LONDON, March 22, 2017 /PRNewswire/ -- The global antipsychotic drugs market is expected to reach USD 14.4 billion by 2025, 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.
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.
Further Key Findings From the Study Suggest:
The growing prevalence of mental disorders, increased investments on R&D, and rising awareness regarding these conditions are augmenting the growth of the market.
The first-generation of antipsychotics have serious adverse effects and are very rarely used, hence they hold negligible share in the market.
The second-generation segment of drugs accounted for the largest share in 2015 and are anticipated to further expand during the forecast period despite the adverse effects
As of January 2016, the third-generation segment has only one approved product, Abilify. It has negligible adverse effects and is expected to be the fastest growing segment over the forecast period
In 2015, North America dominated the global space with the largest revenue share owing to rising prevalence of mental illnesses
Asia Pacific is expected to emerge as the fastest growing region during the forecast period, mainly due to growing social awareness regarding mental disorders and improving access to treatment
Some of the major players in this market are Johnson & Johnson; Pfizer, Inc.; Eli Lilly & Co.; and Bristol-Myers Squibb
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