Schizophrenia Therapeutic MarketSize and Trends

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.

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.