Global Antipsychotic Drugs Market to Reach USD 29.23 Billion by 2032, Driven by Rising Mental Health Awareness and Drug Innovation – SNS Insider

According to Research by SNS Insider, The Antipsychotic Drugs Market is Expected to Grow at a CAGR of 6.53% Through 2032, Supported by Increasing Prevalence of Psychotic Disorders, Advancements in Medication Efficacy, and Expanded Treatment Options.

Austin, Oct. 28, 2024 (GLOBE NEWSWIRE) — “According to SNS Insider, The Antipsychotic Drugs Market Size was valued at USD 16.61 Billion in 2023 and is projected to reach USD 29.23 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.53% from 2024 to 2032.”


Market Overview

The worldwide growing occurrences of mental health disorders are significantly boosting the antipsychotic drugs market. An estimated 21% of U.S. adults have mental illness in 2023, which is over 50 million people, and about 4.8% report seriously considering suicide in the past year. This urgent need for effective treatments is supported by the fact that 150 million people reside in areas with an inadequate density of providers to meet their mental health needs. The need for new therapies is spelled out by significant investments in R&D, with firms like Merck & Co. and Pfizer pumping a ton of capital into innovation.

The expansion of this market is also aided by government initiatives. The Biden-Harris Administration announced over $200 million for youth mental health services and also awarded bold new levels of funding for Mental Health and Suicide Prevention Programs through the Department of Veterans Affairs. It underscores how mental health is a growing priority and opens the door to making antipsychotic medications more available. As all policies are being revamped investment in mental healthcare infrastructure is on the rise.

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Key Antipsychotic Drugs Market Players:

  • H. Lundbeck A/S
  • Otsuka Pharmaceutical Co. Ltd.
  • Janssen Global Services LLC
  • Eli Lilly and Company
  • AbbVie Inc.
  • Teva Pharmaceutical Industries Ltd.
  • Dr. Reddy’s Laboratories Ltd.
  • Sumitomo Pharma
  • Alkermes
  • Bristol-Myers Squibb Company
  • AstraZeneca PLC
  • Pfizer Inc.
  • Horizon Therapeutics
  • Sandoz (a Novartis division)
  • Mylan N.V.
  • Novartis AG
  • Boehringer Ingelheim
  • Akorn Pharmaceuticals
  • Generics Pharmaceuticals
  • Sun Pharmaceutical Industries Ltd.

Antipsychotic Drugs Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 16.61 Billion
Market Size by 2032 US$ 29.23 Billion
CAGR CAGR of 6.53% From 2024 to 2032
Base Year 2023
Forecast Period 2024-2032
Historical Data 2020-2022
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Rising Demand for Antipsychotic Treatments Due to Increasing Mental Health Disorders

The increase in the occurrence of mental disorders like schizophrenia, bipolar disorder, and major depressive disorders are contributing substantially to the growth of the antipsychotic drugs market. It is believed that around 7.8% of the UK are affected by mixed anxiety and depression according to research by the Mental Health Foundation, furthermore between 4%-10% of people in England experience depression during their lifetime. With the increasing recognition of these conditions, more people are seeking diagnoses and there is a growing need for effective treatment. The landscape of mental health awareness only continues to grow and this indeed impels practitioners to more readily adopt novel and effective therapies with the focus on patient-centered care.

Enhanced Government Support Drives Growth in the Antipsychotic Drugs Market

The increasing emphasis by governments globally on mental health is having a significant positive impact on the antipsychotic drugs market. We see this commitment in the Mental Health Block Grant (MHBG), a bipartisan agreement that has just crossed the milestone of $1 billion per year. Also, Section 811 money for disability housing is up to $360 million, directing more than 1,600 homes built close to jobs and services. Such investments enhance both the quality of service delivery as well as timely access to care and also unlock scopes for innovation and growth in the pharmaceutical sector with mental health being prioritized on the agenda of nations.

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Antipsychotic Drugs Market Key Segmentation:

By Disease

  • Schizophrenia
  • Bipolar Disorder
  • Unipolar Depression
  • Dementia
  • Others

By Drug

  • Risperidone
  • Quetiapine
  • Olanzapine
  • Aripiprazole
  • Brexpiprazole
  • Paliperidone Palmitate
  • Others

By Therapeutic Class

  • First Generation
  • Second Generation
  • Third Generation

By Distribution Channel

  • Hospital Pharmacies
  • Drug Stores & Retail Pharmacies
  • Online Pharmacies

Antipsychotic Drugs Market by Therapeutic Class

Second Generation Antipsychotics were at the forefront of the market in 2023, capturing 61% revenue share as second-generation antipsychotics are more efficacious and have an improved safety profile compared to first-generation choices. These are atypical antipsychotics that have become increasingly popular due to their relatively lower risk of extrapyramidal side effects and efficacy across several psychiatric disorders. On the other hand, the high compound annual growth rate of 7.46% during the forecast years 2024-2032 is expected for third-generation antipsychotics on account of novel targeted therapies as well as an increasing preference among clinicians and patients suffering from complex mental health problems for innovative treatment options.

Distribution Channel Dynamics in the Antipsychotic Drugs Market

In 2023, drug stores and retail pharmacies held the majority of the share in the global antipsychotic drugs market at approximately 44% revenue owing to wide availability and easy access for patients and caregivers. These outlets offer a wide variety of antipsychotic drugs at competitive prices. On the other hand, hospital pharmacy is projected to grow at a compound annual growth rate (CAGR) of roughly 7.36% over the analysis time frame between 2024 and 2032 owing to rising requirements for inpatient services associated with severe mental health disorders as well as the incorporation of mental health solutions within healthcare systems which will further support demand for immediate antipsychotic treatments in hospitals.

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Antipsychotic Drugs Market: North America’s Dominance and Asia Pacific’s Growth Potential

North America dominated the market with a share of about 37% in 2023 owing to the high prevalence of mental disorders and well-established healthcare infrastructure. Much of the region has widespread access to mental health services and ongoing investments directed toward psycho-pharmacological research aimed at optimizing antipsychotic treatments. Rising awareness regarding mental health issues has remained an important driver, resulting in greater diagnosis and treatment, securing North America as the leading market for mental disorder (MD) drugs.

Asia Pacific region is estimated to grow with a 7.58% CAGR between 2024 and 2032 Several factors are fuelling this growth, including increasing awareness of mental illness, improved access to healthcare services, and the government’s push for an integration of mental health with primary care. An increase in the number of antipsychotic medications is expected in this segment due to economic development and relatively high public acceptance of mental illness treatment.

Key Developments in the Antipsychotic Drugs Market

  • Otsuka Pharmaceutical Co., Ltd. yesterday said OPDC, an affiliate in the United States, and Lundbeck unveiled results from Phase II (Trial 061) and Phase III trials, in the form of Trial 071 and 072, where preliminary safety and efficacy of brexpiprazole in combination with sertraline as an adjunct treatment in adults diagnosed with post-traumatic stress disorder showed promising results.
  • 2024: FDA Approves Cobenfy First New Schizophrenia Treatment in Years; while these drugs block receptors for dopamine, a completely different mechanism works indirectly, via modulation of another neurotransmitter, acetylcholine

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