Psychotropic Drugs Market: Introduction
- A psychotropic drug alters behavior, mood, thoughts, or perception. It’s a blanket term for various drugs, including prescription drugs and commonly misused drugs.
- Psychotropic medication are used to treat an assortment of mental health issues when they cause significant hindrance to the healthy functioning of the body
- Psychotropic drugs normally work by changing or adjusting the amount of significant chemicals in the brain called neurotransmitters. Some psychological issues show improvement when the level of neurotransmitters, (dopamine, serotonin, and norepinephrine) increases or decreases.
- Psychotropic drugs are typically prescribed by a psychiatrist, a psychiatric nurse practitioner (PMHNP), or a primary care physician; in some areas, clinical psychologists may have prescriptive benefits as well.
Key Drivers and Restraints of Global Psychotropic Drugs Market
- According to a study published in Our World in Data, approximately 970 million people, globally, lived with a mental health disorder in 2018. This is marginally more than one in ten people, globally (10.7%). Increase in population suffering with psychological disorders is projected to fuel the global market during the forecast period.
- According to the World Health Organization (WHO), the population of people aged 60 years and above is projected to rise from 900 million in 2015 to 2 billion in 2050. Usually, the geriatric population is at high risk of mental disorders. Hence, increase in geriatric population is anticipated to boost the global psychotropic drug market.
- Government bodies and other public organizations are running programs to raise awareness about mental health. Furthermore, key players or manufacturers are actively focusing on the research and development of new psychological drugs for treatment in an effective and safe manner.
- According to World Health Organization (WHO), nearly two-thirds of people with a known mental disorder never seek help from a health professional. Stigma, discrimination, and neglect prevent care and treatment from reaching people with mental disorders. This is estimated to restrain the psychotropic drugs market in the near future.
North America to Dominate Market
- In terms of region, the global psychotropic drug market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- According to the National Council for Behavioral Health, almost half of adults (46.4 percent) are likely to experience a mental health issue during their lifetime in the U.S. Hence, North America is projected to account for a prominent share of the global psychotropic drugs market.
- Europe was the second-largest market for psychotropic drugs, globally, in 2019 due to the presence of favorable reimbursement policies for drugs in most countries across Europe
- The market in Asia Pacific is projected to expand at a notable CAGR, owing to initiatives take by governments in the region toward raising awareness about mental health and the high rate of adoption of psychotropic drugs in the region. This is expected to boost the psychotropic drugs market in Asia Pacific.
- Middle East & Africa is a relatively less lucrative market for psychotropic drugs, globally, due to less or no access available to the target population suffering from mental illness
Key Manufacturers Operating in Global Psychotropic Drugs Market
Key manufacturers operating in the global market include:
- Eli Lilly and Company
- Janssen Global Services, LLC (Johnson & Johnson)
- Allergan (AbbVie Inc.)
- Pfizer Inc.
- Mylan N.V.
- Novartis AG
- Axsome Therapeutics, Inc.
- Acadia Pharmaceuticals Inc.
- Takeda Pharmaceutical Company Limited
Global Psychotropic Drugs Market: Research Scope
Global Psychotropic Drugs Market, by Drug Class
- Anti-Anxiety Agents (Anxiolytic)
- Mood Stabilizers
Global Psychotropic Drugs Market, by Indication
- Bipolar Disorder
- Sleep Disorders
Global Psychotropic Drugs Market, by Distribution Channel
- Hospitals Pharmacies
- Online Pharmacies
- Retail Pharmacies
Global Psychotropic Drugs Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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.