The global mental illness drugs market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). The major factors that are expected to accelerate the growth of the market include the rise in the prevalence of mental health disorders, such as schizophrenia and bipolar disorder among the population. According to the Anxiety and Depression Association of America, Anxiety disorders are the most common mental illness in the US, affecting 40 million adults in the US aged 18 and older, or 18.1% of the population every year. Nearly one-half of those diagnosed with depression are also diagnosed with an anxiety disorder. The World Health Organization (WHO) has recommended mental health action plan to promote mental health and prevent mental disorders in the member states. Moreover, according to the key facts published by the WHO, an estimated 300 million people are affected by depression, and 60 million people are affected by bipolar disorder, globally.
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Anxiety disorders are the most common psychiatric illnesses affecting children and adults. It is evaluated that 44 million American grown-ups experience the ill effects of uneasiness. Merely, about one-third of those suffering from an anxiety disorder receive treatment, even though the disorders are highly treatable. Therefore, the rising prevalence of mental disorders is contributing to the growth of the market. Schizophrenia is a serious mental disorder and is affecting a large number of people across the globe. The disease is mainly characterized by distortions in thinking, emotions, and sense of self and behavior. World Health Organization has stated that around 23 million people across the globe are affected by this disorder among which 12 million are male and 9 million are females. National Institute of Mental Health has stated that the prevalence of Schizophrenia and related symptoms is around 0.25% and 0.64% and this is increasing rapidly. This rise in the prevalence of the disease is contributing to market growth during the forecast period.
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Market Coverage
- Segment Covered-
o By Product Type
o By Application
- Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
Competitive Landscape: Eli Lily and Company, AstraZeneca plc, GlaxoSmithKline plc, and Pfizer Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Mental Illness Drugs Market Report by Segment
By Product Type
- Antipsychotics
- Antidepressants
- Anxiolytics
- Anti-Seizure
- Stimulants
By Application
- Hospitals
- Clinics
- Drug Stores
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