Mental disorder drugs market size worth $ 58.91 billion
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, ATC, IRAS, benzodiazepines, MAOIs), by indication (depression, schizophrenia, bipolar disorder, post-traumatic stress disorder), by distribution channel (hospital pharmacy, retail pharmacy ). PLUS Regional Market Analysis and COVID-19 Recovery Scenarios.
Visiongain’s senior analyst says: “The 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. Increasing 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 increasing acceptance of mental disorder drugs around the world are some of the major factors propelling the growth of the global mental disorder drugs market ”.
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How this report will help you
Visiongain’s new study is addressed to anyone requiring in-depth business analyzes of the global Mental Disorder Drugs Market along with detailed market segment analysis. Our new study helps you assess the global and regional mental disorder drugs market. Get financial analysis of the overall market and different segments including by drug class, route of administration, usability, and distribution channel. Great opportunities remain in this rapidly growing mental disorder drugs market. Find out how to use existing and upcoming opportunities in this market to generate income quickly. Moreover, the report would help you improve your strategic decision-making, allow you to frame growth strategies, strengthen the analysis of other market players and maximize the productivity of the company.
How COVID-19 Has Affected the Mental Disorder Drug Market?
The COVID-19 pandemic has a mixed impact on the mental health medications global market. The COVID-19 pandemic has led to an increase in the prevalence of mental disorders around the world. However, pharmaceutical and biologic companies face challenges in manufacturing and marketing drugs due to the COVID-19 pandemic. According to the WHO, the COVID-19 pandemic has disrupted mental health services in many countries.
So the demand for these drugs negatively impacted since 2020. However, the market is expected to experience a lucrative rate after 2021-2023 due to the launch of the COVID-19 vaccine and growing mental health awareness programs around the world.
What are the main market drivers in this market?
Growing prevalence of increasing prevalence of mental disorders, including:
- Bipolar disorder
- Post-traumatic stress disorder
- Increased R&D by pharmaceutical and biopharmaceutical companies
- Technological advances
- Additional government support
- Accelerating the development of health infrastructure in emerging economies
There is a strong demand for more advanced products for the treatment and maintenance of severe mental disorders. Thus, the main pharmaceutical companies invest huge sums of money in R&D and the launch of new drugs. For example, in August 2020, Janssen Pharmaceutical announced that the US FDA had approved sNDA for its SPRAVATO (Esketamine) CIII nasal spray, intended for the treatment of adults with MDD.
What are the market opportunities?
The development and discovery of new drugs for mental disorders has gained valuable momentum in recent years. Drugmakers are moving from conventional drug formulations to discovering innovative and improved drugs to treat a variety of mental disorders in the mental health care industry. The government and other nonprofits are investing quickly in creating new treatments for mental disorders. Collaborations between nonprofits and government are increasing in the mental disorder treatment industry, especially in developing regions such as China and India.
The high opportunities in developing countries such as China and India will strengthen the global mental disorder drugs market in the near future. The development of health infrastructure as well as the high prevalence of mental disorders in these countries is expected to stimulate the demand for drugs for advanced mental disorders in these countries.
How does the competitive landscape look?
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Medicines for mental disorders 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 investments in R&D, collaborations, mergers and acquisitions, regional expansion and new product launches. For example, in December 2020, Novartis announced its intention to acquire Cadent Therapeutics for an initial amount of $ 210 million and approximately $ 560 million in milestone payments. Cadent Therapeutics is a privately held biotechnology company focused on neuroscience.
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