Global Schizophrenia Drugs Market Size

Schizophrenia Drugs Market Analysis

The schizophrenia drugs market is expected to register a CAGR of 3.24% during the forecast period (2022 - 2027).

The emergence of the COVID-19 pandemic had its impact on the schizophrenia market as all the procedures including diagnostic and therapeutic around the world were impacted due to the decline in visits to hospitals and diagnostic centers because of lockdown restrictions imposed by various governments globally. Further, many studies reported the negative impact of COVID-19 on patients with schizophrenia disorder, which is also expected to impact the studied market. According to an article published, in May 2020, titled "Schizophrenia and COVID-19 delirium", COVID-19 has had a substantial impact on the global population, and people with schizophrenia are at a higher risk of infection and its consequences due to difficulties adhering to preventive protocols and the existence of other medical comorbidities. As per the same source, infected schizophrenia patients may experience more severe symptoms than others. Similarly, according to an article published by the Europe PMC, in 2020, titled "COVID-19 paranoia in a patient suffering from schizophrenic psychosis", the COVID-19 pandemic triggered COVID-19--related hallucinations and delusions, along with changes in the patient's mood making it aggressive. Hence, the COVID-19 pandemic is having a significant negative impact on the lives of people with schizophrenia. However, with the resumed services and procedures, the schizophrenia drugs market is expected to regain its full potential over the forecast period.

The increasing incidence and prevalence of schizophrenia and associated disorders and mental illness, increasing focus of government and health care organizations on mental health, and rising investments in research and development activities by the market players are all projected to increase the growth of the market over the forecast period.

The increasing prevalence of schizophrenia and associated disorders along with the rising geriatric population, who is more susceptible to late-onset schizophrenia, is the key factor driving the growth of the market over the forecast period. For instance, according to the World Health Organization, in 2022, schizophrenia affects 24 million people, worldwide. Furthermore, this number is likely to continue to increase, along with the growth in the aging population. According to the World Population Ageing Highlight 2020 report published by the United Nations, the global geriatric population is increasing rapidly around the world and in 2020, about 727 million people of age 65 years or more were living across the world which was about 9.3% of the total global population. As per the same source, it is anticipated that there will be 1.5 billion people of age 65 years or above in the world, by 2050. 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 is between 0.3% and 0.7%.

Furthermore, the market is likely to be driven by a growth in the number of patients receiving treatment and rising demand for improved healthcare infrastructure. In recent years, governments in several countries have worked closely with numerous institutions across the globe to provide better protection to those suffering from schizophrenia. The expanding prevalence of the condition, as well as the growing need to effectively manage it, are driving the market over the forecast period.

However, the increasing cases of addiction associated with these drugs and the patent expiry of major drugs are hampering the overall market growth.