The global schizophrenia drugs market size was valued at USD 8.1 billion in 2020, which is expected to reach USD 9.28 billion by 2027, registering a CAGR of 2.3% over the forecast period (2021-2027). Schizophrenia is a mental disorder in which people interpret emotions, thoughts, and reality abnormally. Major symptoms of schizophrenia include delusions, hallucinations, and thought disorders. The adoption of the method of polypharmacology for the development of new drugs for psychiatric disorders is trending in the schizophrenia market.
Growing insurance claims for mental health with the significant support from the governmental bodies for the treatment of a mental illness are some pivotal factors driving the market growth across the globe. Continuous rise in the patient base for mental illness due to the fast-moving lifestyle and workplace stress are other factors leading to the market growth across the globe.
However, the stringent regulations for the approval of new drugs and side effects associated with schizophrenia drugs such as anxiety, dizziness, low blood pressure, constipation, seizures may restrain the growth of the schizophrenia drugs market over the forecast period.
The COVID-19 pandemic will impact the market value of schizophrenia in 2020. The huge patient base suffering from schizophrenia remained undiagnosed due to fewer visits to hospitals amidst the outbreak. However, in 2021, the schizophrenia market is expected to witness a modest growth rate, backed by the huge impact of COVID-19 on people's mental health. Therefore, a considerable rise in mental health clinics can be expected post-COVID-19 (mid-2021).
The report outlines the global schizophrenia drugs market study based on type, treatment, and route of administration.
Geographically, the global schizophrenia drugs market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share in the schizophrenia drugs market, followed by the Asia Pacific and Europe due to highly advanced medical care and increased healthcare expenditure in the region. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period owing to rising disposable income and developed healthcare systems in the region.
The schizophrenia drugs market has a presence of a few number market players across the globe. The vital schizophrenia drugs market manufacturers operating in the global market are–
The schizophrenia drugs tools market report thoroughly analyzes macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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