Worldwide Schizophrenia Drugs Market will be worth US$ 8.02 Billion in 2021
The schizophrenia market has remained replete with significant unmet demands over time. The presence of favorable reimbursement policies and unmet requirements in the market is expected to provide lucrative prospects for market participants. Furthermore, the market can be driven by a growth in the number of patients seeking treatment and rising demand for improved healthcare infrastructure. In addition, advancing innovation in drug delivery methods is expected to drive market growth throughout the forecast period. Market evolution is expected to be aided by increased government expenditure on healthcare infrastructure. Furthermore, the industry is being driven by the expanding elderly population.
COVID-19 Impact Worldwide Schizophrenia Drugs Industry:
The COVID-19 pandemic had the potential to impact mental health significantly. Those with schizophrenia were the most brutal hit. If exposed, patients were at a greater risk of contracting the COVID-19 virus. Because of their difficulty in following safety precautions, schizophrenic patients were shown to be at a higher risk of infection. However, during the pandemic, the market for schizophrenia medications grew because people with schizophrenia had difficulty adhering to proper hygiene practices, owing to impaired judgment and self-care. According to our estimate, global schizophrenia drugs industry will expand with a CAGR of 4% during 2021-2027.
The Second Generation Segment Is Projected to Render the Highest Revenue During the Forecast Period:
One of the most important criteria for a schizophrenia therapy product is its higher efficacy and safety. There was a higher reliance on first-generation medications for schizophrenia in prior decades, but their use was also associated with several significant side effects. The patient's condition or prognosis was frequently exacerbated due to these side effects. As a result, more concentration was paid to creating atypical antipsychotics, also known as second generation medicines, which have higher efficacy and a lower number of side effects.
Injectable-Based Treatment of Schizophrenia Exhibits a Significant Growth During the Forecast Period:
Several new essential products have been launched due to the increased number of people suffering from schizophrenia and increased knowledge about mental conditions. In addition, some major participants in the schizophrenia therapy industry have robust R&D pipelines. As a result, two forms of schizophrenia therapies have emerged: oral and injectable. Because of the benefits connected with injectable treatments, they are becoming more popular.
Injectable-based schizophrenia medicines, particularly long-acting injectables, are among the most advanced kinds of treatment (LAIs). Long-acting injectables can often help eliminate the side effects of oral schizophrenia treatment. As a result of these treatment modes' improving efficacy and safety, there is a greater adoption and transfer to injectable schizophrenia medications.
Increasing Admission to The Internet Facilities Globally Boosts the Market for Online Pharmacies:
Customers are an essential aspect of the schizophrenia therapeutics market and are expected to be a critical determining factor in the distribution channel's dominance. The retail pharmacies segment is expected to be the most prevalent in the distribution channel segment, owing to the fulfilment of prescriptions following the first diagnosis.
Furthermore, online pharmacies are expected to develop due to increased global access to internet services and the resulting comfort and ease of ordering or filling prescriptions from the comfort of one's own home or other location. Every retail sector's core function is an online pharmacy. Many retail outlets now have vast amounts of data about their consumers, stores, and market competitors, which they may use to grow their customer base effectively.
Asia Pacific Is Expected to Witness the Highest Growth in The Market:
According to our estimates, the worldwide schizophrenia medications market would be dominated by North America over the forecast period. The region's market development is likely fuelled by the growing acceptance of modern schizophrenia medications. Furthermore, rising awareness, desire for effective treatments, and an increasing number of schizophrenic patients are likely to drive the growth of the schizophrenia drugs market in North America throughout the forecast period.
Contrarily, the Asia Pacific is predicted to develop at the fastest rate in the market. A key driver for the industry in the region is increased awareness and attention on mental health. Healthcare professionals and enterprises in India, China, Japan, and the rest of Asia Pacific are interested in the effective administration of schizophrenia medicines and the region's new product introductions.
Key Players:
Several competitors in the schizophrenia treatment market are focusing on forming commercialization and research alliances to capitalize on opportunities. Compared to mergers and acquisitions, the synergy created through collaborations and partnerships has a favourable and immediate influence on growth. Furthermore, leading players in the schizophrenia medication industry are focused on emerging markets for possible growth prospects and capturing new revenue streams. Alkermes plc, AstraZeneca, Eli Lilly and Company, Johnson & Johnson, Pfizer, Inc, Sumitomo Dainippon Pharma Co., Ltd., Vanda Pharmaceuticals Inc., GlaxoSmithKline plc, Teva Pharmaceuticals, and AbbVie Inc. are among the key market players included in the analysis.
The publisher's latest report Schizophrenia Drug Market, By Class (First Generation, Second Generation, Third Generation), Treatment Market Analysis (Oral, Injection), End-User (Hospital, Retails, Online), Region (North America, Europe, Asia Pacific, South America, Middle East & Africa), Companies (Alkermes plc, AstraZeneca, Eli Lilly and Company, Johnson & Johnson, Pfizer, Inc, Sumitomo Dainippon Pharma Co., Ltd., Vanda Pharmaceuticals Inc., GlaxoSmithKline plc, Teva Pharmaceuticals, and AbbVie Inc.) provides a detailed analysis of Schizophrenia Drug Industry.
Class - Market has been covered from 3 viewpoints:
1. First Generation
2. Second Generation
3. Third Generation
Treatment - Market has been covered from 2 viewpoints:
1. Oral
2. Injection
End-User - Market has been covered from 3 viewpoints:
1. Hospital
2. Retails
3. Online
Region - Market has been covered from 5 viewpoints:
1. North America
2. Europe
3. Asia Pacific
4. South America
5. Middle East & Africa
Company Insights:
- Overview
- Business Strategy
- Financial Insight
Company Analysis:
1. Alkermes plc
2. AstraZeneca
3. Eli Lilly and Company
4. Johnson & Johnson
5. Pfizer, Inc
6. Sumitomo Dainippon Pharma Co., Ltd.
7. Vanda Pharmaceuticals Inc.
8. GlaxoSmithKline plc
9. Teva Pharmaceuticals
10. AbbVie Inc.
Table of Contents
Companies Mentioned
- Alkermes plc
- AstraZeneca
- Eli Lilly and Company
- Johnson & Johnson
- Pfizer, Inc
- Sumitomo Dainippon Pharma Co., Ltd.
- Vanda Pharmaceuticals Inc.
- GlaxoSmithKline plc
- Teva Pharmaceuticals
- AbbVie Inc.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 130 |
Published | March 2022 |
Forecast Period | 2021 - 2027 |
Estimated Market Value ( USD | $ 8.02 Billion |
Forecasted Market Value ( USD | $ 10.15 Billion |
Compound Annual Growth Rate | 4.0% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |