Psychosis is associated with the condition in which a person loses contact with the reality. The person becomes confused and cannot understand what is real. The primary symptoms include delusions and hallucinations. Psychosis is a condition that is experienced at some stage of life. In the US, approximately 100,000 youngsters are affected by psychosis every year. Factors responsible for causing psychosis can be genetics, trauma, substance use, physical illness, injury, or mental ill health.
Psychosis treatment primarily involves medication and psychotherapy. Mediation targets symptoms of psychosis and helps reduce them, while psychotherapy helps individuals manage their conditions. Psychotherapeutic medication helps treat mental illnesses such as confused thinking, extreme mood swings, long-lasting depression, social withdrawal, and suicidal thoughts generally associated with mental disorders such as schizophrenia, bipolar disorder, anxiety, and depression. The global psychotherapeutic drugs market is expanding due to high prevalence of emotional and mental diseases worldwide. According to a WHO report, approximately 350 million people are suffering from depression and around 24 million people are affected by schizophrenia across the world to date. Patent expiration of top psychotic drugs viz. Prozac, Geodon, and Zyprexia has opened ways for manufacturers of generic drugs. In the next few years, the generics segment is likely to expand significantly. This would give rise to price competition in the psychotherapeutic drugs market. Psychiatry therapies basically rely on establishing a relationship between the patient and the psychiatry therapist for developing the patient’s behavioral insights. The psychiatry therapist uses psychological drugs or electric shocks to alter the emotions of the patient. Non-verbal and verbal communication with the patient and other physical intervention also prove to be beneficial in the treatment of psychiatry patients. In addition, adjuvant therapies such as music therapies and occupational therapies are also useful in the treatment. These all therapies aim to enhance the well-being of patients by employing a range of psychological techniques. According to Canadian Psychological Association (CPA), psychological treatment and therapies are very effective for the treatment of general anxiety disorder. High benefits of psychiatry therapies applied to cure a variety of disorders are likely to drive the psychosis treatment market during the forecast period. However, strict regulations about the practice of psychotherapies by different governments are projected to restrain the market from 2017 to 2025.
The global psychosis treatment market can be segmented based on psychotherapeutic medication and psychotherapy. Based on psychotherapeutics, the market can be segmented into antipsychotics (chlorpromazine, haloperidol), antidepressants (amitriptyline, clomipramine), antimaniacs (lithium, carbamazepine), and anxiety drugs (lorazepam, alprazolam). Antipsychotics is one of the rapidly expanding segments of the market, owing to growing incidence of mental disorders such as schizophrenia and bipolar disorder. Atypical antipsychotics are the most preferred antipsychotics, as they are more efficacious than first-generation antipsychotics. Top-selling antipsychotic drugs include Abilify, Seroquel, Risperdal, and Zyprexa. Based on psychotherapy, the market can be segmented into abnormal psychology, social psychology, biological psychology, and others.
Geographically, the global psychosis treatment market has been divided into five regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market, owing to high incidence of schizophrenia and depression among the people in the region. Europe is the second-largest market for psychosis treatment. Presence of several psychotherapy associations such as British Association for Counselling & Psychotherapy drives the market in Europe. In addition, India, Southeast Asia, and China are emerging markets for psychiatry therapies, due to changing lifestyle coupled with increasing awareness about psychological diseases among the people in these countries.
Key players operating in the global psychosis treatment market are Eli Lilly, Bristol-Meyer Squibb, GlaxoSmithKline, Pfizer, AstraZeneca, Universal Health Services Inc., Johnson & Johnson, Bristol-Meyer Squibb, Wyeth, and Astellas Pharma Inc.
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
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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
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Below is a snapshot of these quadrants.
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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.
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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?
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10. What will be the barrier to entry for new players in the market?
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