Bipolar Disorder Market To Rise At A Steady Growth Rate In The Coming Years
Bipolar Disorder, also known as manic depression, is a brain disorder that causes unusual changes in person’s mood, ability to function, and energy levels. People suffering from bipolar disorders have extreme and intense emotional states that occur at different times, called mood episodes. People with bipolar disorder have instants in which they feel very happy and energized and sometimes feel very sad, sluggish, and hopeless.
Technological advancements that facilitate accurate detection of patient’s mood and mental state and growing government initiatives for creating awareness about bipolar disorders are key factors driving growth of the global bipolar disorder market. In addition, increasing incidence of bipolar disorders across the globe is a major factor expected to fuel growth to the global bipolar disorder market over forecast period.
However, many of the drugs used in treatment of bipolar disorders have associated side effects such as blurred vision, damage to the liver, thyroid disorders, etc. This is a key factor restraining growth of the global bipolar disorder market. Additionally, stringent government regulations on drug manufacturing and misdiagnosis of bipolar disorder are major factors expected to hamper growth of the global bipolar diagnostics market over the forecast period.
The global bipolar disorder market is segmented on the basis of type, drug class, mechanism of action, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is a dominant player in the global bipolar disorder market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This is attributed to increasing government initiatives for creating awareness about bipolar disorders and availability of treatment options in the region. Europe accounts for the second highest revenue share contribution to the global bipolar disorder market. The market in Asia Pacific is projected to have the fastest growth in terms of CAGR, owing to increasing awareness about mental illnesses in the region.
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Prominent players in the global bipolar disorder market include Otsuka America Pharmaceutical, Inc., Pfizer Inc., GlaxoSmithKline plc., Janssen Pharmaceuticals, Inc., Eli Lilly and Company, Allergan, Abbott, Bristol-Myers Squibb Company, AstraZeneca, and Sumitomo Dainippon Pharma Co., Ltd.
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