Psychotherapeutic Drugs Market to be Driven by Growing Demand for Antipsychotic Drugs
A new market research report by Transparency Market Research on the global psychotherapeutic drugs market offers a detailed overview of the market and points out the key drivers and restraints impacting the growth of the market. The report, titled “Psychotherapeutic Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” projects the valuation and size of the global psychotherapeutic drugs market during the period between 2013 and 2019. The report studies the overall market on the basis of types of psychotherapeutic drugs and regions. It further profiles some of the key players operating in the market.
Psychotherapeutic drugs are prescribed to treat mental illnesses such as bipolar disorder, schizophrenia, anxiety and depression. Common symptoms of mental illness are social withdrawal, extreme mood swings, confused thinking, long lasting depression, and suicidal thought. While schizophrenia is associated with unrecognized speech, hearing voices, and broken thoughts, depression is characterized by lack of interest, confidence, and pleasure.
The growing prevalence of mental illnesses has boosted the growth of the global psychotherapeutic drugs. The World Health Organization estimates that around 350 million people are suffering from depression. Patent expiration of top selling psychotherapeutic drugs such as Geodon, Zyprexia, and Prozac has created growth opportunities for generic drug manufacturers. During the forecast period, the generic drug segment is estimated to witness rapid growth and will lead to price competition in the market.
In terms of types of drugs, the report segments the global psychotherapeutic drugs market into antidepressants (amitriptyline, clomipramine), antimaniacs (lithium, carbamazepine) antipsychotics (chlorpromazine, haloperidol), and anxiety drugs (lorazepam, alprazolam). The antipsychotic drugs segment has emerged as one of the fastest growing segments due to the growing prevalence of mental disorders such as bipolar disorder and schizophrenia. Atypical antipsychotics are preferred over first generation antipsychotics as they are more effective. Seroquel, Abilify, Zyprexa, and Risperdal are the top selling antipsychotic drugs.
The report studies the global psychotherapeutic drugs market across four key regions: Asia Pacific, Europe, North America, and Rest of the World. North America is the largest region in the market and holds over 40% of the global market due to the increasing incidence of depression and schizophrenia in the region. However, during the forecast horizon, Asia Pacific is estimated to register rapid growth owing to growing geriatric population and disease awareness.
Some of the key players operating in the global psychotherapeutic drugs market are Bristol-Meyer Squibb, Eli Lilly, Wyeth, GlaxoSmithKline, Astrazeneca, Pfizer, Astellas Pharma Inc., and Johnson & Johnson. The report further provides insightful information about the key players including their company overview, financial overview, product portfolio, and recent developments.
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