What is the current size of the Schizophrenia Drug market?
The global schizophrenia drug market size was US$ 7.9 billion in 2021. The global schizophrenia drug market is forecast to grow to US$ 9.8 billion by 2030, registering a compound annual growth rate (CAGR) of 2.7% during the forecast period from 2022 to 2030.
Schizophrenia is a mental illness in which the person misinterprets reality and frequently lives in a virtual world built on imagination. They frequently have hallucinations and hear things that never happen.
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Factors Influencing the Market
The increasing cases of schizophrenia are driving the growth of the global schizophrenia drug market. World Health Organization estimates that around 50 million people were affected by schizophrenia in 2013. The numbers are growing rapidly, which is increasing the demand for effective drugs. As a result, it will fuel the growth of the global schizophrenia drug market.
Increasing mental health expenditure and surging chronic ailments illness will contribute to the growth of the global schizophrenia drug market. In addition, the increasing demand for novel medications, such as Doria (risperidone ISM) and Roluperidone (MIN-101), will have a potential impact on the global schizophrenia drug market.
The high cost associated with the drugs and the treatment may hamper the growth of the schizophrenia drug market.
Increasing awareness about mental illness and treatments are forecast to benefit the market during the study period.
Regional Analysis
The global schizophrenia market will witness rapid growth in North America due to high healthcare expenditure and awareness about mental illness. In addition, the availability of highly advanced medical care for efficient treatment is likely to benefit the regional market. Moreover, increasing disposable income and favorable government initiatives in the region are forecast to benefit the region’s schizophrenia drug market.
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COVID-19 Impact Analysis
The COVID-19 pandemic has been transforming the growth of numerous markets, and the outbreak’s immediate impact is varied. While demand in a few industries has decreased, countless other industries are witnessing potential growth prospects. Initially, the global COVID-19 outbreak and the lockdown situation created some obstacles for the schizophrenia drug market. Hospitals and clinics were forced to suspend services which ultimately affected the revenue growth of the market. Furthermore, the increasing cases of schizophrenia will significantly boost the market growth during the study period.
Competitors in the Market
- Alkermes
- Allergan (Forest Labs)/ Geodon Ritcher
- AstraZeneca
- Bristol-Myers Squibb
- Eli Lilly
- Johnson & Johnson
- Pfizer
- Sumitomo Dainippon Pharma
- Vanda Pharmaceuticals
- Other prominent players
Market Segmentation
The global schizophrenia drug market segmentation focuses on Class, Treatment, and Region.
Schizophrenia Drugs Market, By Class
• First-Generation Antipsychotics
• Second-Generation Antipsychotics
• Third-Generation Antipsychotics
• Others
Schizophrenia Drugs Market, By Treatment
• Oral
• Injectables
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Schizophrenia Drugs Market, By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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