The rise in the prevalence of mental health disorders, such as schizophrenia and bipolar disorder amongst the population is a major growth driver for the market. According to the Anxiety and Depression Association of America, Anxiety disorders are the most common mental illness in the United States, affecting 40 million adults in the United States age 18 and older, or 18.1% of the population every year. Nearly one-half of those diagnosed with depression are also diagnosed with an anxiety disorder.
World Health Organization (WHO) has recommended mental health action plan to promote mental health and preventing mental disorders in the member states. In addition, according to the key facts published by WHO, an estimated 300 million people are affected by depression, and 60 million people are affected by bipolar disorder, worldwide. Anxiety disorders are the most communal psychiatric illnesses affecting children and adults. It is evaluated that 44 million American grown-ups experience the ill effects of uneasiness issue. Merely, about one-third of those suffering from an anxiety disorder receive treatment, even though the disorders are highly treatable.
Therefore, it is indicated that the market will majorly be driven by the rising prevalence of mental disorders.
Key Market Trends
Schizophrenia is Expected to Register a Good CAGR Over the Forecast Period
Schizophrenia is a serious mental disorder and is affecting the large number of people across the globe. The disease is mainly characterized by the distortions in thinking, emotions, and sense of self and behavior. World Health Organization has stated that around 23 million people across the globe are affected by this disorder among which 12 million are male and 9 million are females. National Institute of Mental Health has stated that the prevalence of Schizophrenia and related symptoms is around 0.25% and 0.64% and this is increasing rapidly. This rise in the prevalence of the disease is contributing to the market growth.
As the disease is serious and it increases the chances of early death if not treated properly, there is a growing focus of companies to come up with novel drugs for the treatment of this disease. Currently, there are several FDA approved drugs available in the market. For instance, Chlorpromazine, Aripiprazole, Olanzapine, etc. and there is new drug approval every year, which is expected to drive the market growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the market share, owing to well-established healthcare infrastructure, better regulatory framework, and government support in the countries of this region. However, Asia-Pacific is expected to witness the fastest growth rate during the forecast period. The healthy CAGR is expected due to rising social awareness regarding psychotic disorders and other associated disorders, such as mania, anxiety, and depression. The growing access and availability of medications for the treatment of a mental illness are expected to propel the growth of the market.
The market for Antipsychotic Drugs is moderately competitive and consists of the global players as well as the local players. Since most of the drugs for the treatment of the disease are approved by the US FDA, global players are currently holding a major share of the market. Due to the rising focus of the small players for market penetration, it is believed that these players will hold a substantial share of the market in the coming future.
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