What is Mental Illness Drugs Market?
A mental disorder can be explained as a psychological anomaly that is reflected in a patient’s behavior through disability, distress, or any conduct that is not considered normal mental development. The causes of mental disorders are very diverse and often unclear in most cases. However, some of the commonly addressed drug classes for the treatment of mental disorders are anxiolytics, antidepressants, and antipsychotics. Some of the common mental disorders affecting millions around the world are depression, schizophrenia, and intellectual disabilities, and disorders due to drug abuse.WHO’s reviewed fact sheet, as of 2016 over 350 million people worldwide are affected by depression, over 60 million people are diagnosed with bipolar disorder, and almost 21 million people around the world have schizophrenia and other psychoses. The incidence is rising and there is less likely for it to subside anytime soon. Governments around the world are thus focusing on developing effective treatment and drugs to eliminate the prevalence of mental disorders.
Highlights from Mental Illness Drugs Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Johnson and Johnson (United States), Pfizer (United States), Eli Lilly and Company (United States), GlaxoSmithKline (United Kingdom), AstraZeneca(United States), Bristol-Myers Squibb (United States), Alkermes (Ireland) and Allergan (United States) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Mental Illness Drugs market throughout the forecasted period.
Johnson and Johnson (United States), Pfizer (United States), Eli Lilly and Company (United States), GlaxoSmithKline (United Kingdom), AstraZeneca(United States), Bristol-Myers Squibb (United States), Alkermes (Ireland) and Allergan (United States) are some of the key players profiled in the study. Mental Illness Drugs Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Hospital, Clinic and Drugstore |
Type | Antipsychotics, Antidepressants, Antianxiety (anxiolytics) and Anti-seizure medications |
Distribution Channel | Online,Offline |
Type Disorders | Anxiety disorders,Depression, bipolar disorder,Eating disorders,Personality disorders,Post-traumatic stress disorder,Others |
Dosage | Oral,Injectables |
On the basis of geography, the market of Mental Illness Drugs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
The increase in the number of patients taking treatment and Rising demand for improved healthcare infrastructure are expected to drive the market.
Challenges:
Stringent regulations for drug patents
Restraints:
The adverse effect of the drugs
Opportunities:
The Growing burden of the disease and the increasing need to manage it effectively is driving the growth of the market studied.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Mental Illness Drugs sd Manufacturer, Government Regulatory and Research Organizations and End-Use Industry
“In December 2016, the 21st Century Cures Act was signed into law. The Cures Act addresses many critical issues including leadership and accountability for behavioral health disorders at the federal level, the importance of evidence-based programs and prevention of mental and substance use disorders, and the imperative to coordinate efforts across government.” and “The Mental Health Parity and Addiction Equity Act of 2008 requires insurance groups offering coverage for mental health or substance use disorders to make these benefits comparable to general medical coverage. Deductibles, copays, out-of-pocket maximums, treatment limitations, etc., for mental health or substance use disorders, must be no more restrictive than the same requirements or benefits offered for other medical care.”