Antipsychotic Drugs Market Size to Surpass USD 24.35 Billion in 2030, exhibiting a CAGR of 6.0%

As per the report by Fortune Business Insights, the global Antipsychotic Drugs Market size is projected to reach USD 24.35 billion in 2030, at a CAGR of 6.0% during the forecast period, 2023-2030

Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global Antipsychotic Drugs Market Size was valued at USD 15.47 billion in 2022 and is projected to grow from USD 16.14 billion in 2023 to USD 24.35 billion by 2030, exhibiting a CAGR of 6.0% during the forecast period.

Psychiatric illness includes mental diseases symptoms of psychosis such as schizophrenia, bipolar disorder, and depression. Growing demand for the medications for these is attributed to the increased prevalence of schizophrenia and bipolar disorder.

This information is provided by Fortune Business Insights™ in its research report titled Antipsychotic Drugs Market, 2023-2030.

Key Industry Development-

• February 2023: Lupin launched a generic antipsychotic medication which is equivalent to Sunovion Pharmaceuticals Inc’s Latuda tablets. It comes in strengths of 20, 40, 60, 80 and 120 mg in the U.S.

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Key Takeaways –

• Antipsychotic Drugs Market size in North America was USD 8.05 billion in 2022
• Increased Prevalence of Mental Health Disorders to Surge Market Growth
• Strong Adoption of Long-Acting Injectables (LAIs) to Determine Market Growth Trajectory
• The schizophrenia segment is expected to hold a major market share during the projected period.

Discover the Leading Players Featured in the Report-

• H. Lundbeck A/S (Denmark)
• Otsuka Pharmaceutical Co., Ltd. (Japan)
• Janssen Pharmaceuticals, Inc. (Johnson & Johnson) (Belgium)
• Eli Lilly and Company (U.S.)
• ALLERGAN (AbbVie, Inc.) (U.S.)
• Teva Pharmaceutical Industries Ltd. (Israel)
• Dr. Reddy’s Laboratories Ltd. (India)
• Sumitomo Dainippon Pharma Co., Ltd. (Japan)
• Alkermes plc (Ireland)
• Bristol-Myers Squibb Company (U.S.)

Report Scope & Segmentation:

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Drivers & Restraints:

Increasing Cases Of Mental Disorders To Drive Market Growth

Increasing cases of mental disorders is anticipated to drive the antipsychotic drugs market growth. Increase in the number of patient pools globally is anticipated to drive the growth of the market. In 2022, according to World Health Organization (WHO), mental disorders are expected to cost the global economy an estimated USD 6.0 trillion by 2030. Rise in the number of R&D initiatives for the development of antipsychotic drugs.

However, strong benefits of the usage of these key market products for the treatment of a wide range of psychiatric illnesses is expected to hamper the market growth for antipsychotic drugs.

Segmentation:

By Disease

• Schizophrenia
• Bipolar Disorder
• Unipolar Depression
• Dementia
• Others

By Drug

• Risperidone
• Quetiapine
• Olanzapine
• Aripiprazole
• Brexpiprazole
• Paliperidone Palmitate
• Others

By Therapeutic Class

• First Generation
• Second Generation
• Third Generation

By Distribution Channel

• Hospital Pharmacies
• Drug Stores & Retail Pharmacies
• Online Pharmacies

By Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
• Others

Regional Insights:

North America Held The Largest Share Due To Increasing Cases Of Psychiatric Illnesses

North America is expected to lead the antipsychotic drugs market share due to increasing cases of psychiatric illnesses. The market was valued at USD 8.05 billion in 2022 with the strong prevalence of psychiatric illnesses in the region and the market presence of prominent biopharmaceutical companies.

Europe market held the second-largest regional market in the 2022 due to increased awareness and spending by government bodies regarding psychiatric illnesses. 

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Competitive Landscape:

Robust Psychiatric Drug Portfolio By The Key Players To Drive Market Development

The market is dominated with various biopharmaceutical companies due to their robust psychiatric drug portfolio. Key market players are Janssen Global Services LLC and Otsuka Pharmaceutical Co. Ltd. The market is dominated with Janssen Global Services LLC. Another key company with a significant global market revenue share is Otsuka Pharmaceutical Co. Ltd. with strong antipsychotic drugs portfolio.

FAQs

How big is the Antipsychotic Drugs Market?

Antipsychotic Drugs Market size was USD 15.47 billion in 2022. It is expected to reach USD 24.35 billion in 2030.

How fast is the Antipsychotic Drugs Market growing?

The Antipsychotic Drugs Market will exhibit a CAGR of 6.0% during the forecast period, 2023-2030.

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