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Antipsychotic Drugs Market to Reach $33.69 Billion by 2028; Increasing Prevalence of Mental Disorders to Stoke Demand

June 28, 2021 | Healthcare

The global antipsychotic drugs market size is expected to gain traction by reaching USD 33.69 billion by 2028. This information is published by Fortune Business Insights in its report, titled “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.” The report further observes that the market stood at USD 18.59 billion in 2020 and is projected to exhibit a CAGR of 6.2% between 2021 and 2028.


Dr. Reddy’s Announces Launch of Ziprasidone Mesylate Injectable in the U.S.


In March 2020, Dr. Reddy’s, a leading integrated pharmaceutical company, announced the launch of Ziprasidone Mesylate for injection. The company reports that the 20 mg single-dose vials are therapeutic generic equivalent of their prominent Geodon injection that has been approved by the U.S. Food and Drug Administration (USFDA). Marc Kikuchi, CEO of the North American region for the company, says, “The launch is a great addition to our injectable offerings in the United States market. Besides, our continual efforts are to augment our product portfolio and propel considerable growth with the healthcare segment.” The affordable antipsychotic drugs by the company are expected to benefit patients in the region.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/antipsychotic-drugs-market-101390


Increasing Prevalence of Mental Illness to Augment Growth


According to the National Institute of Mental Health (NIMH), mental diseases are common in the U.S. In 2019, around one in five adults in the U.S. suffered from mental illness that varied in degree of severity. The increasing prevalence of mental illness, coupled with the growing awareness among the general population, has led to an increased demand for several antipsychotic medicines. Moreover, supportive government initiatives have highlighted the significance of therapy to treat mental disorders. Therefore, these factors are expected to boost the global antipsychotic drugs market growth during the forecast period.


Product Launch by Major Companies to Intensify Industry Competition


The global market comprises small, medium, and large companies striving to maintain their presence by adopting organic and inorganic strategies. The established players are focusing on launching innovative drugs to cater to the growing demand from patents globally. Besides, other players are adopting strategies such as merger and acquisition, collaboration, and partnership to maintain their presence in the fiercely competitive global marketplace.


Industry Development:



  • December 2019: The U.S. FDA approved the adoption of novel antipsychotic medicine, Caplyta (lumateperone), by Intra-Cellular Therapies. The company informs that the drug is effective in treating schizophrenia among adults.


List of the Companies Profiled in the Market:



  • 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


Further Report Findings:



  • North America held a global antipsychotic drugs market share of about 11.62 billion in 2020 and is expected to showcase considerable growth in the forthcoming years. This is attributable to the increasing incidence of psychiatric diseases in countries such as the U.S., coupled with the growing adoption of advanced antipsychotics drugs to cater to the demand from the patients.

  • On the other hand, Europe is anticipated to hold the second position in the market during the forecast period. This is ascribable to factors such as the growing awareness regarding psychiatric illness among the people that will propel the demand for advanced antipsychotic drugs in the region between 2021 and 2028.

  • Based on disease, the schizophrenia segment is expected to dominate, backed by the increasing prevalence of this disease among patients globally. According to the Treatment Advocacy Center, schizophrenia, a severe neurological brain disorder, affects around 2.6 million adults in the United States every year. The segment was projected to hold a market share of about 45.2% in 2020. Therefore, the rising prevalence of the disorder is likely to boost the adoption of innovative antipsychotic drugs worldwide.


Table of 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)


Antipsychotic Drugs Market
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  • 2017-2019
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