Tranquilizer Drugs Market: Overview
- Tranquilizers are drugs that reduce mental tension, relieve anxiety, and result in calm outlook without producing any marked degree of hypnosis or sedation. Tranquilizers are used extensively and occupy an important place in psychological disorders.
- Atypical antipsychotics or second generation antipsychotics are a type of tranquilizers majorly used for the treatment of several psychiatric conditions such as bipolar disorder, schizophrenia. Moreover, they are utilized as an adjunct therapy in the treatment of major depressive disorder. Antipsychotics generally fall into two categories: typical and atypical.
- The conventional or typical antipsychotics were first developed in the 1950s and were widely prescribed for the treatment of severe mental disorders. Thorazine (chlorpromazine) and Haldol (haloperidol) were the most commonly used typical antipsychotics. However, these drugs exhibited severe side effects, in response to which the pharmaceutical companies introduced atypical antipsychotics with reduced number of extrapyramidal side effects.
- Atypical antipsychotics were approved in the 1990s for treating various psychiatric disorders. These drugs proved to be more effective among treatment-resistant patients compared to the typical antipsychotics.
- Introduction of drugs with greater efficacy and reduced side effects along with increasing prevalence of psychiatric disorders is likely to boost the tranquilizer drugs market in the near future
Are you a Start-up willing to make it Big in the Business? Grab an Exclusive PDF Brochure of Tranquilizer Drugs Market Report
Key Drivers of Global Tranquilizer Drugs Market
- Increased investments in research & development for new product innovation, rise in psychological disorders, increasing stress due to changing lifestyle, and rise in geriatric population are expected to drive the global tranquilizer drugs market
- According to the WHO, the global geriatric population would reach around 2 billion (22% of global population) by 2050, which was around 524 million in 2010. The National Alliance on Mental Illness estimates that out of the 35 million population aged 65 years or older in the U.S., over six million persons suffer from depression.
- At this stage of life, most people experience some type of anxiety disorders or depression. Thus, it is expected that increase in geriatric population would increase the number of patients suffering from psychiatric disorders. This, in turn, is anticipated to drive the tranquilizer drugs market.
- Rise in demand for tranquilizer drugs and market competitiveness has resulted in increasing investment in research & development for new product innovation. This is likely to drive the tranquilizer drugs market.
North America to Hold Major Share of Global Tranquilizer Drugs Market
- North America is projected to account for a prominent share of the global market during the forecast period. According to the estimates by Food and Drug Administration (FDA), over 60 million people receive prescriptions for tranquilizers every year. Mental illnesses are common in the U.S. with one in five adults living with some of kind of mental illness which accounted for 46.6 million people in 2017.
- Economic growth in India, China, Brazil, Mexico, and other countries in Asia and Latin America has improved the health care infrastructure and accessibility to innovative products and health care services. Moreover, rise in incidence of psychological disorders is expected to drive the tranquilizer drugs market.
- Countries in Asia Pacific such as China, Japan, and Australia exhibit significant growth prospects in terms of rapid acceptance of novel molecules as well as the extensive use of generics. Moreover, this region has a large number of patients suffering from psychological distress, cancer, AIDS, and other chronic disorders, who experience episodes of depression and anxiety during their lifetime.
Looking for Regional Analysis or Competitive Landscape in Tranquilizer Drugs Market, Ask for a Customized Report
Key Players Operating in Global Tranquilizer Drugs Market
Major players operating in the global tranquilizer drugs market are:
- AstraZeneca Plc.
- Eli Lilly and Company
- GlaxoSmithKline plc
- Merck & Co., Inc.
- Pfizer, Inc.
- Johnson & Johnson
- Bristol-Myers Squibb Company
Global Tranquilizer Drugs Market: Research Scope
Global Tranquilizer Drugs Market, by Drug Class
- Major Tranquilizers
- Phenothiazine Derivatives
- Thioxanthene Derivatives
- Minor Tranquilizers
- Benzodiazepine Derivatives
- Propanediol Dicarbamate Derivatives
- Cyclopyrrolone Derivatives
Global Tranquilizer Drugs Market, by Indication
- Bipolar Disorder
- Unipolar Depression
Global Tranquilizer Drugs Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & 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.