The Global Market for Drugs Used To Treat Mental Disorders to Grow To Nearly $77.1 Billion By 2018
Wellesley, Mass., (PRWEB) March 04, 2014
According to a new technical market research report Drugs for Treating Mental Disorders: Technologies and Global Markets, from BCC Research (http://www.bccresearch.com), the global market for drugs used to treat mental disorders was valued at $70.1 billion in 2012 and is estimated to have declined slightly to nearly $69 billion in 2013. BCC Research projects the market to grow to nearly $77.1 billion by 2018, and register a five-year compound annual growth rate of 2.3% from 2013 to 2018.
Mental disorders, the number one contributor to noncommunicable diseases, are a global burden. Disorders such as schizophrenia, mood disorders, substance abuse and dementia contribute more to global disease burden than cancer or cardiovascular diseases. During the economic downturn of 2009, the global pharmaceutical industry significantly decreased its investment in new treatments for mental disorders, but the improving economic conditions spurred growth in domestic and foreign investment in the field of mental medication.
Improvement in patient security policy, increase in the disease prevalence and increasing awareness about mental health are the major drivers for the global mental disorders drugs market. However, uncertainty about social pressure regarding mental diseases and their treatment, especially in underdeveloped or developing countries coupled with the lack of government initiatives in these global regions are the restriction factors for the growth of this market. Patent expiry of several brand drugs has also restricted the market’s growth.
The overall mental disorders drugs market is divided into antidepressants, antipsychotics, anxiolytics, drugs for schizophrenia, drugs for childhood and adolescent mental illness, drugs to treat cognitive disorders and drugs for the treatment of substance and alcohol addiction, sleep disorders and others. Antipsychotics that are mainly used to treat schizophrenia and bipolar disorder have the largest share in the mental disorders therapeutics market.
This technical market research report from BCC Research explores present and future strategies within the different classes of psychiatric drugs market, which includes antidepressants, antipsychotics, antianxiety (anxiolytics), childhood and adolescent mental disorders therapeutics, cognitive disorders therapeutics, sleep disorders therapeutics, and substance abuse drugs. It also discusses the growth of the market, the setbacks, and the needs of the market. The classifications, comparisons, and usage of these types of medications in various mental disorders are assessed as well. A detailed analysis of the psychiatric drugs industry has been conducted. Revenues are broken down by the region and its types. Sales figures are estimated for the five-year period from 2013 through 2018. The report also covers the prevalence of mental disorders, new developments in psychiatric drugs, regulatory aspects of these medications, and significant patents and their allotments in each category.
Many companies were surveyed to obtain data for this study. Included were manufacturers of psychiatric drugs in therapeutic categories and subsectors industries. Data was gathered from various industry sources as well.
This study contributes to the areas of market growth in psychiatric drug manufacturers and users. Pharmaceutical companies, research institutes and physicians will find this study to be of interest.