market size value in 2021||USD 7.16 billion|
|Market size value in 2030||USD 7.58 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Schizophrenia Drugs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Schizophrenia Drugs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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