Patent Expiry of Notable Drugs to Open up Plethora of Opportunities for Key Players in Global Schizophrenia Drugs Market: Transparency Market Research
The global market for schizophrenia drugs is on course to achieve substantial valuation by the end of the forecast period in 2027, increasing adoption of several new techniques for development of new drugs fuels growth
ALBANY, New York, Feb. 4, 2020 /PRNewswire/ -- Transparency Market Research has been keenly monitoring the trends and developments that are helping to shape the global schizophrenia drugs market. The market research report published by TMR projects the global market to exhibit a healthy CAGR of 4% over the duration of the given assessment period of 2019 to 2027. With this rate of growth, the market is expected to reach a valuation worth US$15.7 bn by the fall of 2027. Initially, the market was valued at US$11.1 in the year 2018. The research report expects that there will be plenty of opportunities for the market leaders to leverage in order to achieve better growth and reach the projected valuation target.
"Pharmaceutical companies are now spending more on the activities of research and development to create new drugs that will help in the treatment of schizophrenia. These drugs are the ones which are beyond the regular monoamine G Protein Coupled Receptors or GPRCs and the dopaminergic hypothesis of schizophrenia. They are raising their manufacturing capabilities of the dopamine antagonists," says analysts at TMR.
The global market for schizophrenia drugs is a highly established market because of the growing demand for these drugs in developing as well as developed nations. In addition to this, leading companies in the global market are now engaged in the development of new and innovative therapeutics that will cater to the evolving demands.
In terms of the class of drugs, the schizophrenia drugs market has been segmented into first generation, second generation, and third generation drugs. The segment of second generation schizophrenia drugs has been the dominant market segment as recently as 2018 and is projected to hold a considerable market share in the future. The dominance of the segment is primarily due to the low risk of facing neurological side effects as compared to the first generation drugs.
Based on route of administration, the global market for schizophrenia drugs is further segmented into injectable and oral drugs. The oral drugs segment has been the leading segment in recent years because of the ease of accessibility, non-invasive nature, and increasing preference by the consumers.
Explore 148 Pages report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Schizophrenia Drugs Market (Drug Class: First Generation Drugs, Second Generation Drugs, and Third Generation Drugs; Route of Administration: Oral and Injectable.)
Global Schizophrenia Drugs Market – Key Driving Factors
There are several notable micro- as well as macroeconomic factors that are influencing the overall development of the global schizophrenia drugs market. With a large number of these factors coming into the fray, naturally, the market is expected to undergo considerable transformation and witness hefty growing in near future.
Growing research and development activities undertaken by the leading pharma companies to cure multiple diseases at once is one of the leading causes that is influencing the development of the global market. These research and development activities are also equally complemented by the technological advancements in the global healthcare sector.
Increasing emergence of generic drug for the treatment of mental disorders, schizophrenia in particular, is also one of the leading factors that is shaping up the growth of the global schizophrenia drugs market.
With several notable drugs' patents about to expire, this has presented a huge opportunity for market players to bring in their generic drugs and try to capture the booming market share.
Global Schizophrenia Drugs Market – Key Restraining Factors
There are however, some factors that are expected to impede the growth of the global schizophrenia market in the near future and stop it from reaching its full potential.
One of the biggest impeding factors for the market has been serious lack of sample-based tests. This problem is particularly evident in the healthcare sector of emerging economies.
Currently, there are not many schizophrenia drugs that fall under the basic definition of being affordable. Though several attempts are in order to develop more cost efficient drugs, it is having a negative impact on the development of the market.
Global Schizophrenia Drugs Market – Regional Analysis
Asia Pacific is expected to show the maximum growth potential in the coming years of the forecast period. This growth of the market is fueled by the growing demand for non-invasive oral drugs. The regional market is expected to reach a valuation worth US$10.8 billion by 2027.
North America market is expected to remain steady in terms of growth rate. With a stable and mature healthcare infrastructure coupled with presence of several notable players in the global schizophrenia drugs market, the region is expected to contribute significantly in terms of value in the near future.
Analyze Schizophrenia Drugsmarket growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Schizophrenia Drugs Market – Competitive Landscape
The competition in the market is quite intense with several notable players fighting for the top spot. The entry barrier for new players is quite high making it difficult for them to gain a stronghold in the global market. The established brands are expected to opt for mergers, takeovers, and strategic alliances in order to stay ahead of the competitive curve.
Some of the key players in the market are Otsuka Pharmaceuticals, Janssen Global Services, Allergen Plc., and Pfizer Inc. among others.
The global schizophrenia drugs market is segmented on the basis of:
First Generation Drugs
Second Generation Drugs
Third Generation Drugs
Route of Administration
Middle East and Africa
Explore Transparency Market Research's award-winning coverage of the global Pharmaceutical industry:
G-Protein Coupled Receptors (GPCRs) Market - Pharmaceutical companies in the G-protein coupled receptors (GPCRs) market are tapping into the advances in the biology of GPCR in the pursuit of new, novel drug targets. Several of them have put high bets on technologies to obtain high-resolution structures of GPCR.
Neuropsychiatric Disorder and Treatment Market - Advancements in the field of emergency care, neurosurgery, and critical care are driving the growth of the global neuropsychiatric disorder and treatment market. High prevalence of psychiatric disorders and depression globally, rise in unemployment, and increase in depression due to personal loss are the key factors driving the global neuropsychiatric disorder market.
Antipsychotic Drugs Market - The global market for antipsychotic drugs is witnessing significant traction owing to the global rise in prevalence of psychotic disorders such as bipolar disorder, schizophrenia, delusions, hallucinations, and very severe depression (called "psychotic depression"). Recent studies have stated that antipsychotics are one of the top-selling and most widely prescribed drugs for managing psychotic conditions in the United States.
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Pulmonary Drugs Market - The global pulmonary drugs market has been the key area of focus and the most crucial market for the healthcare industry in the last couple of years. However, the market is expected to witness a significant decline over the forecast period with a -6.3% CAGR from 2016 to 2024
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