|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The schizophrenia drugs market is expected to register a CAGR of nearly 3.24% during the forecast period, with a revenue of approximately USD 7.8 billion in 2020, and it is expected to reach USD 9.3 billion by 2026.
The COVID-19 pandemic has been continuing to transform the growth of various markets, the immediate impact of the outbreak is varied. While a few industries registered a drop in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities. Initially, the COVID-19 outbreak, worldwide, and the lockdown situation across some countries have shown some challenges on the market studied, due to hold on services by the hospitals and clinics, in order to prevent the spread of the SARS-CoV-2 virus. The COVID-19 pandemic has a profound effect on mental health. Additionally, the schizophrenia condition directly increases the risk of contracting COVID-19. However, the underlying health conditions in people with schizophrenia can contribute to more serious COVID-19 symptoms. According to the study article 'COVID-19 paranoia in a patient suffering from schizophrenic psychosis' published in June 2020, the COVID-19 pandemic triggered COVID-19--related hallucinations and delusions, along with changes in the mood in the patient population.
Moreover, subtle changes in cognition and social relationships are expected to precede the actual diagnosis, often by years. According to the World Health Organization 2019 report, the disease affects 20 million people, worldwide. Furthermore, this number is likely to continue to increase, along with the growth in the aging population. According to the World Ageing 2019 report, in 2019, there were around 703 million population aged 65 years or over in the world. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019. The aging population is more susceptible to late-onset schizophrenia, which may further boost the overall market growth. Additionally, the American Psychiatric Association and the National Institute of Mental Health estimated that the risk of an individual having schizophrenia at some point in their life be between 0.3% and 0.7%.
Moreover, the increase in the number of patients taking treatment and rising demand for improved healthcare infrastructure are expected to drive the market. In recent years, the government in several countries has collaborated well with many hospitals across nations to give more protection to people from schizophrenia. The rising burden of the disease and the increasing need to manage it effectively are driving the growth of the market studied.
However, the increase in cases of addiction associated with these drugs and the patent expiry of major drugs are hampering the overall market growth.
Scope of the Report
Schizophrenia is characterized by delusions, hallucinations, and other cognitive difficulties, which can often be a lifelong struggle. It is a chronic and severe mental disorder that affects how a person thinks, feels, and behaves. People with schizophrenia may seem like they have lost touch with reality. Although schizophrenia is not as common as other mental disorders, the symptoms can be disabling. The schizophrenia drugs market is segmented by therapeutic class (second-generation antipsychotics, third-generation antipsychotics, and other therapeutic classes), treatment (oral and injectables) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD billion) for the above segments.
|By Therapeutic Class|
|Other Therapeutic Classes|
Key Market Trends
The Second-generation Antipsychotics Sub-segment is Expected to Record the Better Growth Over the Forecast Period
The COVID-19 pandemic has affected the supply chain of pharmaceutical products. The restrictions on pharmaceutical manufacturing and export affected many products sold in some countries, such as the United States, Europe, and other countries. Some of the drugs are manufactured in-house at the pharma companies, while other drugs of the company are manufactured with facilities in other countries, such as contract manufacturing services, which further impacted the supply chain of products. Hence, the delayed supply of second-generation antipsychotics in pharmacies and other end-user settings caused by restriction or cancellation of the export of medicines has negatively impacted the market growth. However, restrictions on imports and export are now partially relieved, which further creates growth avenues in the forecasted period.
Moreover, the usual first-line treatment for schizophrenia is an antipsychotic medication. One of the commonly preferred medications is risperidone, also known as a second-generation antipsychotic (SGA) or atypical antipsychotic. Risperidone rebalances dopamine and serotonin to improve thinking, mood, and behavior. It is expected to help in curing some or all of the symptoms of schizophrenia. Moreover, in the United States, the Food and Drug Administration (FDA) approved for acute treatment of manic or mixed episodes of bipolar disorder, maintenance (long-term) treatment of the bipolar disorder (Risperdal Consta only), and irritability associated with autistic disorders. There are several second-generation drugs available in the market, which are commonly proposed by doctors/physicians. Moreover, second-generation and third-generation antipsychotics are considered to be the standard of care in schizophrenia treatment. Some of the brands prescribed for the management of schizophrenia are Abilify, Zyprexa, Seroquel, Aristada, Latuda, Saphris, and Vraylar, among others.
