Schizophrenia Drugs Market Research, 2031
The global schizophrenia drugs market was valued at $7.16 billion in 2021, and is projected to reach $12.53 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031. Schizophrenia is a chronic, severe mental disorder that affects the way a person thinks, acts, expresses emotions, perceives reality, and relates to others. Though schizophrenia is not as common as other major mental illnesses, it can be the most chronic and disabling.
The growth of the global Schizophrenia Drugs Market growth is majorly driven by the increase in prevalence of mental disturbances & schizophrenia and rise in awareness about mental health. In addition, surge in mental health awareness programmes by government and non-government organizations drives the growth of market. For instance, in May 2022, U.S. department of Health and Human Services (HHS) celebrated Mental Health Awareness Month, for spreading awareness about mental health. These awareness programmes promote mental health and help to provide treatment of mental health disorders.
Furthermore, rise in number of geriatric population drives the growth of market. The old age people are more prone to mental disorders such neural diseases and Alzheimer’s disease. For instance, in 2021, as per the report by Alzheimer’s association, an estimated 6.2 million Americans aged 65 and older are living with Alzheimer's dementia. In addition, upsurge in stressful lifestyle and rise in stress related to workplace further contribute in the growth of market. The chronic mental stress responsible for the mental illness such as psychiatric behavior, hallucination, and delusions.
Moreover, increase in R&D activity for advancements in anti-psychotic drugs, product launch, and product approvals contribute in the growth of Schizophrenia Drugs Market size. In June 2021, Alkermes plc., a leading pharmaceutical company, received the U.S. Food and Drug Administration (FDA) approval for its LYBALVI (olanzapine and samidorphan) for the treatment of adults with schizophrenia and for the treatment of adults with bipolar I disorder, as a maintenance monotherapy or for the acute treatment of manic or mixed episodes, as monotherapy or an adjunct to lithium or valproate. The second-generations and third-generations are mainly used for the treatment of schizophrenia. In addition, anti-depressant and sedatives are also used as supportive treatment of schizophrenia.
In addition, increase in number of clinical trials for the development of novel schizophrenia treatment and rise in number of industrial collaborations in drug development boost the growth of Schizophrenia Drugs Market size. For instance, in June 2020, Neurocrine Biosciences, Inc. and Takeda Pharmaceutical Company Limited announced collaboration to develop and commercialize compounds in Takeda’s early-to-mid-stage psychiatry pipeline. Specifically, Takeda granted an exclusive license to Neurocrine Biosciences for seven pipeline programs, including three clinical stage assets for schizophrenia, treatment-resistant depression, and anhedonia.
Furthermore, development and advancements associated therapy contributes in the adherence of schizophrenia treatment. For instance, in February 2021, researchers at Ben-Gurion University of the Negev (BGU), announced the development of novel method, which uses a blood sample from a finger prick, to measure the concentration of antipsychotic medication in real-time and with high accuracy. This method is helpful for physician to monitor anti-psychotic treatment. Thus, increase in advancements in schizophrenia treatment drives the growth of market.
Furthermore, increase in incidences of anxiety and depression drives the growth of market. The long term anxiety and depression may contributes in development of schizophrenia and its associated symptoms such as delusion and hallucination. For instance, in September 2021, according to world health organization (WHO), depression is a common illness worldwide and approximately 280 million people in the world have depression. Thus, increase in incidences of anxiety and depression boosts the growth of schizophrenia drugs market.
The increase in latest product launch, product approvals, and emerging interest of key players in schizophrenia drugs market contributes in the growth of market. For instance, in December, 2021, Intra-Cellular Therapies, a leading biopharmaceutical company, received U.S. food and drug administration (FDA) approval for its CAPLYTA, used for the treatment depressive episodes associated with bipolar I or II disorder (bipolar depression) in adults as monotherapy and as adjunctive therapy with lithium or valproate. Thus, rise in number of product launch and increase in product approvals by respective authorities boosts the growth of Schizophrenia Drugs Industry.
The schizophrenia drugs market is segmented into Treatment, Distribution Channel and Therapeutic Class.
