Rise in the prevalence of schizophrenia, approvals for additional indications, and launch of new schizophrenia drugs are driving the schizophrenia drugs market.
Wilmington, Delaware, United States, Transparency Market Research Inc. – Rise in the prevalence of schizophrenia, approvals for additional indications, and launch of new schizophrenia drugs are driving the schizophrenia drugs market.
The number of patients that are suffering from schizophrenia has been increasing across the world. Moreover, rise in the launch of new schizophrenia drugs in various countries is fueling the growth of the global schizophrenia market.
These factors are estimated to boost the global schizophrenia drugs market during the forecast period. The schizophrenia drugs market was valued at ~US$ 11.2 Bn in 2018, and is projected to reach ~US$ 15.5 Bn by 2027, expanding at a CAGR of ~4% from 2019 to 2027.
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Schizophrenia Drugs Market: Key Trends
The market for schizophrenia drugs is an established market, owing to the high demand for schizophrenia drugs in developed as well as developing countries. Additionally, leading market players in the schizophrenia drugs market are engaged in the development of innovative products.
Based on drug class, the global schizophrenia drugs market has been categorized into first generation drugs, second generation drugs, and third generation drugs. The second generation drugs segment held a major share of the global schizophrenia drugs market in 2018, owing to their low risk of neurological side effects as compared to first generation of schizophrenia drugs.
In terms of route of administration, the global schizophrenia drugs market has been segregated into oral and injectable. The oral segment dominated the global schizophrenia drugs market, owing to easy accessibility to oral drugs, their non-invasive nature, and high preference by patients.
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The number of people affected by depression has been rising all across the world. According to the WHO, more than 300 million people suffer from depression and over 800,000 people commit suicide every year. Depression is the second leading cause of death in 15–29 year olds.
Increase in the number of launches of new schizophrenia drugs in various countries is fueling the global schizophrenia drugs market.
In 2015, Otsuka Holdings Co., Ltd. announced the launch of Rexulti in the U.S. In April 2017, the drug was also launched in Canada.
Schizophrenia Drugs Market: Competition
The report provides the company profiles that includes key information about the major players in the schizophrenia drugs market.
Each of these players have been profiled in the report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segment, and recent developments.
The schizophrenia drugs market is highly consolidated, owing to a small number of market players selling approved drugs for schizophrenia.
Janssen Global Services, LLC (Johnson & Johnson), ALLERGAN, Pfizer Inc., and Otsuka Holdings Co., Ltd. are major players operating in the global schizophrenia drugs market.
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FDA Approval and Product Expansion
In January 2018, Otsuka Pharmaceutical Co., Ltd. announced that it received regulatory approval for the manufacture and sales of Rexulti tablets (generic name - brexpiprazole) in Japan. Brexpiprazole is a serotonin-dopamine activity modulator (SDAM) that acts as a partial agonist at 5-HT1A and dopamine D2 receptors, and as an antagonist at 5-HT2A and noradrenaline alpha1B/2C receptors.
In January 2018, Janssen Global Services, LLC received FDA approval for INVEGA SUSTENNA (paliperidone palmitate), a once-monthly schizophrenia treatment drug. This is the first and only antipsychotic drug to have U.S. Food and Drug Administration (FDA) approval.
In November 2017, ALLERGAN received FDA approval for use of VRAYLAR (cariprazine) for the treatment of schizophrenia. VRAYLAR is an oral, once-daily atypical antipsychotic drug approved for the acute treatment of adult patients with manic or mixed episodes associated with bipolar disorder, with a recommended dose range of 3 to 6 mg/day, and for the treatment of schizophrenia in adults, with a recommended dose range of 1.5 to 6 mg/day.
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Mergers & Acquisitions to Strengthen Market Position
In February 2015, Pfizer, Inc. and Hospira, Inc. (a leading player in infusion technologies and injectable drugs) signed a merger agreement. Under the agreement, Pfizer would acquire Hospira for a total transaction value of ~US$ 17 Bn. This complementary merger would help in expanding the company’s portfolio of sterile injectable pharmaceuticals and biosimilars.
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