Currently, the global psychotic disorder treatment market is worth US$13.6 billion and is expected to exceed a valuation of US$24.5 billion by the end of 2032.
Stress levels in the general population have increased dramatically over the past few years, which has led to an increase in the incidence of psychotic disorders such as bipolar disorder, schizophrenia, etc.
Fact.MR projects that global revenue for the treatment of psychotic disorders will grow at a high CAGR of 6.1% between 2022 and 2032.
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Psychotic Disorders Treatment Market: Drivers and Constraints
The global psychotic disorder treatment market is expected to register a significant CAGR over a forecast period. Increasing research and development activities for new drugs and new drug combinations aimed at minimizing the adverse effects of antipsychotic drugs and increasing the safety and efficacy of the drug is expected to drive the demand for drugs for psychotic disorders and boosting the global treatment of psychotic disorders. market. Rising number of prevalences of severe psychotic disorders is likely to fuel the growth of the global psychotic disorder treatment market. Growing people’s awareness is also expected to boost the global psychotic disorder treatment market.
However, the possible side effects of antipsychotic drugs can hamper the demand for treatment of psychotic disorders and stunt the growth of the global psychotic disorder treatment market. Lack of specific drugs and methods is a significant challenge in ensuring treatment is another factor that is hampering the demand for psychotic disorder treatment and restraining the growth of the global psychotic disorder treatment market.
Psychotic Disorder Treatment Market: Segmentation
The global psychotic disorder treatment market is segmented on the basis of drug type, indication and distribution channel:
On the basis of drug type, the global psychotic disorder treatment market is segmented into:
- Atypical antipsychotics
- Phenothiazine antipsychotics
- Miscellaneous antipsychotic agents
On the basis of indications, the global psychotic disorder treatment market is segmented into:
- Bipolar disorder
- Delusional disorder
- Drug-induced psychosis
- Organic psychosis
On the basis of distribution channel, the global psychotic disorder treatment market is segmented into:
- Hospital pharmacies
- Retail pharmacies
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Psychotic disorder treatment providers are pushing for new medications and treatments to be approved by regulatory bodies to expedite the launch of these new treatments.
- In February 2022, AbbVie, a leading biopharmaceutical organization, announced that it had submitted a Supplemental New Drug Application to the United States Food and Drug Administration (FDA). The application is based on new clinical trial results for cariprazine (VRAYLAR®) for the adjunctive treatment of major depressive disorder (MDD).
- In April 2022, BioXcel Therapeutics, a renowned biopharmaceutical company, announced that it had received approval from the US FDA for the sublingual film IGALMI™ (dexmedetomidine), which will be used to treat bipolar disorder.
Psychotic Disorder Treatment Market: Key Players
- Teva Pharmaceutical Industries Ltd.
- Amgen Inc.
- Pfizer Inc.
- Novartis International AG
- Merck & Co. Inc.
- Sanofi SA
- Allergan AG
- Mylan AG
- Johnson & Johnson Services Inc.
- Hoffmann-La Roche Ltd.
The United States will continue to reflect lucrative growth prospects
The United States is a major contributor to stocks in terms of value due to the increase in occurrences of severe psychotic disorders among people and will register a notable CAGR in 2021 and beyond.
China and India are also contributing moderate shares and will reflect a robust pace of growth for the treatment of psychotic disorders.
The UK is expected to be the most lucrative region. On the other hand, UAE, Turkey, Kenya and other regions are still in a nascent stage and are expected to register decent expansion in the coming years.
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The European psychotic disorder treatment market represents a total valuation of US$3.45 billion in 2022 and holds a notable market share of 25.4% in the global industrial landscape.
Rising prevalence of severe psychotic disorders and increasing awareness of mental health issues are major factors driving the market growth in this region.
Rising cases of serious mental illnesses and increasing attention to mental health in North America are primarily expected to drive the demand for treatment of psychotic disorders in this region. Currently, the region’s market represents a turnover of 2.89 billion US dollars and a market share of 21.3%.
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