A higher prevalence of schizophrenia has directly influenced the growth trajectory of the schizophrenia drugs market, prompting a greater requirement for efficient treatment choices.
New York, May 25, 2023 (GLOBE NEWSWIRE) — As per this latest study by Market.us, The global Schizophrenia Drugs Market was valued at US$ 7.4 Bn in 2022. It is projected to expand at a CAGR of 5.6% from 2023 to 2032 and reach US$ 12.6 Bn by the end of 2032.
Schizophrenia refers to a serious mental disorder affecting a person’s thinking, behavior, and feelings. It is a chronic condition that generally develops in early adulthood or late adolescence. It is characterized by a combination of several symptoms that includes delusions, hallucinations, disordered thinking, and speech, as well as social withdrawal.
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- By Drug Class, the second-generation antipsychotics segment accounted for the largest revenue share in 2022.
- By Route of Administration, the oral segment held the largest market share in 2022.
- By Distribution Channel Analysis, hospital pharmacies are projected to dominate the global schizophrenia market during the forecast period.
- In 2022, North America dominated the market with the highest revenue share of 47%.
- Asia-Pacific will grow at a significant revenue share of 21% from 2023-2032.
Treatment for schizophrenia usually comprises a combination of antipsychotic medications and psychotherapy. This can help to improve the quality of life by managing the symptoms of schizophrenia patients.
Factors affecting the growth of the global schizophrenia drugs market
There are several factors that can affect the growth of the global schizophrenia drugs market. Some of these factors include:
- Increasing Prevalence of Schizophrenia: The market growth for the schizophrenia drugs market is mainly influenced by the increase in the prevalence of schizophrenia, as it has led to an increased demand for effective treatment options.
- Technological Advancements in Drug Development: The technological advancements have resulted in the development of new antipsychotic medications with improved efficacy and reduced side effects, thereby propelling market growth.
- Rising Geriatric Population: The global market is anticipated to grow more due to the increase in the geriatric population, as aged individuals are more susceptible to late-onset or age-related schizophrenia.
- Access to Treatment: There may be limited access to mental health services, including medication, in some regions due to a lack of specialized healthcare professionals, inadequate healthcare infrastructure, or socioeconomic factors; this is expected to impede the market growth in the coming years.
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Top Trends in the Global Schizophrenia Drugs Market
In recent years, several patents for schizophrenia drugs has been expired. This has led to the arrival of generic drugs into the global market by increasing the competition as well as reducing the drug’s cost and making them more accessible to schizophrenia patients. In addition, pharmaceutical companies are heavily investing in R & D of new drugs for schizophrenia that is expected to have more efficacy and fewer side effects than older drugs. Moreover, government initiatives in several countries to increase access to treatment for schizophrenia and to improve mental healthcare is anticipated to propel the market growth in the near future.
The global market for antipsychotic medications is anticipated to expand more significantly in coming years owing to several factors, such as the rising prevalence of schizophrenia, the increasing geriatric population, and a growing number of mental health awareness campaigns. However, limited understanding regarding the underlying causes of schizophrenia and side effects associated with existing treatments is expected to restrict the market growth.
North America dominated the global schizophrenia drugs market with the highest revenue share of 47% in 2022. This significant market share can be highly attributed to favorable reimbursement policies, the high prevalence of schizophrenia, and the easy availability of drugs in this region. This region is also home to several major pharmaceutical companies manufacturing antipsychotic drugs. Moreover, the market growth of this region is also influenced by the introduction of novel drugs with fewer side effects and improved efficacy.
The market for schizophrenia drugs in Asia Pacific is expanding as a result of the large patient pool in countries such as India, China, and Japan, which leads to the increase in demand for healthcare services. Moreover, the market growth of this region is also fueled by growing awareness about mental health, increased access to healthcare services, and increased healthcare expenditure.
