Schizophrenia is a mental disorder characterized by disruptions in thought processes, perceptions, emotional responsiveness, and social interactions. The exact causes of schizophrenia are unknown however, schizophrenia can be triggered by combination of physical, genetic, psychological and environmental factors.
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The increase in prevalence of schizophrenia drives the growth of Schizophrenia Drugs Industry. For instance, in January 2022, according to report of world health organization (WHO), schizophrenia affects approximately 24 million people worldwide. The second and third-generation drugs such as aripiprazole and cariprazine are used for the treatment of schizophrenia. Furthermore, rise in number of geriatric populations drives the Schizophrenia Drugs Market growth. The old age peoples are more prone to mental disorders such as alzheimer and dementia. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to world health organization (WHO), by 2050, the worldโs population of people aged 60 years and older will reached to 2.1 billion.
The increase in prevalence of schizophrenia drives the growth of market. In addition, increase in R&D activities for development of third-generation drugs contributed in growth of market. For instance, in December, 2021, the Unichem Laboratories, a leading pharmaceutical company, received United States Food and Drug Administration (USFDA) abbreviated new drug application (ANDA) approval for its Aripiprazole tablets USP, 2 mg, 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg. Furthermore,ย Furthermore, in June, 2021, the Alkermes plc. a leading pharmaceutical company, received United States Food and Drug Administration (USFDA) approval for its LYBALVI, a once-daily, oral atypical antipsychotic composed of olanzapine, an established antipsychotic agent, and samidorphan, a new chemical entity.ย Thus, latest product approvals and prevalence of schizophrenia boosts the growth of this segment
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- On the basis of therapeutic class, the second-generation segment was the highest contributor to the market in 2021.
- Based on treatment, the oral segment was the highest contributor to the market in 2021.
- Depending on distribution channel, the retail pharmacy segment was the highest contributor to the market in 2021.
- Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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