Psychiatric Medications Market

The global psychiatric medications market was valued at USD11,295.9 Mn in 2019. Rising prevalence of mental disorder and effective implementation of treatment guidelines securing mental health and wellness will determine the psychiatric medications market growth. In addition, a strong product pipeline will further consolidate the psychiatric medications market growth in the near future. Long term non-adherence to psychiatric medicines often results in poor patient-clinician relationships which further worsens the patient’s mental health and wellness.

Mental disorders are often related to several mental conditions such as schizophrenia, bipolar disorder, depression, dementia, etc. The accurate diagnosis of the type of mental illness and effective prescription of psychiatric medications can result in the effective restoration of the mental health of the patients. Worldwide, several workshops, helpline services are being conducted to help people to seek aid related to mental disorders. Stressful lifestyle, dependence on psychotropic substance, chronic alcoholism, frequent mood swings are few of the primary causative agents which are responsible for the occurrence of mental illness. Antipsychotic drugs have undergone tremendous research and development in the last 5 decades eventually resulting in 3 generations of drug class often prescribed for treating mental disorders by psychiatrists worldwide.

The major segments related to the psychiatric medications market are:

By Drug Class (2017–2027; US$ Mn)

First Generation

Haldol

Navane

Others

Second Generation

Latuda

Invega

Risperdal

Seroquel

Zyprexa

Geodon

Others

Third Generation

Abilify

Pipeline Analysis

By Application (2017–2027; US$ Mn)

Bipolar Disorder

Schizophrenia

Depression

Dementia

Others

Geography Segment(2017–2027; US$ Mn)

North America

United States
Canada

Europe

United Kingdom
Germany
Rest of Europe

Asia Pacific (APAC)

China
Japan
Rest of APAC

Latin America (LATAM)

Brazil
Mexico
Rest of Latin America

Middle East and Africa (MEA)

GCC
Rest of Middle East and Africa
 

Justification for study?

• The intention of the study is to give a comprehensive outlook of the global psychiatric medications market
• The overall segmentation of the psychiatric medications market, by drug class, application, and geography is minutely studied. Second generation drug class and schizophrenia are dominating the drug class and application segments respectively
• Rising prevalence of mental illness and effective implementation of treatment guidelines pertaining to mental disorders will fortify the psychiatric medications market
• Strong product pipeline will further accentuate the psychiatric medications market during the forecast period

Report gist?

• The study of the global psychiatric medications market includes qualitative analysis of factors such as drivers, restraints, and opportunities
• The report covers qualitative and quantitative analysis of the overall market segmented on the basis of drug class and application and categorization of the same at geography level
• This research report presents the analysis of each segment from 2017 to 2027 considering 2019 as the base year for the research. CAGR for each respective segments are calculated for the forecast period from 2020 to 2027
• The study includes the profiles of major market players with a significant global and regional presence along with top company positioning

Significant customers?

• This study is suitable for industry participants and stakeholders in the pharmaceutical companies engaged in the production of psychiatric medications which is gaining huge demand owing to its therapeutic efficacy in the treatment of mental disorders
• The report will benefit administrative heads of hospitals and specialty clinics in understanding the treatment regimen for treating psychotic disorders
• Managers with financial institutions looking to publish recent and forecasted statistics pertaining to psychiatric medications market
• Financial institutions venture capitalist, analysts, investors, government organizations, policymakers, regulatory authorities, researchers, looking for insights into the market to determine future strategies

Segment Analysis

First-generation psychiatric medications are Haldol and Navane etc., which are popular in the treatment for mental disorders since the 1960’s. The side effects associated with these medicines such as drowsiness, nausea, and vomiting have rendered them outdated. Second generation psychiatric medications are currently dominating the drug class segment. The drugs belonging to these classes are majorly known as atypical antipsychotics which are blocking the dopamine pathways in the central nervous systems and are therefore prescribed for its therapeutic efficacy for schizophrenia and bipolar disorder. Furthermore it is also recommended as an adjunct medicine for the treatment of major depressive disorders. The third-generation medicine Abilify is anticipated to register rampant growth during the forecast period owing to its enhanced therapeutic efficacy and tolerability in patients suffering from mental disorders.

Schizophrenia is currently spearheading the application segment for the psychiatric medications market. The chief factors responsible for the occurrence of schizophrenia as cited by the Lancet Journal for Mental Health are long term anti-social nature, insomnia, constant mood swings etc., often culminate into schizophrenia. Bipolar disorders are anticipated to be on a rise in the near future on account of major depressive episodes, significant euphoria, distractibility experienced by the patients during his lifetime. As per the latest research citings brought forward by the World Health Organization (WHO), approximately 264 million people suffer with depression throughout the globe.

Regional Analysis

North America is accounting for the largest market share in the psychiatric medications market. As per the latest statistics brought forward by the Anxiety and Depression Association of America approximately 6.7% of the United States population is suffering from depression. The rising prevalence of schizophrenia further accentuates the market demand for psychiatric medications. Europe stands in the 2nd position for the geography segment of the psychiatric medications market. According to the research citings published by the World Health Organization (WHO), in Europe approximately 110 million people are suffering from some form of mental disorder. Affordable reimbursement scenario for psychiatric medications chiefly determines the market growth in the region. Presence of key players such as AstraZeneca, Plc. Pfizer, Inc., GlaxoSmithkline, Plc., Merck KGaA, etc. further propel the market growth in the European Union region. Asia Pacific is keen to register rampant growth during the forecast period owing to the effective implementation of treatment guidelines pertaining to mental health and developing healthcare infrastructure.