What is the global market size of Schizophrenia Drugs Market?

Global Schizophrenia Drugs Market size was valued at USD 7.16 billion in 2021 and is poised to grow from USD 7.58 billion in 2022 to USD 12.58 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Schizophrenia Drugs Market?

There is huge competition in the global Schizophrenia drugs Market. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and product differentiation are some of the growth strategies that are adopted by these key players to thrive in the competitive market. 'Otsuka Pharmaceutical', 'Johnson & Johnson', 'Eli Lilly and Company', 'AstraZeneca', 'Pfizer', 'Bristol-Myers Squibb', 'Allergan', 'Sumitomo Dainippon Pharma', 'Lundbeck', 'Alkermes', 'Vanda Pharmaceuticals', 'Intra-Cellular Therapies', 'ACADIA Pharmaceuticals', 'Sunovion Pharmaceuticals', 'Neurocrine Biosciences', 'Takeda Pharmaceutical', 'H. Lundbeck A/S', 'Recordati S.p.A.', 'Reviva Pharmaceuticals Inc.', 'Minerva Neurosciences Inc.'.

What is the key driver of Global Schizophrenia Drugs Market?

The market is anticipated to be driven by an increase in the number of patients receiving treatment and a rising desire for better healthcare infrastructure. In recent years, governments in multiple nations have worked successfully with numerous hospitals to provide better safety for those who suffer from schizophrenia. The market under study is expanding as a result of the growing illness load and the growing need to properly control it.

What is the key market trend for Global Schizophrenia Drugs Market?

The mechanisms behind schizophrenia, which were formerly considered to be related to excessive presynaptic dopamine in certain parts of the brain, are now known to be far more complicated, involving structural and chemical abnormalities throughout brain circuits. As a result, drug development efforts have pursued new targets in the search for safer and more effective drugs to treat schizophrenia and psychosis, such as trace amine-associated receptors (TAARs), muscarinic receptors, and serotonergic receptors.

Which region accounted for the largest share in Global Schizophrenia Drugs Market?

Global schizophrenia drugs market is dominated by Asia pacific region. Many manufacturers on the market are concentrating on research and development efforts to create safer and more effective medications to treat mental disorders. Key players are also attempting to enter into agreements, colorations, and acquisitions to broaden their product range in order to meet the soaring demand for anti-anxiety and anti-depression medications.

Schizophrenia Drugs Market Size, Share, Growth Analysis, By Drug Class(Second-generation antipsychotics, third-generation antipsychotics, and others), By Treatment(Oral antipsychotics, and injectable antipsychotics), By Distribution channel(Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and others), By Region - Industry Forecast 2024-2031

Report ID: SQSG35I2011 | Region: Global | Published Date: October, 2024
Pages: 157 | Tables: 90 | Figures: 76

Schizophrenia Drugs Market News

In September 2024, the United States Food and Drug Administration (FDA) approved a new oral medication for the treatment of schizophrenia. Cobenfy is expected to be used as an alternative to traditional antipsychotics as it targets a different brain pathway to treat symptoms of schizophrenia among adult patients.
In July 2024, the FDA approved a new injectable for the treatment of schizoaffective disorder and schizophrenia. Paliperidone palmitate (Erzofri) was developed by Luye Pharma as a monotherapy for adult patients and is also capable of being used in conjunction with mood stabilizers or antidepressants.
In September 2024, Spinogenix Inc., a leading clinical-stage biopharmaceutical company announced the launch of a Phase 2 clinical trial of a new treatment for schizophrenia. The trial is expected to evaluate the safety and efficacy of SPG302 for the treatment of schizophrenia in adults.

Schizophrenia Drugs Market Report Snapshots

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Global Schizophrenia Drugs Market size was valued at USD 7.50 billion in 2022 and is poised to grow from USD 7.90 billion in 2023 to USD 11.94 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).

Schizophrenia drug providers are projected to focus on gaining approvals for their novel offerings from regulatory bodies. Creating awareness regarding mental health issues and reducing stigma surrounding schizophrenia are also emerging as popular strategies for schizophrenia drug companies. Reducing the costs of schizophrenia treatment and making affordable schizophrenia drugs are also expected to be preferred strategies for market players in the long run. 'Johnson & Johnson (US) ', 'Bristol-Myers Squibb (US) ', 'Otsuka Pharmaceutical Co., Ltd. (Japan) ', 'AstraZeneca (UK) ', 'Sumitomo Dainippon Pharma (Japan) ', 'Eli Lilly and Company (US) ', 'Alkermes Plc (Ireland) ', 'Vanda Pharmaceuticals Inc. (US) ', 'Allergan (Ireland) ', 'Pfizer Inc. (US) ', 'H. Lundbeck A/S (Denmark) ', 'Janssen Pharmaceuticals, Inc. (US) ', 'Minerva Neurosciences (US) ', 'Reliance Life Sciences (India) ', 'Novartis AG (Switzerland) ', 'GlaxoSmithKline (UK) ', 'Merck KGaA (Germany) ', 'Takeda Pharmaceuticals (Japan) ', 'AbbVie (US) ', 'Acadia Pharmaceuticals (US) ', 'Karuna Therapeutics (US)'

Mental health awareness has increased rapidly in recent years as the incidence of stress, anxiety, and other mental health disorders rises. This has resulted in increased awareness regarding schizophrenia as well, thereby creating new opportunities for schizophrenia drug companies to go forward. Launch of new initiatives to promote awareness and accessibility to mental health treatments is also estimated to favor schizophrenia drugs market growth.

Use of Cognitive-Enhancing Therapies: Schizophrenia patients are often faced with cognitive impairment and use of schizophrenia drugs in combination with cognitive-enhancing therapies can help improve the quality of life for patients. Increasing demand for holistic treatment alternatives for schizophrenia is also expected to create new opportunities for companies focusing on this schizophrenia drugs market trend.

North America is estimated to emerge as the leader in terms of schizophrenia drug demand owing to high awareness regarding mental health and growing prevalence of schizophrenia. Launch of new menta health awareness campaigns, presence of key schizophrenia drug providers, and high investments in R&D of novel schizophrenia treatment therapies and drugs are also contributing to the dominance of this region. Increasing aging population opting for treatment of long-standing schizophrenia and rising number of young adults suffering from schizophrenia are also boosting sales of schizophrenia drugs in North America. Canada and the United States are estimated to be the leading markets for schizophrenia drug companies operating in this region.

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What is the global market size of Schizophrenia Drugs Market?

Who are the key vendors in the Schizophrenia Drugs Market?

What is the key driver of Schizophrenia Drugs Market?

What is the key market trend for Schizophrenia Drugs Market?

Which region accounted for the largest share in Schizophrenia Drugs Market?

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