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Antipsychotic Drugs Market Size, Share & COVID-19 Impact Analysis, By Disease (Schizophrenia, Bipolar Disorder, Unipolar Depression, Dementia, and Others), By Therapeutic Class (First Generation, Second Generation, and Third Generation), By Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI101390

 

KEY MARKET INSIGHTS

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The global antipsychotic drugs market size was USD 18.59 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with antipsychotic drugs witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 19.5% in 2020. The market is projected to grow from USD 22.13 billion in 2021 to USD 33.69 billion in 2028 at a CAGR of 6.2% during the 2021-2028 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


In the modern healthcare scenario, one of the disease groups expected to witness considerable growth in patients globally is the group of psychiatric illnesses. This group of psychiatric illnesses includes mental diseases that have the symptoms of psychosis, such as schizophrenia, bipolar disorder, and depression. Psychosis is a critical symptom attributed to mental illness, including the patient’s loss with the reality affecting how he processes information.


The fastest growing demand for antipsychotic medications is attributed to the increased prevalence of schizophrenia and bipolar disorder. Furthermore, prominent companies such as H. Lundbeck A/S and Janssen Pharmaceuticals, Inc. are anticipated to boost the market growth during the forecast period. Also, the launch of antipsychotic drugs in newer forms such as long-acting injectables with greater benefits will bode well for the growth of the market during the forecast period.


Increasing Adoption of Long-Acting Injectables (LAIs) amid COVID-19 Pandemic to Favor Growth


In terms of the market, there was a greater transition towards telemedicine to manage psychotic diseases. Furthermore, the lockdown and stay-at-home measures caused a significant impact on the mental health of a considerable number of individuals across the globe. This led to greater adoption of antipsychotic medications as a means to cope with these symptoms. Hence, globally, the global market witnessed a strong sales performance during the pandemic. This is also attributable to the greater adoption of long-acting injectables (LAIs) during the pandemic. Overall, the COVID-19 pandemic exerted a positive impact on the growth of the market in 2020.


LATEST TRENDS


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Increased Adoption of Long-Acting Injectable Antipsychotics to Augment Market Growth


In recent years, there have been significant changes in the R&D of antipsychotic medications. This is due to increasing awareness amongst individuals regarding the economic burden that mental disorders exert upon the healthcare system. This has led more and more individuals to demand more effective treatment for psychiatric illnesses. However, one of the most critical factors that resulted in high unmet patient needs and a significant lack of adoption of antipsychotic medications is the non-adherence towards medications. Several patients who are prescribed antipsychotics often do not follow the prescription guidelines and often suffer from relapses of psychotic episodes due to this non-adherence.


Hence, many biopharmaceutical companies have undertaken the R&D and the launches of long-acting injectable versions of antipsychotics. These long-acting injectable antipsychotic drugs have the efficacy of the daily pills and eliminate the need to monitor the patient’s drug intake. Hence, the number of benefits attributed to this form of antipsychotic has led to a greater degree of product adoption.


For instance, Paliperidone (Invega Trinza) comes in a newer long-acting injectable formula that requires patients to take this injection just four times a year. As a result of this innovation, the healthcare professional monitoring the psychiatric treatment can effectively administer the treatment leading to improved treatment outcomes. Hence, one of the recent trends of the market is the increased adoption and launch of these forms of drugs. This is projected to further propel the global antipsychotic drugs market growth during the forecast period.


DRIVING FACTORS


Increasing Prevalence of Mental Health Disorders to Fuel Demand


The global market for antipsychotic drugs is anticipated to witness positive growth trends due to the strong increase in the prevalence of psychotic disorders. This increase in the number of patient pools globally is anticipated to drive the growth of the market. For instance, according to the Global Burden of Disease Study 2016 (GBD 2016), there is an increasing disease burden due to schizophrenia globally, especially in middle-income countries and low-income countries.


These statistics are expected to intensify the demand for antipsychotic medications as the general awareness of the severity of these mental illnesses grows. According to the data published by Medscape in 2019, the lifelong prevalence rate of bipolar disorder was estimated to be 0.3–1.5%. However, in recent years, the prevalence of the bipolar disorder has increased substantially. This has led several pharmaceutical companies to engage in the R&D of antipsychotic medications, leading to new product launches in the forecast period. Such factors are expected to drive the growth of the global market in the forthcoming years.


Considerable Increase in Awareness of Psychological Disorders to Boost Market Growth


In the recent era, there has been a considerable acknowledgment of the serious nature of various psychiatric illnesses such as depression and schizophrenia. Various governments across the globe have acknowledged the substantial economic cost of the burden of these mental health disorders on a respective country’s healthcare system. These factors have led to the greater awareness of the need for effective treatment of psychotic disorders with drugs of strong efficacy


A substantial proportion of the global patient base suffers from psychotic disorders, including the various types of schizophrenia, bipolar disorder, and unipolar depression or major depressive disorder. The efficiency of drugs used in the treatment of these psychotic disorders is of utmost importance. It has led to strong demand for safer and highly efficient drugs for the treatment of psychotic disorders. According to the American Psychiatric Association (APA), in 2018, approximately 1 in 24 individuals are anticipated to suffer from serious mental disorders, including serious psychotic disorders. This increase in awareness, combined with the introduction of new antipsychotic drugs based on innovative R&D, is expected to drive market growth.


