Schizophrenia Drugs Market to Grow with a CAGR of 6.14% through 2028

Rising prevalence of mental health disorders including schizophrenia are expected to drive the Global Schizophrenia Drugs Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Schizophrenia Drugs Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Schizophrenia Drugs Market stood at USD 5.56 Billion in 2022 and is anticipated to grow with a CAGR of 6.% through 2028. The growth of the global Schizophrenia Drugs Market growth is majorly driven by the increase in prevalence of mental disturbances & schizophrenia and rise in awareness about mental health. In addition, surge in mental health awareness programmes by government and non-government organizations drives the growth of market. For instance, in May 2022, U.S. department of Health and Human Services (HHS) celebrated Mental Health Awareness Month, for spreading awareness about mental health. These awareness programmes promote mental health and help to provide treatment of mental health disorders. Furthermore, rise in number of geriatric population drives the growth of market. The old age people are more prone to mental disorders such neural diseases and Alzheimer’s disease. For instance, in 2021, as per the report by Alzheimer’s association, an estimated 6.2 million Americans aged 65 and older are living with Alzheimer's dementia. In addition, upsurge in stressful lifestyle and rise in stress related to workplace further contribute in the growth of market. The chronic mental stress responsible for the mental illness such as psychiatric behavior, hallucination, and delusions.

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The Global Schizophrenia Drugs Market is segmented into Drug Class, Route Of Administration, and company.

Based on the Drug Class, the Second Generation Drugs segment is anticipated to witness substantial market growth throughout the forecast period. The Global Schizophrenia Drugs Market is poised for significant growth, propelled by the emergence and adoption of Second Generation Drugs. These advanced pharmaceuticals represent a notable improvement over their predecessors, offering enhanced efficacy and a more favorable side effect profile. Second Generation Drugs, also known as atypical antipsychotics, exhibit a targeted and nuanced approach to managing schizophrenia symptoms, addressing both positive and negative aspects of the disorder. The appeal of Second Generation Drugs lies in their ability to mitigate the side effects commonly associated with First Generation Drugs, such as extrapyramidal symptoms. This improvement in tolerability fosters greater patient adherence to prescribed regimens, driving the demand for these newer medications. Moreover, the expanded range of treatment options within the Second Generation category provides healthcare practitioners with increased flexibility to tailor interventions based on individual patient needs and responses. As pharmaceutical companies continue to invest in research and development to refine Second Generation Drugs, the market is expected to experience sustained growth.

Based on the Route Of Administration segment, the Oral segment has been the dominant force in the market. The Global Schizophrenia Drugs Market is poised for significant growth, with the oral mode of administration playing a pivotal role in this expansion. The convenience and patient-friendly nature of oral medications contribute to increased treatment adherence, a crucial factor in managing schizophrenia effectively. The ease of self-administration fosters patient autonomy, promoting a more seamless integration of medication into daily routines.

The oral route offers a familiar and widely accepted method of drug delivery, enhancing patient comfort and compliance. Unlike other modes of administration, such as injections or implants, oral medications provide a less invasive and more socially acceptable option, reducing potential barriers to treatment initiation and continuation. Additionally, the oral format accommodates a diverse range of drug formulations, including tablets and capsules, allowing for flexibility in dosage adjustments and personalized treatment plans. Pharmaceutical companies are strategically developing innovative oral formulations, including extended-release options, to optimize therapeutic outcomes and patient convenience.

Major companies operating in Global Schizophrenia Drugs Market are:

• Alkermes Plc
• Eli Lilly and Company.
• Johnson & Johnson.
• AstraZeneca.
• Pfizer Inc.
• AbbVie Inc.
• Otsuka Pharmaceutical Inc.
• Bristol-Myers Squibb Company.
• Sumitomo Dainippon Pharma.
• Acadia Pharmaceuticals.

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“The increasing company focus on developing effective drug products for treating patients with schizophrenia and rising product approvals are also contributing to the growth of the antipsychotic drugs segment, thereby boosting the market growth over the period. As a result, improving efficacy and effectiveness in treating schizophrenia, as well as increasing company focus on developing atypical antipsychotic drugs for treating schizophrenia, are likely to fuel market expansion throughout the projection period. Furthermore, the company is mainly focusing on adopting various business strategies such as collaborations, product launches, acquisitions, and partnerships to withhold their position in the schizophrenia drugs market is likely to boost the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Schizophrenia Drugs Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Drug Class (First Generation Drugs, Second Generation Drugs, Third Generation Drugs), By Route Of Administration (Injectable, Oral), By Region, By Competition”, has evaluated the future growth potential of Global Schizophrenia Drugs Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Schizophrenia Drugs Market.

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