Effective Treatment for Physiological Disorders
The increasing prevalence of lifestyle-related problems associated with mental disorders, and increasing number of bipolar disorders are booming the growth of the market from the last decade. Rising number of patients suffering from major depressive disorders, bipolar disorders, schizophrenia and other mental disorders are fueling the need for atypical antipsychotic drugs, and in turn driving the growth of the global atypical antipsychotic market. Early prevention of the mental disorders plays an important role in minimizing the damage caused due to mental disorders. Atypical antipsychotic drugs are available in the hospital pharmacies, e-commerce, retail pharmacies and drug stores. Atypical antipsychotics are usually prescribed to provide treatment for negative symptoms of psychosis such as hallucinations, and delusions, among others. Atypical antipsychotics produce a sedative or tranquilizing effect. Both typical and atypical antipsychotics are used to treat symptoms of schizophrenia and bipolar disorders. However, atypical antipsychotics have a broad spectrum of action than typical antipsychotics and are used to treat depressions that do not respond to antidepressant medications alone. Some of the atypical antipsychotic drugs are also used for severe anxiety, persistent hiccups, problems with balance and nausea. It can also be given in agitation and some psychotic experiences in dementia. Atypical antipsychotics are available in various dosage forms, however, the commonly prescribed dosage forms are tablets or liquids. Atypical antipsychotic drugs do not cure psychosis but can control symptoms such as delusions, hallucinations, including paranoia and hearing voices, etc. They are also helpful in conditions such as anxiety and serious agitation, for example, feeling threatened. They also cure incoherent speech, muddled thinking, confusion, violent behavior, and mania.
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Evolution of Atypical Antipsychotic Drugs
The introduction of atypical antipsychotic drugs in the market has changed the scenario of the serious mentally disorders. Patients suffering from mental disorders are no longer needed to be physically restrained and could be managed with drug treatment and medication. The introduction of atypical antipsychotic drugs was a breakthrough in psychiatric care. Clozaril (clozapine) was the first FDA-approved atypical antipsychotic drug, which was used for the treatment of schizophrenia. Sandoz Pharmaceutical Corporation was the inventor of Clozaril drug. Clozaril is an effective drug for schizophrenia without any extrapyramidal symptoms (EPS) or side effects. According to the New York Times, Clozaril was one of the world’s most expensive drugs. Janssen Pharmaceutical division of Johnson and Johnson was the second company with another atypical antipsychotic drug called Risperdal (risperidone), which was approved by the FDA in 1993. In 2003, the drug was approved to treat bipolar disorders. The third atypical antipsychotic drug called Zyprexa (olanzapine) was launched by Eli Lily in the market. In 1996, Zyprexa was given the FDA approval after the clinical studies. Later on, many atypical antipsychotic drugs were introduced in the market.
Factors Driving the Growth of the Atypical Antipsychotics Market
The global atypical antipsychotics market is primarily driven by the growing prevalence of psychosis and other related diseases. This is further increasing the use of atypical antipsychotics drugs in the market. In addition, growing patient compliance is due to less side effects of atypical antipsychotics over typical antipsychotics. Moreover, the global market is expected to be driven by increasing cases of mental disturbances due to trauma, stress, depression caused by genetic mutations or physical illness, etc. New inventions of the molecules and huge investment in the R&D is expected to boost the growth of the atypical antipsychotic market.
Factors Restraining the Growth of the Atypical Antipsychotics Market
The demand for atypical antipsychotics is limited by few patients for psychotic disorders such as schizophrenia. Atypical antipsychotics can cause severe allergic reactions, which can restrict the widespread use of these products and in turn can limit the growth of the global atypical antipsychotic market. Some disorders related to mental illness are minor and do not need medications. Thus, less need of medication can also be a setback for the atypical antipsychotic market.
Atypical Antipsychotics Drugs
Some of the commonly used atypical antipsychotics drugs for the treatment of mental disorders are Ziprasidone, Paliperidone, Aripiprazole, Risperidone, Quetiapine, and others. A significant portion of the market has been covered by Quetiapine and Risperidone because they are inexpensive drugs used to treat schizophrenia and bipolar disorders. Moreover, the awareness towards mental disorders is primarily important, which leads to strong positioning of the drugs in the overall market.
Increasing Penetration of E-commerce Platform
Hospital pharmacies, drug stores, and retail pharmacies segments pose a strong position in the global atypical antipsychotic market due to easy availability of the prescribed medicines. However, online pharmacies such as e-commerce are also increasing the demand for drugs due to offers available on the online platform. Growing penetration of atypical antipsychotic drugs on the online pharmacies will provide a remarkable growth opportunity for the manufacturers in the underdeveloped economies. Further, the growing trend of online pharmacies would flourish the growth of the atypical antipsychotic market.
Regional Market Outlook
Geographically, the global atypical antipsychotic market is segmented into seven key regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East & Africa. North America will continue to dominate the global market due to large patient pool and high treatment rates. Europe is expected to hold second highest share in the global atypical antipsychotic market owing to increasing R&D efforts by the key players in the region. Asia Pacific is expected to have delayed growth in the atypical antipsychotics market. According to the Medical Council of India, many Indians are diagnosed with psychological disorders but due to lack of awareness, they are being untreated.
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Examples of some of the key players identified in the global atypical antipsychotic market are GlaxoSmithKline Plc., Johnson and Johnson, Pfizer Inc., Eil Lilly and Company, Bristol-Myers Squibb Company, Allergan Plc., Cardinal Health Inc., Sanis Health Inc. , Ranbaxy Inc. (Sun Pharmaceutical Industries Ltd.), Novartis AG, etc.