Psychotropic Drugs Market - By Drug type (Aripiprazole, Thioridazine), Application (Anti-psychotics, Antidepressants), Therapeutic Class (First & Second generation), Disease (Schizophrenia, Bipolar), Distribution Channel, Global Forecast (2023 – 2032)

Psychotropic Drugs Market - By Drug type (Aripiprazole, Thioridazine), Application (Anti-psychotics, Antidepressants), Therapeutic Class (First & Second generation), Disease (Schizophrenia, Bipolar), Distribution Channel, Global Forecast (2023 – 2032)

Psychotropic Drugs Market Size

Psychotropic Drugs Market size valued at USD 20.2 billion in 2022 and is anticipated to grow at a CAGR of over 6.4% from 2023 and 2032. Pharmaceuticals used to treat various mental health diseases, such as depression, anxiety disorders, bipolar disorder, schizophrenia, and other psychiatric disorders, are included in the psychotropic drugs business. Some of the factors that are driving the market growth include increasing prevalence of mental health disorders, technological advancements in drug development, rising geriatric population, rising healthcare expenditure.
 

The increased awareness of mental health issues and efforts to reduce the stigma surrounding psychiatric disorders have encouraged more individuals to seek help, which in turn boosts the market growth. Additionally, advancements in neuroscience, pharmacology, and drug development have led to the discovery of new and more effective central nervous system therapeutics. Innovative treatments that offer better outcomes with fewer side effects attract patients and healthcare providers, driving market growth.

 

COVID-19 Impact Analysis

The COVID-19 pandemic had a significant impact on the market for psychotropic and antidepressant drugs. The pandemic has disrupted global supply chains, leading to shortages and delays in the manufacturing and distribution of pharmaceutical products, including psychotropic drugs. This could have affected the availability of certain medications in some regions. In addition, pandemic's mental health consequences, such as increased stress, anxiety, and depression, have resulted in a rise in demand for psychiatric drugs. The pandemic extended isolation, dread, and uncertainty have aggravated existing mental health issues and sparked new instances.
 

The trend toward telehealth and distant consultations has altered psychotropic medication prescription and monitoring practices, with some patients having difficulty getting their regular treatments. Furthermore, the pandemic's economic impact has impacted people's capacity to buy and receive healthcare services, particularly psychiatric medicines. The long-term effects of the pandemic on mental health and the demand for psychotropic medications are likely to continue evolving as healthcare systems adapt to ongoing challenges and prioritize mental health care.
 

Psychotropic Drugs Market Trends

Some of the key trends in the psychotropic drugs industry includes a growing global focus on mental health, with increased awareness and recognition of the importance of mental well-being, the adoption of telemedicine and digital health platforms, and focus on combination therapies. Combinations of psychotropic drugs or combining medication with non-pharmacological therapies, such as cognitive-behavioural therapy (CBT), have become more common. These integrated approaches aim to improve treatment outcomes and address individual patient needs.
 

Psychotropic Drugs Drug Market Analysis

Based on drug type, the psychotropic drugs market from aripiprazole segment accounted for around 22.4% share in 2022. Aripiprazole is well-known for its ability to decrease the symptoms of schizophrenia, bipolar disorder, and depression. It acts as a partial agonist at dopamine D2 and serotonin 5-HT1A receptors and as an antagonist at serotonin 5-HT2A receptors, giving it an individual mode of action. When compared to other antipsychotic drugs, this balanced mechanism is linked with a favourable safety profile. This broad range of indications increases its market potential and demand.
 

Based on application, the psychotropic drugs market anti-psychotics segment held approximately 30% share in 2022 and is predicted to witness significant pace in the coming years. Increased detection and diagnosis of psychiatric diseases have resulted from increased awareness of mental health concerns and developments in diagnostic techniques. This has driven up demand for antipsychotic drugs. Moreover, psychiatric disorders, such as schizophrenia and bipolar disorder, affect a significant portion of the global population. The high prevalence of these conditions drives the demand for antipsychotic medications as a primary treatment option.
 

The psychotropic drugs market size from the first-generation segment crossed USD 12.3 billion in 2022 and is set to observe gains at nearly 6.4% up to 2032. First-generation psychotropic drugs have a long history of use in psychiatry. They were some of the earliest medications available to treat psychotic disorders and were widely prescribed for several decades. This established use contributes to their continued presence in the market.
 

The schizophrenia segment of psychotropic drugs market surpassed USD 4.5 billion in 2022 and is slated to register 7.1% growth through 2032. Schizophrenia is a chronic disorder that frequently need long-term therapy and care. The necessity for continuing treatment provides a steady market demand for psychotropic medications. Additionally, schizophrenia affects a substantial number of people globally, making it one of the most prevalent psychiatric disorders. The high prevalence drives the demand for effective psychotropic medications to manage symptoms and improve patients' quality of life.
 

The hospital pharmacies segment dominated 56.1% share of psychotropic drugs industry in 2022 and is expected to grow at a 6.4% CAGR between 2023 to 2032. Hospitals admit patients with acute mental illnesses such as severe depression, bipolar disorder, and acute psychotic episodes. In hospital pharmacies, there is a significant demand for psychotropic drugs to treat these acute and severe mental health problems.
 

North America psychotropic drugs market accounted for significant revenue in 2022 and is projected to reach USD 13.5 billion in 2032, with a CAGR of 6.3% from 2023 to 2032. North America has a relatively high prevalence of mental health disorders, such as depression, anxiety, schizophrenia, and bipolar disorder. The large number of individuals seeking treatment for these conditions drives the demand for psychotropic drugs in the region.
 

Moreover, there has been a significant improvement in mental health awareness and acceptance in North America. Greater public understanding of mental health issues and a reduced stigma associated with seeking help for mental health concerns have led more people to seek treatment and psychotropic medications.
 

Psychotropic Drugs Market Share

Major market players operating in the psychotropic drugs market include

• Alkermes
• Eli Lilly and Company
• Janssen Pharmaceuticals, Inc
• (Johnson & Johnson)
• Allergan (AbbVie Inc.)
• Pfizer Inc.
• Mylan N.V.
• Novartis A
• Axsome Therapeutics, Inc.
• Acadia Pharmaceuticals Inc.
•  Takeda Pharmaceutical Company Limited.

These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
 

Psychotropic Drugs Industry News

• In January 2023, Otsuka Pharmaceutical Co., Ltd. announced that, they received  FDA approval for the use of brexpiprazole (Rexulti) in the treatment of schizophrenia.
   
• In February 2023, the FDA approved the use of lisdexamfetamine dimesylate (Vyvanse) for the treatment of attention deficit hyperactivity disorder (ADHD) in children ages 6 to 17 years old.
   
• In March 2023, the FDA approved the use of cariprazine (Vraylar) for the treatment of acute mania and mixed episodes associated with bipolar I disorder.
   

This psychotropic drugs market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments

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By drug type

• Aripiprazole
• Brexipiprazole
• Olanzapine
• Peliperidone Palmitate
• Clozapine
• Quetiapine
• Chlorpromazine
• Risperidone
• Paroxetine
• Thioridazine
• Fluvoxamine
• Other drug types

By application

• Anti-psychotics
• Anti-anxiety
• Mood stabilizers
• Antidepressants
• Stimulants
• Hypnotics
• Antiepileptic drugs
• Other applications

By therapeutic class 

• First generation
• Second generation
• Third generation

By disease

• Schizophrenia
• Bipolar disorder
• Unipolar depression
• Dementia
• Other diseases

By distribution channel

• Hospital pharmacies
• Retail pharmacies
• Online pharmacies

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa