Psychotropic Drugs Market: Introduction
- A psychotropic drug alters behavior, mood, thoughts, or perception. It’s a blanket term for various drugs, including prescription drugs and commonly misused drugs.
- Psychotropic medication are used to treat an assortment of mental health issues when they cause significant hindrance to the healthy functioning of the body
- Psychotropic drugs normally work by changing or adjusting the amount of significant chemicals in the brain called neurotransmitters. Some psychological issues show improvement when the level of neurotransmitters, (dopamine, serotonin, and norepinephrine) increases or decreases.
- Psychotropic drugs are typically prescribed by a psychiatrist, a psychiatric nurse practitioner (PMHNP), or a primary care physician; in some areas, clinical psychologists may have prescriptive benefits as well.
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Key Drivers and Restraints of Global Psychotropic Drugs Market
- According to a study published in Our World in Data, approximately 970 million people, globally, lived with a mental health disorder in 2018. This is marginally more than one in ten people, globally (10.7%). Increase in population suffering with psychological disorders is projected to fuel the global market during the forecast period.
- According to the World Health Organization (WHO), the population of people aged 60 years and above is projected to rise from 900 million in 2015 to 2 billion in 2050. Usually, the geriatric population is at high risk of mental disorders. Hence, increase in geriatric population is anticipated to boost the global psychotropic drug market.
- Government bodies and other public organizations are running programs to raise awareness about mental health. Furthermore, key players or manufacturers are actively focusing on the research and development of new psychological drugs for treatment in an effective and safe manner.
- According to World Health Organization (WHO), nearly two-thirds of people with a known mental disorder never seek help from a health professional. Stigma, discrimination, and neglect prevent care and treatment from reaching people with mental disorders. This is estimated to restrain the psychotropic drugs market in the near future.
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North America to Dominate Market
- In terms of region, the global psychotropic drug market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- According to the National Council for Behavioral Health, almost half of adults (46.4 percent) are likely to experience a mental health issue during their lifetime in the U.S. Hence, North America is projected to account for a prominent share of the global psychotropic drugs market.
- Europe was the second-largest market for psychotropic drugs, globally, in 2019 due to the presence of favorable reimbursement policies for drugs in most countries across Europe
- The market in Asia Pacific is projected to expand at a notable CAGR, owing to initiatives take by governments in the region toward raising awareness about mental health and the high rate of adoption of psychotropic drugs in the region. This is expected to boost the psychotropic drugs market in Asia Pacific.
- Middle East & Africa is a relatively less lucrative market for psychotropic drugs, globally, due to less or no access available to the target population suffering from mental illness
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Key Manufacturers Operating in Global Psychotropic Drugs Market
Key manufacturers operating in the global market include:
- Alkermes
- Eli Lilly and Company
- Janssen Global Services, LLC (Johnson & Johnson)
- Allergan (AbbVie Inc.)
- Pfizer Inc.
- Mylan N.V.
- Novartis AG
- Axsome Therapeutics, Inc.
- Acadia Pharmaceuticals Inc.
- Takeda Pharmaceutical Company Limited
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