Mental Disorders Treatment Market Size Expected to Grow at a CAGR of 6.6% by 2027 | Allergan plc, Eli Lilly and Company, VistaGen Therapeutics, Sanofi SA, Novartis International AG, Mylan NV
SEATTLE, May 10, 2021 (MEDGADGET) – Preview:
Mental disorders are also called mental illness or psychiatric disorder. Mental disorders are defined by how a person behaves, feels, sees and thinks, and mental disorders arise as a result of damage or problems associated with brain function. There are various types of mental disorders such as depression, bipolar disorder, schizophrenia and other mental illnesses, dementia, and developmental disorders including autism. These problems can be treated with the help of various medications, such as antidepressants, antidepressants, and therapies such as psychotherapy, brain therapy, and others.
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The Global mental disorder treatment market is estimated at US $ 48.4 billion in 2020 and is expected to post a CAGR of 6.6% during the forecast period (2020-2027).
Global Mental Disorder Treatment Market – Impact of Coronavirus (COVID-19)
Following the COVID-19 outbreak in December 2019, the disease has spread to more than 100 countries around the world and the World Health Organization has declared it a public health emergency. According to a report from the World Health Organization, exposure to the coronavirus (COVID-19) has led to more than 65.1 million people worldwide since December 4, 2020.
The coronavirus (COVID-19) epidemic and the emerging crash in various parts of the world have had a profound effect on the financial situation of large companies in the mental disorder treatment market. The private health sector is one of the sectors most affected by COVID-19. The epidemic is having a devastating effect on the mental disorder treatment market in various fields such as drug development, production and supply and has affected the growth of pharmaceutical companies in various companies across the world due to the shutdown many international governments. The nationwide shutdown has resulted in the closure of industrial zones, in addition to the production of essential goods and disruption of the sale of consumer goods and medicines.
The increasing prevalence of psychiatric disorders such as depression is expected to drive the growth of the global mental disorder treatment market during the forecast period. For example, according to a 2019 World Health Organization report, depression is the most common mental illness in the world and an estimated 264 million people have depression worldwide by 2019.
Additionally, key companies focused on product adoption by psychiatric regulatory bodies are expected to propel the growth of the global mental disorder treatment market during the forecast period. For example, May 2019, Allergan plc. and Gedeon Richter Plc. announced that the United States Food and Drug Administration (FDA) has approved its VRAYLAR (cariprazine) as a new drug (sNDA) for the treatment of depressive episodes associated with bipolar I disorder (bipolar disorder) in adults.
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Market segmentation :
By type of disorder: Depression, bipolar disorder, schizophrenia, dementia, post-traumatic stress disorder and others.
By drug: Antidepressants, anti-anxiety drugs, mood stabilizing drugs and antipsychotic drugs.
By distribution channel: Hospital pharmacies, retail pharmacies and online pharmacies
North America is expected to occupy a leading position in the global mental disorder treatment market at the time of forecast, with key companies focusing on strategies such as collaborative strategies to improve the treatment of various psychiatric disorders such as depression, etc. For example, in June 2020, VistaGen Therapeutics, a U.S. pharmaceutical company, and EverInsight Therapeutic formed a joint venture to develop and commercialize ph94b for anxiety disorders in mainland China, South Korea, and Southeast Asia.
The major players operating in the global mental disorder treatment market include Allergan plc, Eli Lilly and Company, Sanofi SA, VistaGen Therapeutics, Novartis International AG, Cipla Ltd, Mylan NV, Bristol Myers Squibb, Sun Pharmaceutical Industries Ltd., Amneal Pharmaceuticals LLC, Glenmark Pharmaceuticals Limited, Lupine Limited, Janssen Pharmaceutica and Sumitomo Dainippon Pharma Co., Ltd.
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