October 12, 2022 06:16 ET | Source: Growth Plus Reports Growth Plus Reports
Pune, Oct. 12, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, “Schizophrenia Drugs Market by Drug Class (1st Generation Antipsychotics, 2nd Generation Antipsychotics, 3rd Generation Antipsychotics), by Route of Administration (Oral, Injectables) – Global Outlook & Forecast 2022-2030″ published by Growth Plus Reports, the schizophrenia drugs market is expected to grow at a CAGR of 4.30% from 2021 to reach US$ 10.98 billion by 2030.
The global schizophrenia drugs market has been analyzed from three perspectives: drug class, route of administration, and region.
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The rising prevalence of schizophrenia is a key factor associated with the growth of the schizophrenia drugs market. For instance, According to the World Health Organization (WHO), schizophrenia will affect 24 million people worldwide by 2022. Furthermore, this figure is likely to increase with the rise in the aging population. Moreover, the market is expected to be driven by an increase in the number of patients receiving treatment and the demand for improved healthcare infrastructure. In recent years, governments in several countries have collaborated with numerous institutions worldwide to support those who have schizophrenia.
Excerpts from ‘by Drug Class’
According to drug class, the global schizophrenia drugs market is split into:
High demand for 2nd generation antipsychotics has driven the industry growth. Aripiprazole is one of such second-generation antipsychotic drugs produced under the trade name Abilify. It is a medication that works directly on the brain and treats schizophrenia. Additionally, the steady demand for first-generation antipsychotics will support the market movement. First-generation antipsychotics block dopaminergic neurotransmission and about 72% of the brain’s D2 dopamine receptors. FGAs (first-generation antipsychotics) are a popular option for schizophrenia because they are substantially less expensive than the more recent antipsychotics.
Excerpts from ‘by Route of Administration’
The parenteral and oral routes of administration make up the two segments of the global market for schizophrenia drugs market. The oral segment has dominated the market globally. The widespread availability of oral drugs, non-invasiveness, and high patient preference are the elements driving the growth of this segment. The injectable segment is also anticipated to exhibit substantial growth during the projected period since many significant players are ultimately initiating new strategies to boost their injectable product portfolios. Additionally, the injectable route of drug administration has a few extra benefits, including quick action, improved patient compliance, ease of use, higher systemic availability because it avoids first-pass metabolism, and reduced dose frequency.
Excerpts from ‘by Region’
The global market for schizophrenia drugs has been divided into regions based on geography:
North America is the leading region in the global market for schizophrenia drugs. The market in the region is growing due to the rising number of schizophrenia patients and the rapidly aging population suffering from late-onset schizophrenia. Additionally, greater awareness and acceptance of mental health and well-being can boost the market growth. The United States has been seen to be the significant revenue-generating zone in the North American market. Other factors, such as awareness, are increasing the regional market. Due to the rise in age-associated physical and mental health issues, the European market is regarded as the second-largest behind the United States in terms of its market share for schizophrenia drugs. The European market is being helped by higher healthcare spending brought on by the increased attention paid to mental health. The Asia Pacific is the market’s fastest-growing region because of its enormous patient population. In developing nations like Japan, Hong Kong, and Singapore, the prevalence of mental illness has been noted to be higher, helping the Asia Pacific market grow.
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Excerpts from ‘Competitive Landscape’
Some prominent players operating in the global schizophrenia drugs market are
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