Growth Prospects of Global Psychotropic Drugs Market During 2018-2028
VALLEY COTTAGE, N.Y. – Essential psychotropic drugs are classified as the medicine that satisfies the primary mental health care requirements of target population. These drugs are categorized as psychotropic medicines based on their public health relevance, comparative cost-effectiveness of the drug and evidence of drug efficacy and safety. According to the WHO, the psychotropic drugs with assured quality must be always available in adequate amounts and appropriate dosage forms under context of functioning mental health delivery systems. These drugs must be availed to target population at an affordable price. The majority of essential psychotropic drugs are indicated to treat symptoms of mental disorders, slow down course of mental disorders, diminish disability and avoid relapse in a patient. A wide range of pharmacological treatments are available for managing mental disorders. Some of the treatments proved to be efficient in acute stages thereby preventing relapses. However, it still remains unclear when it comes to the drug’s effectiveness in long-term treatment care. High adoption for newly developed psychotropic drugs – antipsychotics over the conventional neuroleptics has been registered owing to their cost-effectiveness. Despite of being expensive, psychotropic drugs are registered to have few side effects, thus improving patient adherence to the treatment.
Psychotropic Drugs Market: Drivers and Restraints
According to WHO, more than four fifth of 50 million people diagnosed with epilepsy expected to be living in developing countries followed by 90 percent in developing countries are not getting access to appropriate treatment. This creates ample opportunities for the new entrants to increase their footprint in developing countries and is expected to be the primary factor driving growth of psychotropic drugs market. Relatively additional research funding along with moderate know-how is expected to bring substantial and sustainable improvements in access to psychotropic drugs, thereby driving revenue generation in global psychotropic drugs market. Also, the few side-effects registered with consumption of antidepressants and antipsychotic drugs is anticipated to boost their demand, thus driving revenue generation in psychotropic drugs market. However, lack of regular access to the essential psychotropic drugs may withhold the growth of psychotropic drugs market. Also, high dependence and misuse of psychotropic drugs mainly anxiolytics and hypnotics hinders the growth of psychotropic drugs market.
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Psychotropic Drugs Market: Segmentation
The global psychotropic drugs market is classified on the basis of drug type, distribution channel, and region.
Based on drug type psychotropic drugs market is segmented into following:
- Anti-psychotics (AP)
- Antidepressants (AD)
- Tricyclic Antidepressants (TCAs)
- Monoamine Oxidase Inhibitors (MAOIs)
- Selective Serotonin Reuptake Inhibitors (SSRIs)
- Serotonin-Norepinephrine Reuptake Inhibitors (SNRIs)
- Mood Stabilizers (MS)
- Anti-Anxiety (AA)
- Antiepileptic drugs (AEDs)
Based on distribution channel psychotropic drugs market is segmented into following:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Drug Stores
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Psychotropic Drugs Market: Overview
The psychotropic drugs market is expected to register high revenue over the forecast period due to increased application of these drugs for treatment of depressive disorders, epilepsy, dementia, affective disorders, schizophrenia, post- traumatic stress disorder, panic disorder, primary insomnia and obsessive and compulsive disorders. The antidepressants fall under the major class for psychotropic drugs and as per the World Health Organization, depression is registered to be the common mental disorder affecting over 300 million people across the world. Anti-psychotics and antidepressants are the most widely preferred psychotropic drugs, thereby collectively registering for majority of revenue share in the global psychotropic drugs market. Based on the distribution channel, hospital pharmacies followed by retail pharmacies registers to be the leading distribution channel segment in global psychotropic drugs market. Though mental and behavioral disorders are anticipated to account for approximately 12% of global disease burden, only limited population receive access to basic treatment.
Psychotropic Drugs Market: Regional Overview
Among the regional presence, North America is anticipated to be the most lucrative market for psychotropic drugs owing to increasing preference for antidepressants and anti-psychotic drugs among target population in the U.S. North America and Europe cumulatively accounts for the significant revenue share in psychotropic drugs market due to presence of favorable reimbursement for drugs in most of the European countries. Middle East and Africa and Asian countries however are the least lucrative market for psychotropic drugs owing to least access received by target population.
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Psychotropic Drugs Market: Key Players
Some of the major psychotropic drug manufacturers present over the globe are Pfizer Inc., Ely Lilly and Company, Forest Laboratories, Mylan N.V., Randox Laboratories Ltd., FUJIFILM Wako Pure Chemical Corporation and others
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