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Scope of Report
|Market Value (2022)||USD 7.4 billion|
|Market Size (2032)||USD 12.6 billion|
|CAGR (from 2023 to 2032)||5.6%|
|North America Revenue Share||47%|
|Asia-Pacific Revenue Share||21%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The increase in the prevalence of schizophrenia is a significant driver of the market, which creates a growing need for effective treatments. Schizophrenia affects about 0.5 to 1% of the population worldwide. The market growth is expected to be influenced by the emergence of newer drugs, such as second and third-generation antipsychotic drugs. There is an increase in awareness and understanding of mental health disorders and illness, which in turn increases the demand for schizophrenia drugs. In addition, the increasing number of patients willing to try new treatments is expected to boost the market growth during the forecast period. Moreover, a strong and robust pipeline, a rise in medical interventions to treat mental health disorders, a growing number of schizophrenia patients, and high adoption of advanced schizophrenia therapeutics in developing markets are likely to surge the growth of the global schizophrenia drugs market.
The side effects associated with the drugs used in the treatment of schizophrenia, such as insomnia, dry mouth, drowsiness, weight gain, and various other side effects, are likely to hamper the market growth of the schizophrenia drugs market. Moreover, the exact underlying causes which lead to schizophrenia are not completely understood. This makes it challenging to develop targeted treatments that can address the root cause of the disorder.
Digital health has significant potential to improve the management of schizophrenia as digital health technologies, such as remote monitoring devices and mobile apps, can help patients to better monitor their symptoms, access support from healthcare providers, and track medication adherence. Moreover, there is an increased need for personalized treatment methods that can take into account individual differences in symptoms and underlying biological factors, as schizophrenia is a highly heterogeneous disorder. This represents a significant opportunity in order to develop personalized medicine approaches, such as biomarker-based diagnostic tests and targeted therapies.
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Report Segmentation of the Schizophrenia Drugs Market
Drug Class Insight
The second-generation antipsychotics segment held the largest revenue share in 2022. Second-generation antipsychotics act by blocking the dopamine receptor in the brain. This reduces the symptoms such as delusions, hallucinations, and social withdrawal. The expansion of this segment is mainly influenced by its rising usage in the treatment of schizophrenia due to its high efficacy over first-generation drugs. Moreover, the segment growth is also propelled owing to fewer side effects compared to first-generation antipsychotics.
Route of Administration Insight
The oral segment dominated this market with the largest share in 2022. This growth can be highly attributed to the ease of administration of oral drugs over the parenteral. Oral drugs offer convenience and flexibility in dosing. Patients can self-administer the dose on a daily basis. According to the symptoms and response to treatment, the patients can adjust their dose. In addition, the parenteral segment is anticipated to expand more significantly during the forecast period owing to the increasing availability of long-acting injectable antipsychotics that deliver the sustained release of medication as well as improve medication adherence in schizophrenia patients.
Distribution Channel Insight
Hospital pharmacies are expected to account for the largest market share during the forecast period. This significant growth is likely to impact individuals with schizophrenia, who often requires hospitalization during the treatment at some point. During this period, the patients receive the medications directly from the hospital pharmacies.
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By Drug Class
- First Generation Antipsychotics
- Second Generation Antipsychotics
- Third Generation Antipsychotics
- Other Drug Classes
By Route of Administration
By Route of Administration
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The prominent players in the global schizophrenia drugs market are presently focused on implementing various growth strategies such as new product launches, collaborations, partnerships, mergers & acquisitions, and competitive pricing. In addition, the key players are increasing investments and are involved in research and development activities to develop novel drugs. Moreover, they are concentrating on spreading awareness and marketing their targeted products to capture a significant market share.
Market Key Players:
- Eli Lilly and Company
- Johnson & Johnson
- Pfizer Inc.
- AbbVie Inc.
- Otsuka Pharmaceutical Inc.
- Bristol-Myers Squibb Company
- Sumitomo Dainippon Pharma
- Alkermes PLC
- Other Key Players
Recent Development of the Schizophrenia Drugs Market
- In March 2022, AbbVie entered into a license agreement and co-development with Gedeon Richter to develop, research, and commercialize novel dopamine receptor modulators for the potential treatment of neuropsychiatric diseases.
- In February 2022, Vanderbilt University signed a global license and research collaboration agreement with Neumora Therapeutics in order to develop precision medicines for brain disorders through the incorporation of neuroscience and data science. The license program consists of two new series of compounds that targets schizophrenia and other neuropsychiatric disorders.
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