The global antipsychotic drugs market is projected to rise at a healthy rate from 2021 to 2031 (forecast period). In the present healthcare landscape, one of the disease groups expected to experience considerable growth is the group of psychiatric illnesses. This group of psychiatric illnesses comprises mental diseases with psychosis symptoms, such as bipolar disorder, schizophrenia, and depression. Psychosis is a significant symptom of mental disease that includes the patient's disconnection from reality, affecting how they perceive information.
The rising incidence of schizophrenia and bipolar disorder is expected to boost the antipsychotic drugs market during the forecast period. Furthermore, the introduction of antipsychotic drugs in innovative forms, such as long-acting injectables with enhanced advantages, is projected to propel market expansion during the forecast period.
Prominent players active in the global antipsychotic drugs market include GlaxoSmithKline plc, Eli Lily and Company, Johnson & Johnson, AstraZeneca plc, Teva Pharmaceuticals, Otsuka Pharmaceutical Co, Ltd., Bristol-Myers Squibb, Pfizer Inc., AbbVie Inc., and Dr. Reddy's Laboratories.
Key players are extending their manufacturing plants to meet the growing demand for novel antipsychotic drugs in order to maintain their market presence. Furthermore, the adoption of tactics such as collaboration, partnership, and merger and acquisition by other key players is likely to benefit the antipsychotic drugs market growth.
The global antipsychotic drugs market is projected to expand as a result of the prevalence of mental diseases, an increase in the elderly population, and a spike in the number of mental health awareness initiatives.
As per the American Psychiatric Association (APA), around one in every twenty-four patients suffering from major mental disorders involved serious psychotic illnesses in 2018. The rising frequency of mental diseases places a significant strain on the healthcare system. As a result, the government is focusing on raising awareness about the illnesses and the effectiveness of the drugs used to treat them. This has resulted in a substantial global demand for highly effective and safe drugs to treat people suffering from psychotic illnesses. Furthermore, the companies are concentrating on the development of novel antipsychotic injectable medications that will assist reduce the need to monitor the patient's drug intake. This is expected to boost the growth of the global antipsychotic drugs market in the approaching years.
Moreover, during the COVID-19 pandemic, there has been a significant shift toward telemedicine for the treatment of psychotic illnesses. The lockdown and stay-at-home restrictions had a severe influence on the mental well-being of many people around the world. This resulted in increased use of antipsychotic drugs to treat these symptoms. As a result, the global antipsychotic drugs market experienced a robust sales performance during the outbreak. This is also due to the increased use of long-acting injectables (LAIs) during the pandemic. Overall, the COVID-19 pandemic had a favorable impact on the antipsychotic drugs market growth in 2020.
The North America antipsychotic drugs market is projected to rise due to high awareness of psychotic illnesses, the presence of adequate healthcare infrastructure, and the easy accessibility of antipsychotic drugs in the region's countries.
The antipsychotic drugs market in Europe is expected to grow due to the rising rates of mental illnesses, which is driving up demand for antipsychotic drugs in the region. Mental illness, for example, was the second-largest cause of healthcare burden in England in 2020, according to Mental Health First Aid England (MHFA).
The Asia Pacific antipsychotic drugs market is expected to develop due to a large patient population, a growing prevalence of schizophrenia and bipolar disorders, and an increase in government programs to enhance healthcare facilities in the region.