Facts & Factors Predicts that by 2026 the Size of the Bipolar Disorder Therapeutics Market Grow at CAGR of 2.0% and Reach USD 4,384.2 Million
According to Facts and Factors, the global Bipolar Disorder Therapeutics market in 2019 was approximately USD 3,816.2 Million. The market is expected to grow above a CAGR of 2.0% and is anticipated to reach over USD 4,384.2 Million by 2026.
Bipolar disorder, also known as severe depression, is a mental illness that can lead to an increase in periods of sadness and a high emotional state. Bipolar disorder medicine requires psychotherapy and medications such as antipsychotics and mood stabilizers. Development in the medical field for bipolar disorder is projected to grow dramatically in the coming years, driven by the increased prevalence of mental health disorders (MHDs) worldwide.
Increasing prevalence of bipolar disorder, technological advancement, high unmet medical needs, and government initiatives are major factors driving the growth of the treatment market for bipolar disorder. Factors that drive the therapeutic market for bipolar disorder are unnecessary spending for product innovation in research and development and cooperative activities between companies. In 2015, Corium and Aequus began a product design collaboration focused on CNS disorders such as schizophrenia, bipolar disorder, autism disorder, and other major depressive diseases. Nevertheless, stringent regulations serve as a significant limitation on the medical market for bipolar disorders.
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With the advent of several vendors selling products for treating bipolar disorder, the global market for bipolar disorder treatment is expected to experience strong competition and reduced profitability. The global market for clinical bipolar disorder is driven by an increasing prevalence of manic depression, social programs to raise awareness of the symptoms of bipolar disorders, high demand for antidepressant drugs, and the need to ease the burden of bipolar disorder. Nonetheless, the lack of adequate testing and disease diagnosis therapies and the side effects associated with bipolar disorder care is expected to hinder the market growth. On the other hand, developments in drug combination therapy offer opportunities for growth in the near future.
Technological progress further leads to the growth of the industry, as the use of smartwatches, smartphones, and wearable devices allow the precise monitoring of a patient’s state of mind and mental condition and also collects behavioral, physiological and environmental data successfully. Apart from the advent of digital body-management tools for a mental disorder, prompt participation and greater compliance with prescribed treatment is feasible.
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The antipsychotic drug-segment was the largest segment of the market in 2019. It is used as part of an SSRI combination therapy and has shown positive results, leading to more physicians preferring such drugs. Anticonvulsants act as a good mood stabilizer for mental illness by reducing the symptoms of depression and bipolar disorder without exacerbating mania. Such medications bypass the limitations of conventional antidepressant drugs, as they normalize the mood without inducing depression or mania. The extensive use of anticonvulsants, either as a specific drug or as part of combination therapies, would drive rapid growth in the segment over the forecast period.
North America continues to dominate the global market for the treatment of bipolar disorders. The Asia Pacific market is expected to rise at a faster rate of growth as a result of increased awareness among people, increased investment in R&D, the use of skilled labor to produce products and increased investment by the pharmaceutical industry.
Top key players operating in the market are Glaxo SmithKline (GSK), Eli Lilly, AstraZeneca, Pfizer Inc., Janssen Pharmaceuticals, AbbVie Inc., Novartis AG, Bristol-Myers Squibb Company Allergan Plc., Otsuka Holdings Co. Ltd., and Others.
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This report segments the bipolar disorder therapeutics market as follows:
Global Bipolar Disorder Therapeutics Market: By Drug Type Segmentation Analysis
- Antidepressant Drugs
- Mood Stabilizers
- Antipsychotics Drugs
Global Bipolar Disorder Therapeutics Market: Regional Segmentation Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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