Global Psychiatric Medications Market is expected to grow at a CAGR of 2.7% from 2020 to 2027
Rigorous scientific research has led to substantial evidence of the involvement of 2 neurotransmitters to be linked with the pathophysiology of psychosis which is glutamate and dopamine. Researchers are of the opinion that if the abnormality in the glutamate and dopamine interaction is resolved in the early stages of the mental illness it can save a patient from entering into psychosis. Promising product pipeline will fortify the psychiatric market growth during the forecast period.
The treatment regimen for psychiatric disorders has undergone tremendous research and development over the last 5 decades eventually resulting in 3 generations of the drug class of psychiatric medications. First-generation comprises of Haldol and Navane which are popular since the 1960s but are rendered outdated due to their side effects such as drowsiness, nausea, and vomiting. Second generation psychiatric medications are dominating the drug class segment on account of their ability to block the dopamine pathways in the central nervous systems and hence are frequently prescribed for treating disorders such as schizophrenia and bipolar disorder. Abilify is the third generation psychiatric medication that is anticipated to grow at a rapid pace owing to its enhanced therapeutic efficacy and tolerability in patients suffering from mental disorders.
Browse the full report Psychiatric Medications Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2027 at https://www.atlanticmarketresearch.com/psychiatric-medications-market
In the present situation, schizophrenia is dominating the application segment for the psychiatric medications market. The chief elements responsible for the occurrence of schizophrenia are insomnia, frequent mood swings, episodic bouts of depression, etc. Bipolar disorder is anticipated to grow at a rapid pace in the near future owing to the occurrence of clinical depression, significant euphoria, and distractibility experienced by the patients during his lifetime. According to the latest research citings brought forward by the World Health Organization (WHO), approximately 264 million people are suffering from depression across the globe.
North America is currently reigning the geography segment for the psychiatric medications market. The major factors responsible for its supreme market growth are the rising prevalence of depression across all age groups in the United States. As per the latest research citings brought forward by the Anxiety and Depression Association of America, in the United States approximately 6.7% of the population is suffering from some form of depression. Effective implementation of treatment regimen and affordable reimbursement scenario together drive the psychiatric medications market growth in the region. Europe is placed in the 2nd position in the geography segment for the psychiatric medications market. As per the statistics brought forward by the World Health Organization (WHO), in Europe approximately 110 million people suffer from some form of mental illness. The rising prevalence of bipolar disorder in the Eastern European Region will provide a potential market for the psychiatric medications market in the region. The Asia Pacific is set to register sturdy growth during the forecast period on account of the rising prevalence of schizophrenia in middle-aged population, stressful lifestyle is likely to increase the number of people suffering from depression, thereby providing necessary growth impetus required for the psychiatric medications in the region.
Pharmaceutical companies actively engaged in the production of psychiatric medications are AstraZeneca, Plc., Allergan, Plc., GlaxoSmithkline, Plc., Bristol Myers Squibb Company, Eli Lilly & Company, Johnson & Johnson, Pfizer, Inc., Sumitomo Dainippon Pharma, Teva Pharmaceutical Company Limited and Merck KGaA.
Market Key Takeaways:
- Significant rise in the mental disorders throughout the globe
- Affordable reimbursement scenario for the psychiatric medications
- Promising drug pipeline likely to accentuate the psychiatric medications market growth during the forecast period
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