Global Antipsychotic Drugs Market: Overview
The global market for antipsychotic drugs is witnessing significant traction owing to the global rise in prevalence of psychotic disorders such as bipolar disorder, schizophrenia, delusions, hallucinations, and very severe depression (called “psychotic depression”). Recent studies have stated that antipsychotics are one of the top-selling and most widely prescribed drugs for managing psychotic conditions in the United States. Although earlier prescribed only for such psychotic conditions, a vast variety of antipsychotics are also prescribed as a supplement to antidepressant medications and for routine complaints such as insomnia. Records demonstrate that antipsychotics such as Abilify are outselling other drug varieties and are becoming one of the key and high-profit drug classes of the pharma industry.
This report on the global antipsychotic drugs market presents a thorough overview of the present state of the market, growth dynamics and popular trends of the past years, and predictions regarding the course of growth the market will witness over the period between 2016 and 2024. The report gives in-depth insights about the factors that will have the most influence on the market’s future growth prospects, including market drivers, restraints, regulatory landscape, and competition among key players.
A thorough account of the vendor and competitive landscape of the global antipsychotic drugs market included in the report sheds light on the various opportunities available for new and existing players to gain promising returns on investment in the field of antipsychotic drugs. A SWOT analysis of key vendors allows a clear understanding of the strengths and weaknesses of key market vendors as well as the threats and opportunities ahead of these companies in the global market.
Global Antipsychotic Drugs Market: Drivers and Restraints
Global estimates suggest that over 1.25% of the global population suffers from psychosis and related disorders. This translates into a potential market of about 7.5 mn people as target consumers for antipsychotic drugs. Although the potential consumer base for the market is relatively much smaller than that for diseases such as cancer and diabetes, the high costs of antipsychotic drugs make the market one with promising returns. The market holds immense growth promise for future years as the patient pool of psychotic conditions rises at an alarming rate across the globe. The introduction of newer antipsychotic compounds and the vast funds poured in for research and development activities are also expected to have a significant positive impact on the overall development of the market in the near future.
However, the market is expected to bear the brunt of the concerning rise in cases of over prescription of these drugs even for routine complaints such as insomnia and the increased awareness regarding the severe drawbacks as well as chances of addiction associated with these drugs. The issues have been known to be more intense in developed economies such as North America and a significant rise in strict regulations observing stronger control on the prescription of these drugs and misleading advertisements has been seen in the past few years. The impending patent expirations of several blockbuster drugs and the threat of cheap generics is also adding to worries of companies operating in the global antipsychotic drugs market.
Global Antipsychotic Drugs Market: Segmentation
The report segments the global antipsychotic drugs market on the basis of criteria such as drug classes, target disease, and geography.
On the basis of drug classes, the global antipsychotic drugs market is commonly segmented into: older or first-generation antipsychotics, also called typical antipsychotics or neuroleptics, and newer or second-generation drugs, also called as atypical antipsychotics. Studies have shown that several atypical antipsychotics are useful for a broader spectrum of conditions than older or typical antipsychotics and mostly help treat conditions such as bipolar depression that have not responded to standard medication alone.
The key target diseases for the antipsychotic drugs market are Schizophrenia, psychotic depression, dementia, and bipolar disorder. Of these, Schizophrenia and psychotic depression are expected to account for the dominant share in the market’s revenues over the report’s forecast period. Of the key regional markets analyzed, North America is presently the dominant consumer of antipsychotic drugs and is expected to remain a key regional market owing to the vast and rising patient pool of psychotic disorders.
Some of the key companies operating in the global antipsychotic drugs market are Johnson & Johnson, Pfizer, Eli Lilly and Co., Bristol-Myers Squibb, AstraZeneca, and GlaxoSmithKline.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.