The global schizophrenia drugs market is projected to exhibit a modest growth, at a CAGR of around 2.7%, during the forecast period. There has been a rise in stress management and mental health awareness initiatives across the globe. The need for these awareness programs is necessary as well due to the increasing level of mental disorders due to high stress in individuals. There are various organizations and educational institutions such as ALAS Pro Salud Mental and Stanford University that have taken immense steps to spread awareness programs. These programs are assisting individuals to notice behavior change and other stress-related symptoms in their daily lives on accounts of which the demand for schizophrenia drugs is expected to increase in the near future.
Mental health conditions have concerned various organizations and one of them is WHO. According to WHO, the status of mental health care varies widely from one country to another country. Many countries already have policies to deliver services for mental health conditions in primary care settings; however, they require system strengthening to achieve integration. Further, by 2023, the WHO Special Initiative for Mental Health is expected to increase treatment coverage for mental health conditions by ensuring access to mental health care for 100 million more people over its 5-year plan. This plan intends to contribute to the broader GPW13 targets for increasing service coverage for severe mental health conditions to 50% and reducing suicide mortality by 15%. This initiative is expected to offer growth to the schizophrenia drugs market during the forecast period.
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According to the World Economic Forum, the loss of work output due to mental health is the highest across the globe. The mental health contributes a huge 35% of total work loss due to increasing prevalence of diseases across the globe. Further, according to WHO, more than 80% of people with mental health conditions, including people with neurological and substance use disorders, are without any form of quality, or affordable mental healthcare. Hence the government is taking several initiatives taking mental health in mind to overcome the economic losses that are a result of increased stress levels. Thus, the increase in government-run initiatives to create awareness related to stress management is anticipated to drive the market growth in the near future.
Further, Stanford University launched an initiative in 2018. The initiative’s goal is to establish and maintain a forum to tackle global mental health as a priority. This program would combine activities focused on global mental health in healthcare, science, sports, and education which is expected to immensely assist the growth of schizophrenia drugs market. In addition, the new program would draw together the current activities of the faculty and provide opportunities for new collaborations and initiatives. A core component of the project is the use of IT resources to extend mental health programs across the globe, taking advantage of Silicon Valley’s expertise.
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Global Schizophrenia Drugs Market-Segmentation
By Type
- Second-Generation Antipsychotics
- Third-Generation Antipsychotics
- Others
By Treatment
- Oral
- Injectables
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