Market Size of Antipsychotic Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Antipsychotic Drugs Market Analysis
The antipsychotic drugs market is expected to register a CAGR of 5.6% over the forecast period.
The emergence of the COVID-19 pandemic significantly impacted people with psychotic disorders due to lockdown restrictions, a high influx of COVID-19 patients, and an increased risk of contracting COVID-19. Hence, COVID-19 affects the ongoing treatment procedure, diagnosis, and treatment of new patients. For instance, according to a research article published in Nature in January 2021, dementia patients were at higher risk of contracting COVID-19 than non-dementia patients. Hence, COVID-19 had a significant impact on the market. Furthermore, the long-term effects of COVID-19 on people with psychotic disorders, along with higher adoption of telemedicine services in the post-pandemic, may have a further impact on the demand for antipsychotic drugs over the forecast period.
The rise in the prevalence of mental health disorders, such as schizophrenia and bipolar disorder, amongst the population, along with rising initiatives by the government and other private organizations for the awareness of psychotic disorders, is majorly driving the market. For instance, according to data published by the World Health Organisation (WHO) in March 2023, Approximately 55 million people in the globe have dementia, and 60% of them are from low and middle-income countries in 2022. Further, as per the same source, almost 10 million new cases of dementia are reported globally. In addition, increasing efforts by the World Health Organisation to address dementia and growing awareness of mental health are driving demand for antipsychotic drugs and fueling significant market growth during the forecast period.
Furthermore, as per the World Health Organization data published in February 2021, Depression is a common mental disorder affecting over 280 million people of all ages worldwide. Thus, the high prevalence of mental disorders is boosting the demand for antipsychotic drugs during the study period. Rising advancement in the research field for introducing blockbuster drug molecules also supports market growth. For instance, in January 2023, Eisai Co., Ltd. received the Food and Drug Administration approval for Leqembi via the Accelerated Approval Pathway for treating Alzheimer's disease. This introduction of advanced drug options for neurological disorders is further driving the adoption of antipsychotic drugs among the patient population globally.
Therefore, a growing number of mental disorder patients, awareness initiatives on mental disorders, and new product introductions are driving antipsychotic drug adoption and supporting market growth. While addiction caused due to antipsychotic drugs and the patent expiry of major drugs are the key factors hampering the development of the market.
