Antipsychotic Drugs Market 2030: Challenges in Access and Affordability
The global antipsychotic drugs market size is expected to reach USD 24.97 billion by 2030, growing at CAGR of 6.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The continuous development of better next-generation products to overcome adverse effects and unwanted reactions of existing products is creating demand for newer products. This factor is anticipated to propel the market.
Rapid growth of antipsychotics can be attributed to the rising prevalence of psychosis and other mental disorders. Governments are focused on creating awareness regarding mental health and psychological illnesses, which is further anticipated to drive the demand for antipsychotics. Government bodies in collaboration with major players conduct social programs to break the stigma related to psychotic disorders that exists in the society.
Gather more insights about the market drivers, restrains and growth of the Antipsychotic Drugs Market
Adverse effects of antipsychotics, such as insomnia, dry mouth, drowsiness, and blurred vision, are expected to affect the growth by decreasing the level of acceptance in patients. In addition, the possibility of dependency, habit formation, or addiction is affecting the adoption of these drugs.
Established brands such as, Zyprexa lost patent protection in October 2011, followed by Seroquel and Risperdal in 2012, which hampers the market growth for these drugs. Also, the entry of generic versions of these products slowed the growth of the already existing brands.
Antipsychotic Drugs Market Report Highlights
- Schizophrenia accounted for the largest market revenue share of 39.2% in 2023. Schizophrenia is a serious mental illness that impacts a significant amount of individuals worldwide.
- Aripiprazole accounted for the largest market revenue share in 2023. The sales of this segment increase with the adoption of third-generation products. Furthermore, it is anticipated that product approvals are expected to experience the most significant growth during the projected period.
- Brexpiprazole is expected to register the fastest CAGR of 9.8% during the forecast period.
- The second generation therapeutic class accounted for the largest market revenue share of 62.9% in 2023. The growth of this segment can be attributed to the presence of a number of second-generation medications available in the market, such as HAFYERA, INVEGA, SEROQUEL, XR, ZYPREXA, and others.
- The retail pharmacies segment dominated the market and accounted for the largest share in 2023. Retail pharmacies are easily available to patients, and they often act as the initial point of contact for individuals in need of prescription medications.
- North America dominated the market with revenue share of 37.67% in 2023. 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.
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List of Key Players of Antipsychotic Drugs Market
- Lundbeck A/S
- Otsuka Pharmaceutical Co., Ltd.
- Janssen Global Services, LLC
- Eli Lilly and Company
- AbbVie, Inc.
- Teva Pharmaceutical Industries Ltd.
- Reddy’s Laboratories Ltd.
- Sumitomo Pharma
- Alkermes
- Bristol-Myers Squibb Company
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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