RESTRAINING FACTORS


Side Effects Attributed to Antipsychotic Therapeutics to Hinder Market Growth


Despite the strong benefits of the usage of antipsychotics for the treatment of a wide range of psychiatric illnesses, there are some limiting factors. These limiting factors have the potential to substantially limit the greater adoption of antipsychotic type of drugs. In terms of antipsychotic medications, the adverse reactions attributed to the usage of these drugs are one of these critical restraining factors. This is expected to strongly limit the market growth.


For instance, some of the common adverse reactions of these medications include mild sedative symptoms, dry mouth, akathisia, issues relating to digestion, weight problems, acute dystonia, and tardive dyskinesia. These adverse reactions daily may significantly impact the patient’s daily functioning. These adverse reactions may also lead to non-adherence towards antipsychotic medications, which further limits the market growth. Furthermore, the U.S. FDA black box warning links the atypical antipsychotic usage with an increased risk of pneumonia leading to death in elderly dementia patients. Such negative effects of antipsychotics might limit the market growth during the forecast period.


SEGMENTATION


By Disease Analysis


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Schizophrenia Segment to Grow at Faster Pace


Based on disease, the global market can be segmented into schizophrenia, bipolar disorder, unipolar depression, dementia, and others.


The schizophrenia segment is anticipated to grow at the fastest pace in the forecast period due to the strong prevalence of this disease globally, coupled with many product launches in this segment. The bipolar disorder segment is expected to account for the second-largest market share due to the strong usage of antipsychotic drugs to stabilize the symptoms of the disease.


The unipolar depression segment is anticipated to account for the third-largest market share due to the usage of prominent antipsychotics such as Rexulti to offer some relief from the symptoms of depression.


The dementia segment is anticipated to account for a lower market share during the forecast period. Some of the reasons for the lower market share of this segment include the FDA’s black box warning for antipsychotics usage for dementia patients, which limits its widespread adoption.


By Therapeutic Class Analysis


Presence of Numerous Second Generation Antipsychotics to Enable the Segment’s Dominance


On the basis of therapeutic class, the market can be segmented into first generation, second generation, and third generation.


The second-generation segment dominated the global market during the forecast period. This segment’s dominance is attributable to the presence of a large number of second-generation antipsychotic drugs in the global market. Some of the prominent second-generation antipsychotics include SEROQUEL XR, ZYPREXA, VRAYLAR, and Rexulti. Furthermore, the stronger safety profile and greater efficacy of these generations of drugs would also contribute to the growth of this segment.


The first generation segment is anticipated to grow at the lowest CAGR because of the comparatively lesser safety profile of these drugs. For instance, drugs belonging to the first generation segment are associated with a greater risk of neurological side effects


The third generation segment is anticipated to account for the highest CAGR in the forecast period. Some of the contributive reasons for the segment’s high growth include the new product launches in this segment, coupled with a greater degree of technological superiority over the other drug classes.


By Distribution Channel Analysis


Online Pharmacies to Grow at the Highest CAGR in 2021-2028


Based on the distribution channel, the market is segmented into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies.


The hospital pharmacies segment is projected to account for the largest antipsychotic drugs market share during the forecast period because the prescriptions for antipsychotics can only be administered after a thorough medical examination.


The drug stores & retail pharmacies segment is expected to account for the second-largest market share. They are considered an important channel as oral prescription drugs can be obtained in these settings.


The online pharmacies segment is anticipated to register the highest CAGR in the forecast period to ensure patient convenience and ease in terms of medication procurement.


REGIONAL INSIGHTS


North America Antipsychotic Drugs Market Size, 2020 (USD Billion)

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On the basis of region, the global market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


North America stood at USD 11.62 billion in 2020 and is anticipated to dominate the global market during the forecast period. Some of the critical factors attributable to the region’s market dominance include the strong prevalence of psychiatric illnesses in the region and the market presence of prominent biopharmaceutical companies. Other contributive factors include the strong adoption of antipsychotics with technological superiority in the region. Furthermore, strong awareness of the critical nature of mental illnesses in the region is expected to surge the market growth in the region during the forecast period. For instance, to increase awareness regarding mental illnesses in the United States, the National Alliance on Mental Illness (NAMI) organizes the Mental Health Awareness Month in May.


Europe is estimated to be the second-most dominant region in terms of market share. This is due to the increased awareness regarding psychiatric illnesses in the region and the strong prevalence of these disorders. For instance, according to Mental Health First Aid England (MHFA), in 2020, mental illness is the second-largest source of burden of disease in England.


The market in Asia Pacific is estimated to grow at the highest growth rate, especially in emerging countries such as India and China. The adoption of these drugs is expected to gain impetus in the region due to the various awareness programs regarding psychiatric illness and the increasing cases of mental illnesses in the region. For instance, the World Health Organization (WHO) estimates that in 2020, 56 million and another 38 million individuals in India were expected to suffer from depression and anxiety disorders, respectively.


