Subtle changes in cognition and social relationships are expected to precede the actual diagnosis, often by years. According to the World Health Organization 2019 report, the disease affects 20 million people worldwide. Furthermore, this number is likely to continue to increase, along with the growth in the aging population. The increase in the number of patients taking treatment and rising demand for improved healthcare infrastructure are expected to drive the market. In recent years, the government in several countries have collaborated well with many hospitals across nations to give moe protection to people from schizophrenia. The rising burden of the disease and the increasing need to manage it effectively is driving the growth of the market studied.
Key Market Trends
The Second-generation Antipsychotics Sub-segment is Expected to record the Better Growth Over the Forecast Period
The usual first-line treatment for schizophrenia is antipsychotic medication. One of the commonly preferred medications is risperidone, which is also known as a second-generation antipsychotic (SGA) or atypical antipsychotic. Risperidone rebalances dopamine and serotonin to improve thinking, mood, and behavior. It is expected to help in curing some or all of the symptoms of schizophrenia. Moreover, in the United States the Food and Drug Administration (FDA) approved for acute treatment of manic or mixed episodes of bipolar disorder, maintenance (long-term) treatment of bipolar disorder (Risperdal Consta® only), and irritability associated with autistic disorders. There are several second-generation drugs available in the market, which are commonly proposed by doctors/physicians. Continuous support by the government to private and public healthcare companies also boosts the growth of companies in this segment. Therefore, considering the aforementioned reasons, the market for second-generation antipsychotics is likely to grow steadily over the forecast period.
The North American is Expected to Dominate the Market Over the Forecast Period
The North American region is expected to dominate the market studied over the forecast period. In the North American region, the United States accounted for the largest market share, as a major section of the population is approaching such medications therapies, primarily due to hectic lifestyles. Moreover, the country offers highly advanced medical care, for early treatment capabilities, along with the involvement of government in increasing healthcare expenditure. This is driving the growth of the market studied.
The Schizophrenia Drugs market is competitive and consists of major and small players. In terms of market share, the major players currently dominate the market. Some of the major market players include Alkermes Plc, Bristol-Myers Squibb, Eli Lilly and Company, Johnson & Johnson, and Allergan Plc, among others.
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