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Psychotropic Drugs Market Size

Report ID: GMI6283
Published Date: Jul 2023
Report Format: PDF

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Psychotropic Drugs Market Size

Psychotropic Drugs Market size valued at USD 20.2 billion in 2022 and is anticipated to grow at a CAGR of over 6.4% from 2023 and 2032. Pharmaceuticals used to treat various mental health diseases, such as depression, anxiety disorders, bipolar disorder, schizophrenia, and other psychiatric disorders, are included in the psychotropic drugs business. Some of the factors that are driving the market growth include increasing prevalence of mental health disorders, technological advancements in drug development, rising geriatric population, rising healthcare expenditure.

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The increased awareness of mental health issues and efforts to reduce the stigma surrounding psychiatric disorders have encouraged more individuals to seek help, which in turn boosts the market growth. Additionally, advancements in neuroscience, pharmacology, and drug development have led to the discovery of new and more effective central nervous system therapeutics. Innovative treatments that offer better outcomes with fewer side effects attract patients and healthcare providers, driving market growth.

Psychotropic Drugs Market Report Attributes
Report Attribute	Details
Base Year:	2022
Psychotropic Drugs Market Size in 2022:	USD 20.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6.4%
2032 Value Projection:	USD 37.6 Billion
Historical Data for:	2018 to 2022
No. of Pages:	204
Tables, Charts & Figures:	357
Segments covered:	Drug type, Application, Therapeutic Class, Disease, Distribution Channel, and Region
Growth Drivers:	Stigma associated with mental illness High cost of psychotropic drugs Side effects associated with consumption of psychotropic drugs
Pitfalls & Challenges:	Increasing prevalence of mental health disorders Rising awareness about mental health Increasing availability of generic psychotropic drugs Rising incidence of substance abuse

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size for psychotropic drugs was valued at USD 20.2 billion in 2022 and is poised to register 6.4% CAGR from 2023 to 2032, attributed to the high prevalence of mental health disorders, rising geriatric population, and the growing awareness of mental health issues.

The aripiprazole segment held 22.4% share of the psychotropic drugs market in 2022 and is expected to expand at robust pace through 2032 owing to the increasing adoption due to the ability to decrease the symptoms of schizophrenia, bipolar disorder, and depression.

North America market size for psychotropic drugs is set to reach USD 13.5 billion by 2032, owing to the high prevalence of mental health disorders, such as depression, anxiety, schizophrenia, and bipolar disorders.

Alkermes, Eli Lilly and Company, Janssen Pharmaceuticals, Inc. (Johnson & Johnson), Allergan (AbbVie Inc.), Pfizer Inc., Mylan N.V., Novartis AG, Axsome Therapeutics, Inc., Acadia Pharmaceuticals Inc., and Takeda Pharmaceutical Company Limited are among the top firms engaged in the psychotropic drugs industry.