The global Psychotropic Drugs Market size is USD 21,269.4 million in 2023 and is expected to reach USD 28,876.2 million by 2033. The global market is estimated to expand at a CAGR of 3.1% during the forecast period.
| Attributes | Details |
|---|---|
| Psychotropic Drugs Market Size, 2023 | USD 21,269.4 million |
| Psychotropic Drugs Market Size, 2033 | USD 28,876.2 million |
| Value-based CAGR from 2023 to 2033 | 3.1% |
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Increase in Mental Health Disorders: The growing prevalence of mental disorders such as stress, societal pressures, and changing lifestyles are increasing the demand for psychotropic drugs.
Growing Awareness and Destigmatization: The growing patients' awareness about mental disorders and to seek proper mental health treatment are surging the demand for psychotropic drugs.
Development of Advanced Drugs: The rising research institutions and pharmaceutical companies are developing new drugs to treat patients with mental illness. They are focused on developing improved and fewer side effects drugs to upsurge the global psychotropic drugs market share.
Aging Population: The growing aging population around the globe is a rising mental health disorder. The increasing depression and dementia among old-age patients are boosting the sales of psychotropic drugs.
Access to Healthcare: Manufacturers are offering healthcare treatment for mental illness with the adoption of psychotropic medications as an easy option.
Government Initiatives and Policies: Government initiatives and mental health policies enhance the patient's treatment process. They provide insurance coverage for treatment to educate patients to boost the global market size.
Technological Advancements: The rising digital healthcare platforms such as telemedicine are expanding mental health services remotely, driving the market size.
Rising Stress Levels: Growing work stress, modern lifestyle, and changing lifestyle are resulting in higher stress, further increasing the adoption of psychotropic drugs.
Increasing Adoption of Abuse Substances: The rising adoption of abused substances leads to the promotion of health disorders, which are surging the demand for psychotropic drugs to treat these conditions.
Global Healthcare Events: The growing global health events such as COVID-19, mental health issues, anxiety, and other conditions are increasing the demand for psychotropic medications.
Emerging Markets: The expanding healthcare infrastructure, emerging economies, and rising disposable income are upsurging the global market share.
Research and Development Funding: The private sector, government bodies, and research institutions are expanding mental health awareness by expanding treatment with huge investments.
Several challenges limit the growth of the global market. Some of these restraining factors are as follows:
Regulatory Hurdles: The rising stringent regulations, delays in approval of new drug medicines, and high costs are limiting the global market.
Patent Expirations: The patent expirations for several psychotropic drugs are facing a loss to pharmaceutical companies.
Side Effects: The growing side effects of psychotropic drugs are choosing alternative treatments that restrain the global market.
Pricing Pressures: The increasing control on healthcare services costs leads to affect profitability among pharmaceuticals, limiting the market growth.
Off-label Use: Increasing adoption of off-label psychotropic drugs that are not approved by institutions and regulatory agencies may lack safety and efficiency. These off-label use are restraining the global market growth.
Shortage of Workforce: The lack of healthcare experts and professionals limits the availability of treatments.
Emerging Therapies: The increasing adoption of therapies, including neuromodulation techniques and psychotherapy, is restraining the market growth.
Data Security and Privacy: Increasing concerns about data privacy and security on digital health technologies are restraining the psychotropic drugs market demand.
Principal Consultant
The global psychotropic drugs market grew at a remarkable historical growth, with a valuation of USD 16,326.3 million in 2018 and USD 20,233.5 million in 2022. The global market secured a CAGR of 4.8% between 2018 to 2022.
| Psychotropic Drugs Market Size, 2018 | USD 16,326.3 million |
|---|---|
| Psychotropic Drugs Market Size, 2022 | USD 20,233.5 million |
| Historical CAGR from 2018 to 2022 | 4.8% |
The increasing depression, alternate behavior, sadness, and trauma are raising the demand for psychotropic drugs. The increasing use of misused drugs is accelerating the demand for psychotropic drugs. Young generations between 18 to 35 years old are nowadays facing depressed, broken, sad, lonely, and swing moods. The changing lifestyle, rising competition, and failure resulting in mental health issues are driving the global market growth.
| Countries | Market Share, 2023 |
|---|---|
| United States | 16.4% |
| Germany | 7.3% |
| United Kingdom | 5.3% |
| India | 12.0% |
| China | 10.2% |
The United States holds a share of 16.4% of the global market. The growing pharmaceutical innovations, such as research and development of medicinal drugs, are driving the United States market. Pharmaceutical companies are producing and discovering medication to improve mental health conditions.
The United States is a country that has a relatively higher number of mental health patients, accelerating the demand for psychotropic drugs. The growing regulations offering safe, efficient, and high-standard medication are uplifting the United States psychotropic drugs market. The growing affordable drug pricing and clinical research are enhancing the pharmaceutical companies in the United States.
Increasing health insurance to enhance the treatment of patients' mental health issues is driving the United States market. The growing import and export of psychotropic drugs are driving the international trade. These factors are likely to drive the United States market during the forecast period.
The United Kingdom registers a share of 5.3% in the global market. The increasing production of safe and efficient psychotropic drugs is rising in the United Kingdom market. Pharmaceutical companies are collaborating with international companies to develop high-quality medicines by being actively involved in research activities.