Furthermore, continuous support by the government to private and public healthcare companies boosts the growth of companies in the segment. Therefore, considering the reasons mentioned above, the market for second-generation antipsychotics is likely to grow steadily over the forecast period.
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The North American is Expected to Dominate the Market Over the Forecast Period
The United States is the most COVID-affected country across the world. The supply chain of products was highly impacted in this country. Initially, there is a decline in demand for schizophrenia drugs which has negatively impacted the overall market growth.
Moreover, the North American region is expected to dominate the market studied over the forecast period. In the North American region, the United States accounted for the largest market share, as a major section of the population is approaching such medications therapies, primarily due to hectic lifestyles. Moreover, the country offers highly advanced medical care, for early treatment capabilities, along with the involvement of the government in increasing healthcare expenditure. This is driving the growth of the market studied. According to the statistics provided by National Alliance on Mental Illness, 2019, the prevalence of schizophrenia among US adults is estimated to be around 1.5 million people per year.
Additionally, according to the National Institute of Mental Health, 2018, this condition is often diagnosed in the young population with common symptoms earlier in males than in females. Moreover, in September 2020, the American Psychiatric Association (APA) announced the new evidence-based practice guideline for enhancing the treatment of patients with schizophrenia condition. The goal of the American Psychiatric Association is to reduce the mortality, morbidity, and significant psychosocial and health consequences associated with this psychiatric condition. Hence, such government initiatives are fueling the overall market growth in North America. Furthermore, technological advancements in the development of new drugs, increasing healthcare expenditure, and the presence of well-established healthcare infrastructure are fueling the growth of the overall regional market to a large extent.
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The schizophrenia drugs market is competitive and consists of major and small players. In terms of market share, major players currently dominate the market. Some of the major market players include Alkermes PLC, Bristol-Myers Squibb, Eli Lilly and Company, Johnson & Johnson, and Allergan PLC, among others.
In November 2020, the Janssen Pharmaceutical Companies of Johnson & Johnson announced the submission of a supplemental New Drug Application to the US Food and Drug Administration (FDA) for paliperidone palmitate 6-month for the treatment of adults diagnosed with schizophrenia.
In June 2020, the company, Karuna Therapeutics, announced the Positive Outcome of End-of-Phase 2 Meeting with the FDA for KarXT. The product candidate KarXT is being evaluated for the Treatment of Acute Psychosis in Patients with Schizophrenia.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Schizophrenia and Associated Disorders
4.2.2 Increase in Focus of Governments and Health Care Organizations on Mental Health
4.2.3 Increasing Investments in R&D
4.3 Market Restraints
4.3.1 Increase in Cases of Addiction Associated with these Drugs
4.3.2 Patent Expiry of Major Drugs
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Therapeutic Class
5.1.1 Second-generation Antipsychotics
5.1.2 Third-generation Antipsychotics
5.1.3 Other Therapeutic Classes
5.2 By Treatment
5.3 By Geography
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia Pacific
5.3.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.3.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Alkermes Plc
6.1.2 Abbvie (Allergan Plc)
6.1.4 Eli Lilly and Company
6.1.5 Johnson & Johnson
6.1.6 Pfizer Inc.
6.1.7 Sumitomo Dainippon Pharma
6.1.8 Vanda Pharmaceuticals
6.1.9 Bristol-Myers Squibb and Company
6.1.10 Otsuka America Pharmaceutical Inc.
6.1.11 Acadia Pharmaceuticals
6.1.12 Karuna Therapeutics
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Schizophrenia Drugs Market market is studied from 2018 - 2026.
What is the growth rate of Schizophrenia Drugs Market?
The Schizophrenia Drugs Market is growing at a CAGR of 3.24% over the next 5 years.
Which region has highest growth rate in Schizophrenia Drugs Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Schizophrenia Drugs Market?
North America holds highest share in 2020.
Who are the key players in Schizophrenia Drugs Market?
Johnson & Johnson, Eli Lilly and Company, AbbVie Inc.(Allergan Plc), Alkermes PLC, Otsuka America Pharmaceutical Inc., AbbVie Inc. (Allergan PLC) are the major companies operating in Schizophrenia Drugs Market.