Global Mental Disorder Drugs Market Expected to Reach a Market Value of US$58.91 Billion by 2031: Visiongain Research Inc
Visiongain has published a new report on Mental Disorder Drugs Market Report 2021-2031. Mental Disorder Drug Profiles and Predictions by Drug Class (SSRIs, SNRIs, Atypical Antipsychotics, ATCs, SARIs, Benzodiazepines, MAOIs), by Indication (Depression, Schizophrenia, Bipolar Disorder, Post-Traumatic Stress Disorder), by Channel distribution (hospital pharmacy, retail pharmacy). PLUS, regional market analysis and COVID-19 Recovery Scenarios.
Global Mental Disorder Drugs Market was valued at US$36.77 billion in 2020 and is expected to reach a market value of US$58.91 billion by 2031. Rising prevalence of mental disorders; increased investment in drug R&D by pharmaceutical and biopharmaceutical companies; growing awareness of mental health care; New product launches and growing acceptance of mental disorder drugs globally are some of the major factors propelling the growth of the global mental disorder drug market.
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Impact of COVID-19 on the Mental Disorder Drugs Market
The COVID-19 pandemic is having a mixed impact on the global mental disorder drug market. The COVID-19 pandemic has led to an increase in the prevalence of mental disorders around the world. However, pharmaceutical and biologic companies are facing challenges while manufacturing and marketing drugs due to the COVID-19 pandemic. According to WHO, the COVID-19 pandemic has disrupted mental health services in many countries.
Thus, the demand for these drugs has had a negative impact since 2020. However, the market is expected to witness a lucrative rate after 2021-2023 owing to the launch of the COVID-19 vaccine and growing mental health awareness programs globally .
Rising prevalence of increasing prevalence of mental disorders, including depression, schizophrenia, bipolar disorder and post-traumatic stress disorder; increased investment in drug R&D by pharmaceutical and biopharmaceutical companies; Technological advancement, government support and development of healthcare infrastructure in emerging economies are the major drivers driving the global mental disorder drug market.
There is a strong demand for more advanced products for the treatment and maintenance of serious mental disorders. Thus, the main pharmaceutical companies invest considerable sums in R&D and the launch of new drugs. For example, in August 2020, Janssen Pharmaceutical announced that the US FDA had approved the sNDA for its SPRAVATO (esketamine) CIII nasal spray, for the treatment of adults with MDD.
The development and discovery of new medications for mental disorders have gained valuable momentum in recent years. Drug manufacturers are moving from conventional drug formulations to the discovery of innovative and improved drugs to treat a variety of mental disorders within the mental disorder care industry. The government and other non-profit organizations are rapidly investing in the creation of new treatments for mental disorders. Collaborations between non-profit organizations and the government are on the rise in the mental disorder treatment industry, especially in developing regions like China and India.
High opportunities in developing countries such as China and India will strengthen the global mental disorder drug market in the near future. The development of healthcare infrastructure along with the high prevalence of mental disorders in these countries is expected to drive the demand for advanced mental disorder drugs in these countries.
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The mental disorder drug market is a highly competitive market with several global and local players. Some of the major players operating in the market are AbbVie, AstraZeneca, Bausch Health, Bristol-Myers Squibb, Eli Lilly and Company, GlaxoSmithKline, H. Lundbeck, Johnson & Johnson, Mallinckrodt Pharmaceuticals, Merck, Novartis, Otsuka Pharmaceutical, and Pfizer.
These leading companies have adopted various strategies including R&D investments, collaborations, mergers and acquisitions, regional expansion and new product launches. For example, in December 2020, Novartis announced its intention to acquire Cadent Therapeutics for $210 million upfront and approximately $560 million in milestone payments. Cadent Therapeutics is a private biotechnology company focused on neuroscience.
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