Psychotropic Drugs Market Size, Share, Growth Analysis Report 2032

Psychotropic Drugs Market Industry Analysis

The global Psychotropic Drugs Market size was valued at USD 21.85 Billion in 2023 and is predicted to reach USD 37.87 Billion by the end of 2032. The market is expected to grow with a CAGR of 6.3% during the forecast period. The report analyzes the global Psychotropic Drugs Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Psychotropic Drugs industry.

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Global Psychotropic Drugs Market: Overview

Psychotropic drugs are used to treat psychosis. They can be consumed either as a prescribed drug or misused drugs. These drugs belong to the different categories which are adopted in treating a wide range of conditions. These drugs function by modifying the level of neurotransmitters or brain chemicals.

There are 5 different types of psychotropic drugs available in the market namely, mood stabilizers, antidepressants, anti-anxiety agents, antipsychotics, and stimulants. Some of them need special monitoring because they pose serious side effects to the human body by facilitating drugs like cocaine. These psychotropic drugs are also called psychodynamic drugs. Some of the common disorders that required psychotic drugs include bipolar disorder, delusions, hallucinations, and others.

Global Psychotropic Drugs Market: Growth Factors

The growing prevalence of psychotic disorders and epilepsy will significantly steer the growth of the global psychotropic drugs market. However, the patent expiry of some of the prominent drugs is posing huge potential to the global psychotropic drugs market. The growing drug abuse and addiction to antipsychotic drugs and over-prescription of drugs are some of the key factors complementing the growth. Psychotropic drugs modify perception, thoughts, mood, and behavior.

According to the data in Our Work study, millions of people are living with mental health disorders. Therefore, it is concluded that a growing number of the population are suffering from psychological disorders, which in turn is expected to augment the growth of the market over the forecast period. Also, according to the World Health Organization, the geriatric population is expected to rise from 900 million in 2015 to a billion in 2050.

The huge population is at risk of mental disorders hence it is concluded that the growing geriatric population will pose huge demand for such drugs in the forthcoming years. Public health organizations and government bodies are launching several campaigns and programs to create awareness regarding mental health.

In addition, prominent market leaders are actively emphasizing research and development activities to launch innovative and advanced psychological drugs which can treat the disorders in a safe and effective manner. For instance, as per a study from the World Health Organization, about two-thirds of humans knowing they are suffering from mental disorders never seek assistance or treatment from healthcare professionals. Therefore, the awareness campaigns launched by authorities are likely to positively impact the growth of the global psychotropic drugs market. Also, several related studies and research are going on globally to learn ‘how to’ of these drugs, which in turn is likely to bring sustainable and substantial improvements in the growth rate of the market.

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Global Psychotropic Drugs Market: Segmentation

The global psychotropic drugs market can be segmented into the distribution channel, drug types, and regions.

By drug type, the market can be segmented into stimulants, hypnotics, antiepileptic drugs (AEDs), anti-anxiety (AA), mood stabilizers (MS), serotonin-norepinephrine reuptake inhibitors (SNRIs), selective serotonin reuptake inhibitors (SSRIs), monoamine oxidase inhibitors (MAOIs), tricyclic antidepressants (TCAs), antidepressants (AD), clozapine, risperidone, quetiapine, thioridazine, chlorpromazine, anti-psychotics (AP), anesthetics, and analgesics.

By distribution channel, the market can be segmented into drug store online pharmacies, retail pharmacies, and hospital pharmacies. Hospital pharmacies account for the largest share of the global psychotropic drugs market due to a wide number of patients' visits to hospitals for effective treatments for a wide range of diseases.

Psychotropic Drugs Market: Report Scope

Global Psychotropic Drugs Market: Regional Analysis

North America accounts for the largest share of the global psychotropic drugs market due to the growing prevalence of mental disorders in the region. The fast-proliferating healthcare sector in the region is another key factor that will help the regional market to grow at a fast pace. Also, the growing awareness among people and their willingness to open up regarding their mental suffering is likely to further create several lucrative growth opportunities in the market in the forthcoming years.

Europe accounts for the second-largest share in the global psychotropic drugs market due to the presence of favorable reimbursement medical policies in the region along with the growing initiatives by the government to lower the burden of mental disorders in the region.

Asia Pacific is expected to be the fastest-growing region in the global psychotropic drugs market due to the transforming lifestyle of the people in the region. The high adoption of western culture along with rapidly growing urbanization is likely to fuel the mental stress on people, which in turn will also escalate the growing number of mental disorders in the forthcoming years.

Global Psychotropic Drugs Market: Competitive Players and Segments

Some of the significant players in the global psychotropic drugs market are

• Takeda Pharmaceutical Company Limited
• Acadia Pharmaceuticals Inc.
• Axsome Therapeutics, Inc.
• Novartis AG
• Mylan N.V.
• Pfizer Inc.
• Allergan
• Janssen Global Services, LLC
• Eli Lilly and Company
• and Alkermes

By Type

• Analgesics
• Anesthetics

By Application

• Hospital Pharmacies
• Retail Pharmacies

Global Psychotropic Drugs Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, ongoing, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.