Seattle, WA -- (SBWIRE) -- 11/07/2019 -- High incidence of mental illnesses and neurological disorders is expected to boost growth of the global antipsychotic drugs market. For instance, according to the 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. Increasing prevalence of schizophrenia is also expected to contribute to growth of the market. For instance, according to the World Health Organization (WHO), over 21 million people worldwide were affected with schizophrenia in 2016. The WHO also states that one in two people suffering from schizophrenia do not receive appropriate care for the condition. Furthermore, according to the National Alliance of Medical Illness in 2017, around 1.1% adults in the U.S. live with schizophrenia, while 2.6% of the population in the country suffer from bipolar disorder. On an average, 1 in 5 adults, which adds to around 43.8 million people or 18.5% of the total population in the U.S., experience some or the other kind of mental illness in a particular year.
Antipsychotic drugs are used to manage psychosis such as hallucinations, delusions, and disordered thought of paranoia. These drugs also known as tranquilizers or neuroleptics, are also used for the treatment of schizophrenia and bipolar disorder. Antipsychotic drugs block the dopamine receptors in the dopaminergic pathways of the brain. This in turn helps to repress the influence of dopamine. Antipsychotic drugs are effective for the treatment of psychosis in a short duration.
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Increasing number of people suffering from drug abuse, over prescription of psychotic drugs, and addiction to the antipsychotic drugs is propelling growth of the market. For instance, according to the National Survey on Drug Use and Health (NSDUH), around 13.2% of the population in the U.S. (accounting for nearly 4 million people) used an illicit drug or abused a psychotherapeutic medication in 2012.
However, long-term use of antipsychotic drugs may lead to metabolic syndrome, involuntary movement disorder, which increases mortality in geriatric population with dementia, tardive dyskinesia, insomnia, and several other disorders. Such scenario is expected to hamper growth of the global antipsychotic drugs market. Increasing patent expiry of major brands in the recent past is also hindering growth of the global antipsychotic drugs market.
North America is expected to account for the largest market in the global antipsychotic drugs market, owing to increasing prevalence of schizophrenia in the geriatric population and high incidence of psychosis in the youth. For instance, according to the National Academy of Mental Illness in 2017, around 70% of youth in the juvenile justice systems in the U.S suffered from at least from one mental health condition, while 20% live with a serious mental illness.
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Increasing government initiatives to enhance mental illness therapies is expected to boost growth of the market in Asia Pacific. For instance, according to the World Health Organization (WHO), 2016, Pilot Programs in India, Iran, and Pakistan have exhibited a feasibility in providing care to people suffering from mental disorders such as provision of essential medicines and public education to decrease the stigma and discrimination about mental illness.
Key players in the market are focused on product approval and launch to expand their product portfolio. For instance, in November 2017, Otsuka Pharmaceuticals received the FDA approval for the first ever antipsychotic drug treatment Abilify MyCite, which is imbued with a digital ingestion tracking system that intends to treat Schizophrenia and acute attacks of bipolar disorder.
Major payers operating in the global antipsychotic drugs market include, GlaxoSmithKline, Allergen, AstraZeneca, Pfizer, Inc., Eli Lily and Co., Bristol- Myers Squibb, and Johnson & Johnson.
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