The global Psychotherapeutic drugs market size was valued at US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2022-2029).
Psychotherapeutic drugs are used to treat several types of mental disorders such as schizophrenia, bipolar disorder, anxiety, and depression. Several types of psychotherapeutic drugs are available in the market for the treatment of severe mental illnesses and behavioural disorders.
The global Psychotherapeutic drugs market growth is driven by the rising incidences of emotional and mental diseases, rise in awareness among people regarding psychotherapeutic drugs, increasing focus on the research and development process.
The high prevalence of mental disorders and depression globally is expected to drive the growth in the forecast period
High prevalence of mental disorders and depression globally, increase in the risk of depression owing to poverty, unemployment, death of loved ones, or relationship problems are the key factors driving the global psychotherapeutic drugs market. According to the World Health Organization, over 300 million people, nearly 4.4% of the global population, suffered from depression in 2015. Additionally, the estimated number of people living with depression has increased by 18.4% from 2005 to 2015. Introduction of new psychotherapeutic drugs in the market, owing to the increase in R&D investment budgets, demand for cost-effective antipsychotic drugs, and therapeutic application of psychotherapeutic drugs are likely to boost demand for psychotherapeutic drugs during the forecast period.
Increase in hyperlipidemia cases expected to drive the market growth
Globally, the development of advanced and efficient technology, rising incidences of emotional and mental diseases, rise in the awareness among people regarding psychotherapeutic drugs, increasing focus on research and development process, and growth in incidences of mental disorders such as schizophrenia and bipolar disorder are the prime growth drivers of the psychotherapeutic drugs market.
For instance, nearly one in five (18.5%) Americans experiences mental health problems each year. In the U.S., in 2015, an estimated 9.8 million, which equated to nearly 4.8% of all adults (over 18 years of age) had serious mental disorders. The presence of multiple psychotherapy associations such as the United Kingdom Council for Psychotherapy, the British Psychoanalytic Council, and the British Association for Counselling and Psychotherapy drive the market growth.
High investment costs in R&D is likely to hinder the market growth
However, side effects such as drowsiness, insomnia, and blurred vision caused by psychotherapeutic drugs are likely to restrain the market during the forecast period.
COVID-19 Impact Analysis
In the wake of the COVID-19 viral pandemic, the world will likely experience a serious mental health crisis. Even as the first wave of infection passes, stressors associated with COVID-19, including self-quarantine, social distancing, job loss, and the threat of illness, will persist. These factors can be expected to have a significant impact on the human psyche and contribute to a secondary mental health epidemic. Thus the pandemic will drive the market in the forecast period.
The antipsychotic drugs, the segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The global market for antipsychotic drugs is witnessing significant traction owing to the global rise in the 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. Although earlier prescribed only for such psychotic conditions, a vast variety of antipsychotics are also prescribed as a supplement to antidepressant medications and for routine complaints such as insomnia. Records demonstrate that antipsychotics such as Abilify are outselling other drug varieties and are becoming one of the key and high-profit drug Classes of the pharma industry.
According to the Anxiety and Depression Association of America, Anxiety disorders are the most common mental illness in the United States, affecting 40 million adults in the United States age 18 and older, or 18.1% of the population every year. Nearly one-half of those diagnosed with depression are also diagnosed with an anxiety disorder.
World Health Organization (WHO) has recommended mental health action plan to promote mental health and prevent mental disorders in the member states. In addition, according to the key facts published by WHO, an estimated 300 million people are affected by depression, and 60 million people are affected by bipolar disorder, worldwide. Anxiety disorders are the most communal psychiatric illnesses affecting children and adults. It is evaluated that 44 million American grown-ups experience the ill effects of uneasiness issue. Merely, about one-third of those suffering from an anxiety disorder receive treatment, even though the disorders are highly treatable
Schizophrenia are expected to dominate the psychotherapeutic drugs market during the forecast period
Schizophrenia is a serious mental disorder and is affecting a large number of people across the globe. The disease is mainly characterized by distortions in thinking, emotions, and sense of self and behaviour. World Health Organization has stated that around 23 million people across the globe are affected by this disorder among which 12 million are male and 9 million are females. National Institute of Mental Health has stated that the prevalence of Schizophrenia and related symptoms is around 0.25% and 0.64% and this is increasing rapidly. This rise in the prevalence of the disease is contributing to market growth.
As the disease is serious and it increases the chances of early death if not treated properly, there is a growing focus of companies to come up with novel drugs for the treatment of this disease. Currently, there are several FDA approved drugs available in the market. For instance, Chlorpromazine, Aripiprazole, Olanzapine, etc. and there is new drug approval every year, which is expected to drive the market growth over the forecast period.
The hospital pharmacy is expected to dominate the psychotherapeutic drugs market during the forecast period
The hospital pharmacies held the largest share in the Psychotherapeutic drugs market. This is mainly owing to the increasing number of patients suffering from conditions that are treated in hospitals equipped with advanced infrastructure and adequate facilities. Moreover, the growing number of hospitals along with adequate reimbursement policies is also contributing to the growth of this segment.
North America region holds the largest market share global psychotherapeutic drugs market
North America region is dominating the global Psychotherapeutic drugs market accounted for the largest market share in 2020. High prevalence of depression and mental disorders, high per capita health care expenditure and favourable medical reimbursement policies are the key factors likely to contribute to the growth of the psychotherapeutic drugs market in North America during the forecast period. According to the Anxiety and Depression Association of America, over 18.1% of the population of the U.S. are diagnosed with mental disorders each year.
The psychotherapeutic drugs market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Eli Lilly & Co., Johnson & Johnson, Pfizer, Inc., Bristol-Myers Squibb Company, Allergan, GlaxoSmithKline plc, AstraZeneca plc, and Astellas Pharma, Inc., among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the psychotherapeutic drugs market globally.
Digestive Enzymes Market Key Companies to Watch
Overview: Allergan plc, incorporated on May 16, 2013, is a speciality pharmaceutical company. The Company is engaged in the development, manufacturing, marketing and distribution of brand name pharmaceutical products, medical aesthetics, biosimilar and over-the-counter (OTC) pharmaceutical products. The Company operates through three segments: US Specialized Therapeutics, US General Medicine and International. The US Specialized Therapeutics segment includes sales relating to branded products within the United States, including Medical Aesthetics, Medical Dermatology, Eye Care, Neurosciences and Urology therapeutic products.
Product Portfolio: The Company’s portfolio is comprised of pharmaceutical products of specialities for ophthalmologic care, neuromuscular, dermatological and urologic medical devices primarily facial aesthetics products, breast plastic products.
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