Schizophrenia is a mental disorder where the patient suffers from inability to understand the reality, decreased ability of thinking, abnormal behavior, and strange speech. Furthermore, the patient suffers from reduced emotional expression, anxiety, depression or less social engagement. According to the Brain & Behavior Research Foundation, schizophrenia generally occurs between the ages of 16-30. Although the main cause of schizophrenia is unknown, possible reasons are genetic, environmental factors or poor nutrition during pregnancy.
Treatment for schizophrenia include, psychological therapies, behavioral therapies, and antipsychotic drugs. Electroconvulsive therapies also aid in the treatment of schizophrenia. In severe cases, hospitalization is necessary for a short period of time.
Global Schizophrenia Therapeutic Market Drivers
The global schizophrenia therapeutic market size is expected to expand, owing to increasing prevalence of schizophrenia. In 2018, World Health Organization (WHO) reported that over 23 million patients were affected by schizophrenia worldwide. Furthermore, increasing approvals of therapies with second generation antipsychotic drugs such as Risperidone, Paliperidone, Olanzapine, and Lurasidone, which have less side effects is also expected to drive the global schizophrenia therapeutic market revenue. For instance, in 2015, the U.S. Food and Drugs Administration (FDA) approved Vraylar (Cariprazine), which was tested on 1,750 patients. The drug showed effective reduction of symptoms in schizophrenia in less time.
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Global Schizophrenia Therapeutic Restraints
The common negligence and stigma regarding schizophrenia is one of the major restraining factors for hampering the schizophrenia therapeutic market growth. For instance, in 2018, the Schizophrenia and Related Disorders Alliance of America (SARDAA) reported that around 50% of people diagnosed with schizophrenia do not receive treatment, owing to negligence for mental health.
Moreover, the side effects caused by antipsychotics such as weight gain, dizziness, restlessness, nausea, blurred vision, low blood pressure, seizures, and constipation can also be negative growth rendering factor for the global schizophrenia therapeutic market revenue. For instance, according to National Centre for Biotechnology Information (NCBI) 2017 findings, obesity is affecting 15%-72% patients, 12% of patients are suffering from diabetes, and the prevalence of constipation is 39% in schizophrenic patients. Consumption of antipsychotics may also lead to sudden cardiac death and ventricular arrhythmia.
Global Schizophrenia Therapeutic Market Regional Analysis
North America holds dominant position in the schizophrenia therapeutic market, owing to increasing incidences of schizophrenia and high investment in schizophrenia therapy in the region. According to SARDAA, around 3.2 to 3.5 million people in the U.S. were suffering from schizophrenia in 2013. According to the same source, around US$ 32 to US$ 65 billion are annually spent on treatment and other economic costs of schizophrenia in the U.S.
Asia Pacific is fastest growing region in schizophrenia therapeutic market due to high prevalence of schizophrenia in economies such as China and India. According to NCBI 2014 data, prevalence of schizophrenia in China was 4.62 per 1000 people. Schizophrenia therapeutic market size is also expected to boost due to launch of new medicines in China. For instance, Janssen Pharmaceutical Companies of Johnson & Johnson launched INVEGA TRINZA in 2018 for the treatment of schizophrenia in China. INVEGA TRINZA is a three-month long-acting atypical antipsychotic drug for insomnia.
Global Schizophrenia Therapeutic Market Key Players
Key players operating in the global schizophrenia therapeutic market include, AstraZeneca, Bristol-Myers Squibb, Eli Lilly and Company, Johnson & Johnson, Pfizer, Sandoz Canada Inc., Intas Pharmaceuticals, Novartis AG, Otsuka Pharmaceuticals, Alkermes, Allergan (Forest Labs), and Sumitomo Dainippon Pharma.
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