The regions of Latin America and the Middle East & Africa (MEA) account for a limited market revenue share during the forecast period. However, improvement in awareness of mental health disorders, coupled with increased healthcare expenditure in Latin America and the Middle East & Africa, is expected to lead to future growth prospects.


KEY INDUSTRY PLAYERS


Strong Antipsychotics Portfolio of H. Lundbeck A/S and Janssen Pharmaceuticals, Inc. to Lead to Market Dominance


In terms of the competitive landscape of the global market, the scenario reflects the presence of certain biopharmaceutical companies that maintain market dominance due to their robust psychiatric drug portfolio. These companies include H. Lundbeck A/S, Janssen Pharmaceuticals, Inc., Otsuka Pharmaceutical Co., Ltd., and ALLERGAN (AbbVie, Inc.). The market dominance of Janssen Pharmaceuticals’ is due to their prominent antipsychotics portfolio consisting of Invega Sustenna and Risperdal Consta. Another key company with a significant revenue share of the global market is H. Lundbeck A/S. Some of the reasons attributable to Lundbeck’s strong market presence include the company’s antipsychotic drugs portfolio, which comprises ABILIFY MAINTENA, used to treat schizophrenia.


Other key players with a significant presence in the global market include Eli Lilly and Company, Sumitomo Dainippon Pharma Co., Ltd., and Bristol-Myers Squibb Company. These companies are anticipated to increase their market share during the forecast period due to the presence of critical antipsychotics in their drugs portfolio.


LIST OF KEY COMPANIES PROFILED:



  • H. Lundbeck A/S (Copenhagen, Denmark)

  • Otsuka Pharmaceutical Co., Ltd. (Tokyo, Japan)

  • Janssen Pharmaceuticals, Inc. (Johnson & Johnson) (Beerse, Belgium)

  • Eli Lilly and Company (Indianapolis, U.S.)

  • ALLERGAN (AbbVie, Inc.) (North Chicago, U.S.)

  • Teva Pharmaceutical Industries Ltd. (Petah Tikva, Israel)

  • Dr. Reddy’s Laboratories Ltd. (Hyderabad, India)

  • Sumitomo Dainippon Pharma Co., Ltd. (Osaka, Japan)

  • Alkermes plc (Dublin, Ireland)

  • Bristol-Myers Squibb Company (New York City, U.S.)

  • Other Prominent Players


KEY INDUSTRY DEVELOPMENTS:



  • June 2020 – Sumitomo Dainippon Pharma announced an atypical antipsychotic agent, LATUDA tablets, in Japan.

  • March 2020 – Dr. Reddy’s Laboratories announced the launch of Ziprasidone Mesylate for injection, 20 mg (base)/ml single-dose vials, which is the generic therapeutic equivalent of Pfizer’s Geodon injection, in the United States.

  • January 2020 – The United States FDA announced the acceptance of a New Drug Application (NDA) for Alkermes’ investigational antipsychotic drug candidate of ALKS 3831 (olanzapine/samidorphan) that aids in treating schizophrenia and bipolar I disorder.


REPORT COVERAGE


An Infographic Representation of Antipsychotic Drugs Market

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The global antipsychotic drugs market research report provides a detailed analysis of the market. It focuses on key aspects such as the prevalence of psychiatric disorders by key regions, pipeline analysis, and key industry developments. Additionally, it includes an overview of new product launches, an analysis of the cost and burden of mental health disorders, the impact of COVID-19 on the market, and analysis of first-generation antipsychotics versus second & third-generation antipsychotics. Besides these, the report offers insights into the key market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.


Report Scope & Segmentation












































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



By Disease



  • Schizophrenia

  • Bipolar Disorder

  • Unipolar Depression

  • Dementia

  • Others



By Therapeutic Class



  • First Generation

  • Second Generation

  • Third Generation



By Distribution Channel



  • Hospital Pharmacies

  • Drug Stores & Retail Pharmacies

  • Online Pharmacies



 



By Geography



  • North America (The U.S. and Canada)

  • Europe (The U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (China, Japan, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 18.59 billion in 2020 and is projected to reach USD 33.69 billion by 2028.

In 2020, North America stood at USD 11.62 billion.

Growing at a CAGR of 6.2%, the market will exhibit steady growth during the forecast period (2021-2028).

The Schizophrenia segment is expected to be the leading segment in this market during the forecast period.

The increasing prevalence of psychological disorders, the launch of new antipsychotic medications, and the growing focus on developing technologically superior drugs are the major factors driving the growth of the market.

H. Lundbeck A/S and Janssen Pharmaceuticals, Inc. are some of the major players in the global market.

North America dominated the market in 2020.

The increasing demand for antipsychotic medications, growing awareness regarding mental illnesses, and increasing engagement of prominent companies in R&D initiatives leading to new product launches are factors driving the product adoption exponentially.

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