A mental disorder can be explained as a psychological anomaly that is reflected in patient’s behavior through disability, distress, or any conduct that is not considered as normal mental development.
Global Mental Disorders Drugs Market: Overview
A mental disorder can be explained as a psychological anomaly that is reflected in patient’s behavior through disability, distress, or any conduct that is not considered as normal mental development. The causes of mental disorders are very diverse and often unclear in most cases. However, some of the commonly addressed drug classes for the treatment of mental disorders are anxiolytics, antidepressants, and antipsychotics. Some of the common mental disorders affecting millions around the world are depression, schizophrenia, and intellectual disabilities and disorders due to drug abuse.
The most common factor aiding the expansion of the global mental disorders drugs market is the rising incidence of mental disorders. For instance, as per the WHO’s reviewed fact sheet, as of 2016 over 350 million people worldwide are affected by depression, over 60 million people are diagnosed with bipolar disorder, and almost 21 million people around the world have schizophrenia and other psychoses. The incidence is rising and there is less likely for it to subside anytime soon. Governments around the world are thus focusing on development effective treatment and drugs to eliminate the prevalence of mental disorders.
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Considering the scenario, the global mental disorders market is poised to surge at an exponential pace between 2016 and 2024. In the report, TMR provides a granular analysis of the various factors supporting the market’s growth and lists down the restraints threatening its expansion. Using Porter’s five forces, the report gauges the bargaining power of suppliers and buyers, degree of competition prevailing in the market, and threat of product substitutes and new entrants. The effect of government policies on the market is analyzed in detail.
Besides these, the report also studies the regional market for mental disorders drugs across North America, Europe, Asia Pacific, and Rest of the World. Factors influencing the market’s growth across these regional segments are studied in detail. In addition, the global mental disorders drugs market has been segmented based on various parameters to help the market participants identify the most lucrative areas in the market. Compiled with exhaustive information, the report thus provides a holistic overview of the global mental disorders market.
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Global Mental Disorders Drugs Market: Trends and Opportunities
Factors such as improvement in patient security policies, increasing prevalence of mental disorders, growth in domestic and international investment in research and development on mental medication, and increasing awareness about these conditions are aiding the growth of the global mental disorders market.
Overall, the market has been witnessing lucrative prospects, however, skepticism surrounding the social pressure and stigma often attached with mental disorders and their treatment could restraint the market to an extent. The situation is more critical in case of less developed countries, where medical advancements are yet to penetrate into. Furthermore, inadequate government initiatives could create bottleneck for the market in underdeveloped countries, despite the high prevalence of unmet medical needs.
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Nevertheless, rising government spending in the healthcare sector, especially across emerging economies such as India and China, increasing medical tourism in these nations due to the availability of advanced treatments at affordable price, and supportive reimbursement policies will help the expansion of mental disorders drugs market over the course of the forecast period. Besides this, the market is also expected to gain from the launch of novel therapeutics.
Overall, the global mental disorders drugs market can be segmented into antipsychotics, antidepressants, anxiolytics, drugs for adolescent and childhood mental illness, schizophrenia, drugs for the treatment of addiction, and bipolar disease drugs. The report studies in detail the recent developments supporting the market’s growth across these segments.
Global Mental Disorders Drugs Market: Regional Outlook
Regionally, North America dominates the global mental drugs disorders market. The increasing government initiatives, high awareness about mental disorders and available treatments, and better reimbursement policies are supporting growth of the market in North America. In addition, the market is expected to witness lucrative opportunities in Asia Pacific. The expanding healthcare industry and favorable initiatives supporting the growth will help market participants rake high profits in the region.
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Global Mental Disorders Drugs Market: Vendor Landscape
The report includes a detailed assessment of the vendor landscape, to study the competition prevailing in the global mental disorders market. Some of the companies profiled are Johnson and Johnson, Pfizer, Eli Lilly, GlaxoSmithKline, AstraZeneca, and Bristol-Myers Squibb. Using SWOT analysis, the report studies the strengths and weaknesses of the companies profiled. The analysis also provides insights into the threats and opportunities that the companies will witness over the course of the forecast period.
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