Global Schizophrenia Drugs Market was valued at USD 7.70 Billion in 2021, and it is projected to reach a value of USD 10.50 Billion by 2028, growing at a CAGR of 4.50% over the forecast period ( 2022-2028).
Westford, USA, Aug. 04, 2022 (GLOBE NEWSWIRE) — Schizophrenia affects approximately 1% of the population and is expected to become more common in the future as the world becomes overcrowded and people live longer. According to the latest WHO, more than 24 million people worldwide are affected by schizophrenia each year. They are the most potential consumers of the global schizophrenia medication market. In this case, the prevalence is extremely high in people in their late teens and twenties. According to SkyQuest’s analysis, men are more likely to suffer from the disease earlier than women. The study also suggests that people with the disease are 2 to 3 times more likely to die prematurely than the general population.
The growing prevalence of schizophrenia is a serious public health problem. It is a brain disorder that affects the way people think, feel and act and is often characterized by hallucinations (seeing things that are not really there), delusions (beliefs that are not true) and impaired social or communication skills.
Fortunately, research is ongoing into new treatments for schizophrenia. And in some cases, existing treatments can help improve a person’s quality of life. SkyQuest has released a report on the Global Schizophrenia Drugs Market which covers further analysis of the market, available treatment options, consumption and availability of drugs, market analysis by type of drugs and their demand, the presence of market players and their growth strategies. Apart from this, the report covers in-depth analysis of market shares and prices, this would help market players to understand market trends and consumer behavior.
Get a sample copy of this report:
Antipsychotic drugs hold over 53% of the global schizophrenia drug market
There are a variety of drugs used in the treatment of schizophrenia available in the global market. These drugs can be categorized into several different types. However, the most commonly prescribed medication for the treatment of schizophrenia is antipsychotic medication. These drugs work by reducing the symptoms of the disorder, such as delusions, hallucinations, and paranoia. The segment is expected to grow at the fastest CAGR of around 6.8% over the forecast period and is also expected to surpass the market value of 5.5 billion by 2028.
There are several different types of antipsychotics on the global schizophrenia medication market today, including first-generation (or typical) antipsychotics and second-generation (or atypical) antipsychotics. Typical antipsychotics, such as chlorpromazine and haloperidol, have been used for many years to treat schizophrenia. Atypical antipsychotics, such as olanzapine and risperidone, have been developed more recently and offer some advantages over typical antipsychotics, such as a lower risk of side effects.
Some of the most commonly used antipsychotics include haloperidol (Haldol), olanzapine (Zyprexa), risperidone (Risperdal), and quetiapine (Seroquel). Apart from this, the global schizophrenia drug market is flooded with other drugs such as paliperidone, aripiprazole, lurasidone, and amisulpride among others. According to SkyQuest, consumers in cost-sensitive countries are more likely to prefer Haldol, Zyprexa and Risperdal due to their lower cost per dose, which typically costs between $0.20 and $1.5. On the other hand, consumers tend to avoid taking expensive drugs like paliperidone, which often cost 4 times more than the aforementioned drugs.
Aripiprazole is the most prescribed drug for schizophrenia in 2021
Aripiprazole is an atypical antipsychotic drug approved for the treatment of schizophrenia. It is also known under the brand name Abilify. Aripiprazole works by helping to restore the balance of certain natural chemicals in the brain. This medication can help reduce psychotic symptoms such as delusions and hallucinations. Aripiprazole may also help improve mood, energy levels, and concentration.
The drug has been widely prescribed in the global schizophrenia drug market since its approval by the United States Food and Drug Administration in 2002. According to SkyQuest analysis, aripiprazole is the most prescribed drug for schizophrenia and it is also the second most expensive antipsychotic drug available. on the market after paliperidone. In 2021, aripiprazole capsules were the second most prescribed drug in the United States, behind only opioids. Aripiprazole was also found to be responsible for 44% of all antipsychotic drug prescriptions in 2021 in the global market. This is an increase of 4% from the previous year and 7% from 2016. SkyQuest expects this growth in prescriptions for aripiprazole to continue over the next few years and that prescriptions will account for 57% of all antipsychotic medications by 2025.
In a recent study of the global schizophrenia drug market by SkyQuest in 2022, it was found that patients who took aripiprazole had a lower overall risk of death than people who did not take aripiprazole. The study used data from oral healthcare databases of Medicare beneficiaries aged 65 or older who were diagnosed with schizophrenia between 2007 and 2020. This indicates that the drug also reduces mortality risk. in schizophrenic patients, which further encourages doctors to prescribe the drug to their patients.
SkyQuest has conducted a detailed analysis of all antipsychotic drugs available in the market based on their price, availability, demand, supply, and consumption. The report also covers a global sales volume of the product in the Schizophrenia Drugs market.
Browse the report summary and full table of contents (ToC):
431 clinical trials are underway in the global schizophrenia drug market
According to the latest data from SkyQuest Technology, 431 clinics are currently recruiting with schizophrenia. Of which, more than 87% are categorized as drugs. This means that new treatments and therapies are being developed and tested to help people with the disease. There is still no cure for schizophrenia, but treatment options have improved dramatically over the past few decades. Today, people with schizophrenia can generally lead normal, fulfilling lives thanks to advances in medicine.
Since 2022, Woodland International Research Group has undertaken the largest number of clinical trials in collaboration with other research institutes and pharmaceutical companies. Currently, the organization has undertaken about 14 clinical trials to test various drugs in children, adults and the elderly.
SkyQuest has analyzed all these ongoing clinical trials to understand their impact on the global Schizophrenia market. The report provides comprehensive data on upcoming drugs, number of completed trials, companies likely to be affected by new drug launches, expected impact of ongoing clinical trials on overall market analysis, market revenue and forecast. To get a detailed understanding of the Global Schizophrenia Market Clinical Study,
Speak to the analyst for your custom needs:
Leading Players in the Global Schizophrenia Drugs Market
H. Lundbeck A/S (Denmark)
Otsuka Pharmaceutical Co., Ltd. (Japan)
Janssen Pharmaceuticals, Inc. (Belgium)
Eli Lilly and Company (USA)
Vanda Pharmaceuticals Inc. (USA)
Sumitomo Dainippon Pharma Co., Ltd. (Japan)
Alkermes plc (Ireland)
Bristol-Myers Squibb Company (USA)
Related Reports in the SkyQuest Library:
Global Cognitive Supplements Market
Global hereditary angioedema treatment market
Global soft gel capsules market
Global point-of-care diagnostics market
Global Mixed Xylene Market
SkyQuest Technology is a leading growth consulting firm providing market intelligence, marketing and technology services. It has more than 450 satisfied customers worldwide.
1 Apache Way, Westford, Massachusetts 01886
USA (+1) 617-230-0741
E-mail: [email protected]
LinkedIn Facebook Twitter