According to the report published by Allied Market Research, the global schizophrenia drugs market generated $7.16 billion in 2021 and is estimated to hit $12.53 billion by 2031, registering a CAGR of 5.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
Impact of Covid-19 on Schizophrenia Drugs Market-
- The Covid-19 outbreak negatively impacted the global schizophrenia drugs market. Due to implementation of lockdowns and imposition of stringent measures by governments across the globe, production and manufacturing activities came to a halt.
- The pharmaceutical industry faced difficulties in focusing on R&D activities regarding schizophrenia drugs development as the entire healthcare industry was focused on life saving and COVID-19 related products.
- There were delays in product approvals and launches which further restricted the expansion of the market. Furthermore, most of the clinical trials were postponed to avoid spread of infections, thus slowing down the drug development process.
- However, the pandemic led to the increase in mental health problems worldwide and the healthcare sector has been restructured to provide safer healthcare facilities. Hence, the schizophrenia drugs market is anticipated to grow in the coming years.
The report offers detailed segmentation of the global schizophrenia drugs market based on treatment, distribution channel, therapeutic class, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on treatment, the oral segment accounted for nearly three-fourths of the global schizophrenia drugs market share in 2021, and is expected to maintain its dominance during the forecast period. However, the injectable segment would cite the fastest CAGR of 6.2% throughout 2031.
Based on distribution channel, the retail pharmacies segment contributed to nearly half of the total schizophrenia drugs market in 2021, and is expected to rule the roost by 2031. The online pharmacies segment, on the other hand, would grow at the highest CAGR of 7.5% by 2031.
Based on therapeutic class, the second generation segment contributed to nearly three-fourths of the total schizophrenia drugs market in 2021, and would lead the trail through the forecasted timeframe. However, the third generation segment would grow at the fastest CAGR of 6.2% from 2022 to 2031.
Based on region, the market across North America contributed to nearly half of the global schizophrenia drugs market in 2021, and would maintain its leadership status during the forecast period. On the other hand, Asia-Pacific would grow at the fastest CAGR of 7.3% from 2022 to 2031. The other two provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global schizophrenia drugs market report include Pfizer Inc., AbbVie, AstraZeneca, Bristol Myers Squibb, Eli Lilly, GlaxoSmithKline, Johnson & Johnson, Merck KGAA, Minerva Neurosciences, Novartis AG, Reliance, Sumitomo Dainippon, Takeda Pharmaceuticals, Vanda Pharmaceuticals, and Alkermes.
The report analyzes these key players of the global schizophrenia drugs market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.