The market for schizophrenia drugs is projected to experience substantial growth, with a Compound Annual Growth Rate (CAGR) of 7.8%. This growth trajectory is expected to lead the market to reach a total value of US$ 9.8 Billion by 2030. The increasing focus on mental health and advancements in treatment options are driving the demand for effective medications to manage schizophrenia, thereby contributing to the market's expansion.
The report “Schizophrenia Drug Market, By Type (Paranoid Schizophrenia, Hebephrenic Schizophrenia, Catatonic Schizophrenia and Undifferentiated Schizophrenia), By Treatment (Oral and Injectable), By Therapeutic Class (Second Generation Antipsychotics, (Risperdal (Risperidone), Invega (Paliperidone), Zyprexa (Olanzapine), Geodon (Ziprasidone), Seroquel (Quetiapine), Latuda (Lurasidone)) Third Generation Antipsychotics and Other Therapeutic Classes), By Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Market Trends, Analysis, and Forecast Till 2029.
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https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/4637
Key Highlights:
• In January 2021, a partnership between the University of Oxford, Earlham Institute (EI), and global pharmaceutical companies Biogen Inc. and Boehringer Ingelheim will investigate a promising new drug target for the treatment of schizophrenia. The data is collected by News Medical Life Sciences.
• In February 2021, Ben-Gurion University (BGU) researchers were able to develop an innovative, faster way to measure the effectiveness of Clozapine in patients suffering from schizophrenia with a pin prick.
• In January 2021, the researchers from UCL and University of London found that antipsychotic medication usage doubled between 2007 and 2014, from an estimated 0.5 per cent to 1.2 per cent in England. The proportion of people reporting psychotic symptoms, such as hallucinations and paranoia, increased from 5.6 per cent in 2007 to 6.8 per cent in 2014.
Analyst view:
According to industry analysts, the outlook for the schizophrenia drug market appears promising. The projected CAGR of 7.8% suggests a consistent demand for these medications, attributed to a growing awareness of mental health issues and improving access to treatment. Factors such as advancements in research, innovative drug development, and a more comprehensive understanding of the neurobiological aspects of schizophrenia are expected to drive the market's growth. The market's expansion to a value of US$ 9.8 Billion by 2030 indicates a substantial opportunity for pharmaceutical companies operating in this sector to address the unmet needs of patients and healthcare providers alike.
Competitive Landscape:
The key players operating in the global schizophrenia drug market include Johnson & Johnson, Bristol-Myers Squibb and Company/Otsuka Pharmaceuticals, AstraZeneca, Eli Lilly, Alkermes, Sumitomo Dainippon Pharma, Pfizer, Vanda Pharmaceuticals, and Allergan/Geodon Ritcher.
The key players are involved in product launch and expansion of schizophrenia drug market. For instance, Luye Pharma Group Ltd. received market approval in China for its risperidone microspheres injection to treat schizophrenia, which the company stated is the first formulation developed by a Chinese company in the space to get the green light.
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