By therapeutic class, the Schizophrenia Drugs Market forecast is categorized into third-generation, second-generation, and others. Depending on treatment, market is divided into oral and injectable. By distribution channel, the market is classified into hospital pharmacy, retail pharmacy, and online pharmacy.
By region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Arabia, South Africa, and LAMEA).
By treatment, the oral segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in prevalence of anxiety and depression. However, the injectable segment is expected to witness considerable growth during the forecast period, due to increase in R&D for injectable drugs and new product launch.
By distribution channel, the retail pharmacy segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to rise in number of retail pharmacies and increase in demand of oral anti-psychotic drugs. However, the online pharmacies segment is expected to witness considerable growth during the forecast period, due to growing popularity of online shopping and increase in number of internet users.
Depending on therapeutic class, second-generation segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to availability of multiple products and increasing prevalence of mental disorders. However, the third-generation segment is expected to witness considerable growth during the forecast period, due to new product approvals and product launch in market.
Depending on the region, North America garnered the major Schizophrenia Drugs Market share in the schizophrenia drugs market in 2021, and is expected to dominate the global market during the forecast period, increase in product launch in region, awareness about mental health and presence of key players. However, Asia-Pacific is expected to register the significant growth, owing to rise in incidence of mental illness, development in healthcare infrastructure, and high population base.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current Schizophrenia Drugs Market trends, estimations, and dynamics of the schizophrenia drugs market analysis from 2021 to 2031 to identify the prevailing Schizophrenia Drugs Market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the schizophrenia drugs market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global schizophrenia drugs market trends, key players, market segments, application areas, and market growth strategies.
Schizophrenia Drugs Market Report Highlights
| Aspects | Details |
 By Treatment |
|
 By Distribution Channel |
|
 By Therapeutic Class |
|
 By Region |
|
 Key Market Players | AbbVie, Alkermes, Johnson & Johnson, Pfizer Inc., Eli Lilly, Novartis AG, Takeda Pharmaceuticals, Reliance, AstraZeneca, Minerva Neurosciences, Merck KGAA, GlaxoSmithKline, Bristol Myers Squibb, Sumitomo Dainippon, Vanda Pharmaceuticals |
Analyst Review
This section provides the opinions of the top level CXOs in the schizophrenia drugs market. According to the CXOs, schizophrenia is a serious mental disorder in which people interpret reality abnormally.
The schizophrenia drugs include the medications such as third-generation, second-generation, and others. This disorder is treated with therapies such as cognitive behavior therapy (CBT) and mental supportive treatment.
The factors such as increase in prevalence of schizophrenia & associated diseases, rise in schizophrenia drugs approvals, and surge in R&D activities for development of schizophrenia drugs drive the growth of schizophrenia drugs market. In addition, upsurge in geriatric population and rise in awareness about mental health & wellbeing are expected to contribute in the growth of the schizophrenia drugs market.
North America is expected to witness the highest growth, in terms of revenue, owing to rise in incidences of schizophrenia, the presence of key players for manufacturing & developing of schizophrenia drug, and surge in number of hospitals in the region.
However, the lack of appropriate healthcare infrastructure and treatment adherence can hamper the market growth
The key trends in the Schizophrenia Drugs market are an increase in the prevalence of Schizophrenia ; and R&D in the Schizophrenia.
Asia-Pacific is expected to register the highest CAGR of 7.3% from 2022 to 2031, owing to rise in incidence of mental illness, development in healthcare infrastructure, and high population base.
North America is the largest regional market for Schizophrenia Drugs.
Pfizer, AbbVie, Alkermes, AstraZeneca, Bristol Myers Squibb, Eli Lilly, GlaxoSmithKline, Johnson & Johnson, Merck KGAA, Minerva Neurosciences, Novartis AG, Reliance pharmaceuticals, Sumitomo Dainippon, Takeda Pharmaceuticals, Vanda Pharmaceuticals, Viatris (Mylan NV), and Zydus Cadila.
The market value of Schizophrenia Drugs market in 2022 was $7568.5 million.
The base year for the report is 2021.
The total market value of Schizophrenia Drugs market is $7,160.4 million in 2021.
The forecast period in the report is from 2022 to 2031.
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