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Psychotropic Drugs Market Trends

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

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Psychotropic Drugs Market Trends

Some of the key trends in the psychotropic drugs industry includes a growing global focus on mental health, with increased awareness and recognition of the importance of mental well-being, the adoption of telemedicine and digital health platforms, and focus on combination therapies. Combinations of psychotropic drugs or combining medication with non-pharmacological therapies, such as cognitive-behavioural therapy (CBT), have become more common. These integrated approaches aim to improve treatment outcomes and address individual patient needs.

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.