Psychiatric Medications Market Forecast, Trend Analysis & Competition Tracking - Global Industry Insights 2015 to 2031

Psychiatric medications treat mental illnesses such as depression, bipolar disorder, mental breakdowns, anxiety, schizophrenia, etc. These drugs alter the chemical composition of the brain and nervous system and help an individual to relax. A psychiatric practitioner usually prescribes psychiatric drugs after a thorough examination. Antidepressants, anti-anxiety, mood stabilizers, and stimulant medications are the most prescribed psychotropic drugs worldwide. These drugs take roughly around 4-6 weeks before they start showing any effects or before an individual can observe any improvement. These drugs can affect an individual's moods, thoughts, behavior, or perception throughout the medication. However, these drugs don't have to cure the ailment, but they can help individuals improve their mental state or curtail the symptoms.

Global Psychiatric Medications Market Revenue Outlook:

The global psychiatric medications market was estimated to be valued at US$ 27,429.6 Mn in 2021 and is projected to register а САGR of 4.1% by 2031.

Nonetheless, various industry players in the global market are now focusing on establishing successful collaborations, acquisitions, and joint venture activities to enhance their respective customer bases. The major industry players are also increasing their supply capabilities to meet customer requirements locally and globally. This factor, paired with promising industrialization prospects in developing economies of the Asia-Pacific region, such as China, India, Taiwan, Indonesia, etc., are expected to create massive business opportunities for key players over the forecast period.

Most Prescribed Psychiatric Drugs for 2020

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Increasing Prevalence Of Mental Disorders & Government Initiatives Fueling The Market Growth

The increasing prevalence of mental disorders such as depression, bipolar disorder, mental breakdowns, anxiety, schizophrenia, etc., coupled with increasing awareness about such medications, are some factors that are expected to bolster the revenue growth for this global market.

• According to WHO, as of November 2019, it is estimated that globally approx. Two hundred sixty-four million individuals are affected by mental disorders, 45 million people are affected by bipolar disorders, 20 million are affected by schizophrenia, 50 million individuals are affected by dementia.

Supportive policies and incentive-based schemes of respective governments of developed and developing nations to improve mental health coupled with increasing investments by these governments to improve and strengthen the healthcare infrastructure of their respective countries. The factors above are expected further to propel the financial development of this target industry.

• In 2016, The US government introduced the 21st Century Cures Act, a healthcare package bill of $4.8 billion to be allocated till 2026 to address mental health parity.
• In 2018, the Government of India allocated $7.7 million to ensure minimum mental health care for all under the National Mental Health Programme.

Lack Of Infrastructure May Restraints The Global Psychiatric Medications Market Growth

The lack of critical infrastructure coupled with insufficient knowledge about mental diseases in developing nations such as Brazil, Vietnam, South Africa, etc., is a factor that is expected to slow down the financial growth of the given market in the coming years.

Additionally, the social stigma coupled with social and family pressure regarding mental health disorders in several developing nations is a factor that is expected to cause hindrance to the revenue growth for the global psychiatric medication market.

An Increase In Investments For R&D Is Creating New Opportunities

An increase in investments for R&D by several governments and prominent companies for the development of new medications and treatment has been observed. This factor is expected to amplify the profit margin for this global market in the coming years.

Further, various strategic policies are adopted by major companies across the world. Policies such as strategic mergers & acquisitions, joint ventures, and partnerships with other companies in new product development, expanding global presence, and widening/broadening the product portfolio are some factors that are expected to ameliorate further the financial development of this given market over the forecast period.

Segmental Analysis

Segmentation of the psychiatric medications market is achieved under medication type, application, & region. The market is further categorized into antidepressants, anti-anxiety medications, mood-stabilizing medications, and antipsychotics based on medication type. The Anti-Anxiety Medications segment is expected to create a major share, followed by the anti-anxiety medications segment. The psychiatric medications market is segmented into hospital use, clinic use, and household in terms of end-users. The hospital use segment is expected to hold a dominant share, followed by household. The global psychiatric medications market is segmented into North America, Europe, Asia-Pacific, South America, and the MEA. Among these regions mentioned above, the markets in the North America segment are expected to register the majority revenue shares of the global psychiatric medication market, followed by Europe

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Competitive Landscape

The psychiatric medications landscape appears highly consolidated, with a major chunk of it being dominated by players.

• Novartis AG
• Pfizer Inc.
• Abbott Laboratories
• AstraZeneca Plc
• Eli Lilly and Company
• Otsuka Pharmaceutical Co. Ltd
• Lundbeck A/S
• Lupin Ltd
• Gedeon Richter Plc
• Luye Pharma Group
• Other Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Segments Covered for Global Psychiatric Medications Market

Psychiatric Medications Market, By Medication Type

• Antidepressants
• Anti-anxiety Medications
• Mood-stabilizing Medications
• Antipsychotic Medications

Psychiatric Medications Market, By End Users

• Hospital Use
• Clinic Use
• Household

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