Antipsychotic Drugs Market is Expected to grow at a CAGR of 1.82% for the Period Of 2018-2023

 


 

Antipsychotic Drugs, also called tranquilizers or neuroleptics, are a specific type of medication that are majorly used for the treatment of schizophrenia or bipolar disorder. These drugs block the dopamine receptors in the dopaminergic pathways of the brain, thereby repressing the effect of dopamine, which is directly linked to the psychotic experiences. Anti-psychotic drugs are used to manage psychosis, including hallucinations, delusions, and disordered thought of paranoia, among others. Anti-psychotic drugs are effective for the treatment of psychosis in a short duration. Increasing prevalence of mental illness in turn has led to high consumption of antipsychotics. According to National Alliance of Mental Illness 2015, 1 in 5 adults suffer from mental illness, which accounts for 18.5% of the total population suffering from the mental issues.


The global Antipsychotic Drugs Market should grow from $13.2 billion in 2018 to reach $14.5 billion by 2023 at a CAGR of 1.82% for the period of 2018-2023.


The global Antipsychotic Drugs Market is segmented into three categories based on brands such as First, Second and Third generation antipsychotic drugs. Abilify and Seroquel are topmost marketed brands due their high therapeutic efficacy and reduced side effects. Second generation antipsychotics are also known as atypical antipsychotic agents and act as broad-spectrum antagonists of dopamine, serotonin and alpha-noradrenergic receptors. Except Halodol and lithium carbonate, all first generation antipsychotic agents are called as standard or typical antipsychotics, as they act similar i.e., interference with neurotransmitters. With development of technology and growing competition to gain largest market share, researchers are focusing on first generation antipsychotics to better understand their working mechanism.


The rise in the prevalence of mental health disorders, such as schizophrenia and bipolar disorder amongst the population is a major growth driver for the market. According to the Anxiety and Depression Association of America, Anxiety disorders are the most common mental illness in the United States, affecting 40 million adults in the United States age 18 and older, or 18.1% of the population every year. Nearly one-half of those diagnosed with depression are also diagnosed with an anxiety disorder.


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