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Wednesday, September 30, 2015
Global Antipsychotics Market
The neurology drugs market is expanding at a significant rate due to increasing prevalence of neurological disorders or injuries. In addition, technological advancements have been driving the market.
Antipsychotics refer to a group of medicines that help treat mental health illnesses such as schizophrenia, schizoaffective disorder, bipolar disorder, and psychotic depression.
Antipsychotics can also be used to treat severe depression and anxiety. There are two types of antipsychotics: atypical antipsychotics and older antipsychotics. Atypical or newer antipsychotics, also referred as second generation of antipsychotics, include amisulpride, olanzapine aripiprazole, clozapine, risperidone, sertindole, and quetiapine.
Older antipsychotics, also referred as first generation antipsychotics, include flupentixol, levomepromazine, trifluoperazine, zuclopenthixol, pimozide, chlorpromazine, perphenazine, haloperidol, pericyazine, and sulpiride.
Antipsychotics are prescribed medications, which are available as liquids, tablets, capsules, and injections. These work on the principle of altering the effect of some chemicals in the brain, resulting in changes in mood, behavior, and emotions.
Duration for intake of antipsychotics varies, depending on health condition. Common side-effects associated with antipsychotics include dizziness, diarrhea, sedation, headaches, hyperprolactinaemia, and weight gain. Other side-effects associated with antipsychotics are orthostatic hypotension, blurred vision, constipation, osteoporosis, sexual dysfunction, muscle rigidity, reduced perspiration, seizures, myocardial infarction, and stroke.
North America dominates the global market for antipsychotics due to the presence of a large number of aging population, and increasing prevalence of neurological disorders in the region.
The market for antipsychotics in Europe is expected to experience a high growth rate in the next few years. The region would be followed by Asia. China and India are likely to be the fastest growing markets for antipsychotics in Asia. Key factors driving the antipsychotics market in emerging countries include presence of a large pool of patients, and rise in government funding.
Factors such as aging population, increasing prevalence of neurological disorders, and growing awareness regarding different neurological disorders and their available treatment are driving the global antipsychotics market. Furthermore, improvement in healthcare facilities and technological advancements in the field of neurology are also boosting the antipsychotics market. However, factors such as side-effects associated with antipsychotics and lower adoption rate of antipsychotics have been hampering market growth.
Growth in demographics and developing economies such as India and China is projected to offer ample opportunities to the global antipsychotics market.
Innovation in some of the existing products, leading to improvement in the efficiency of antipsychotics is anticipated to offer opportunities for the market.
Rising number of mergers and acquisitions, new product launches, and increasing number of collaborations and partnerships are some of the latest trends in the global antipsychotics market.
Furthermore, the number of patent expirations in the global antipsychotics market is increasing. Profit margins of companies are likely to be affected due to the expiry of patents.
Major companies dealing in global antipsychotics market include Eli Lilly and Company, Pfizer, Inc., and GlaxoSmithKline Plc. Other companies with significant presence in the antipsychotics market include AstraZeneca Plc, Bristol-Myers Squibb, and Johnson & Johnson.