The approval of psychotropic drugs by the United Kingdom's Medicines and Healthcare Products Regulatory Agency to ensure safety is driving the market size. The ongoing clinical research to offer effective psychotropic drugs is upsurging the United Kingdom's psychotropic drugs market.
Growing well-established mental health services to offer psychological therapies and medication-based treatment are driving the United Kingdom market. The increasing aging people, mental stress, and hypertension are increasing the adoption of psychotropic drugs, which are fueling the United Kingdom market.
Germany accounts for a share of 7.3% of the global market. The growing advanced healthcare settings are strengthening mental health services. Germany offers cost-effective medicines to offer affordable services to mental disorder patients. Manufacturing companies are rapidly exporting medicine products in huge quantities to the international market.
Pharmaceutical companies are playing a crucial role in developing psychotropic drugs to access patients, which is driving Germany's psychotropic drugs market. Healthcare experts are offering medical education to their patients to ensure the safety and treatment process and enhance outcomes. These experts are conducting post-marketing surveillance to monitor, regulate, and enhance safety and are expanding the German market.
India holds a share of 12% of the global market. India's psychotropic drugs market is growing steadily due to factors such as an increase in mental health awareness, changing lifestyles, and a rise in stress-related disorders.
Several Indian pharmaceutical companies produce psychotropic drugs and have a significant presence in the market. Some multinational pharmaceutical companies also operate in India.
India has a regulatory authority called the Central Drugs Standard Control Organization (CDSCO), which oversees the approval and regulation of pharmaceuticals, including psychotropic drugs.
China holds a share of 10.2% of the global market in 2023. China's psychotropic drug demand is influenced by various aspects such as urbanization, increased stress, and changing lifestyles. The market size in China is substantial, with billions of dollars in annual sales.
China has a robust pharmaceutical industry, with both domestic companies and multinational corporations producing and selling psychotropic drugs. Some Chinese pharmaceutical companies are expanding their presence globally.
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| Top Drug Type | Chlorpromazine |
|---|---|
| Market Share (2023) | 23.5% |
Based on drug type, chlorpromazine dominates the global market by securing a maximum share of 23.5%. The increasing demand for chlorpromazine drug to treat bipolar disorder, anxiety, and schizophrenia are driving the global market. The demand for chlorpromazine is widely rising due to its positive target of schizophrenia symptoms.
The adoption of chlorpromazine to reduce side effects and enhance the quality of patient's life are advancing the market growth. It treats severe illness, significantly fueling the market share. However, the widespread of antipsychotic medications is a new drug type that clinicians significantly choose to treat patients' needs. Overall, chlorpromazine is estimated to dominate to secure a higher share in the global market.
| Top End-use Sector | Hospital Pharmacies |
|---|---|
| Share | 53.4% |
Based on the end-use sector, hospital pharmacies accounts for a share of 53.4% of the global market. Hospital pharmacies are playing a significant role in the global market to treat numerous mental disorder patients. Hospital pharmacies offer specialized patient care to heal patients' mental disorders. They are providing inpatient facilities to cure mental health and offer a quality of life.
Hospital pharmacies monitor patients' condition with safety under the supervision of medications. They offer emergency care and provide psychotropic drugs with appropriate dosages and treatment plans. Hospital pharmacies are adopting approved medications with their clinical expertise.
They often have specialized experiences and knowledge to guide the medication dosing and selection process. Hospital pharmacies provide appropriate prescriptions with discharge planning for patients. They recommended follow-up care to their patients before they leave hospitals.
The number of essential players highly consolidates the global psychotropic drugs market trends. These players are innovating advanced and unique products by investing heavily in research and development activities. The key players are focusing on developing high-quality drug medications that improve patients' mental illness and enhance outcomes.
Key players are playing a crucial role in following stringent regulations for product safety. They are improving their products with effective solutions. Key players adopt various marketing tactics to upsurge the global market, including mergers, collaborations, acquisitions, product launches, and agreements.
Recent Developments in the Psychotropic Drugs Market
The psychotropic drugs market valuation is USD 21,269.4 million in 2023.
The United States is the biggest market for psychotropic drugs.
The psychotropic drugs market is likely to progress at a CAGR of 3.1% through 2033.
The growing focus on approval of medication drugs for patients’ recovery.
Ely Lilly, Company, and Mylan N.V. are the key players in the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Drug Type 5.1. Chlorpromazine 5.2. Thioridazine 5.3. Quetiapine 5.4. Risperidone 5.5. Clozapine 5.6. Paroxetine 5.7. Fluvoxamine 5.8. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Anti-psychotics 6.2. Antidepressants 6.3. Mood Stabilizers (MS) 6.4. Anti-anxiety (AA) 6.5. Antiepileptic Drugs (AEDs) 6.6. Hypnotics 6.7. Stimulants 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Hospital Pharmacies 7.2. Retail Pharmacies 7.3. Online Pharmacies 7.4. Drug Stores 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Forest Laboratories 18.2. Sun Pharmaceutical Industries Ltd. 18.3. FUJIFILM Wako Pure Chemical Corporation 18.4. Randox Laboratories Ltd 18.5. Pfizer Inc. 18.6. ELI LILLY AND COMPANY 18.7. OTSUKA HOLDINGS CO., LTD 18.8. Mylan N.V. 18.9. ALKERMES PLC. 18.10. TEVA PHARMACEUTICAL INDUSTRIES LTD. 19. Assumptions & Acronyms Used 20. Research Methodology
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Psychotropic Drugs Market
