The antipsychotic drugs market in Europe is expected to be valued at USD 9.61 billion by 2027 from USD 7.24 billion in 2022, growing at a CAGR of 5.84% from 2022 to 2027. The recent COVID-19 pandemic has shown a favorable impact on the growth of the European antipsychotic drugs market.
The growing patient count suffering from mental disorders across European countries is one of the major factors propelling the European antipsychotic drugs market growth. Antipsychotic drugs are used by people suffering from psychosis, schizophrenia, and dementia. France is one of the European countries with the highest patient count suffering from mental diseases, and the usage of antipsychotic drugs is also high in France.
The growing geriatric population in the European region is expected to favor regional market growth. Dementia is the most common disease seen in the aging population. The disease symptoms result in behavior changes and other symptoms, such as apathy, agitation, psychosis, and hallucinations. These issues can be controlled by antipsychotic drugs, which demand market growth.
The rising R&D activities to develop advanced drugs and the availability of drugs in offline and online stores further promote the growth rate of the European antipsychotic drugs market. Manufacturers are focused on developing antipsychotic drugs in various combinations based on different people's issues. They also focus on developing drugs with minimal side effects with different dosages that people of all ages in the region can use. In addition, the growing R&D to manufacture effective drugs and increasing investments by governmental and non-governmental organizations in favor of antipsychotic drugs are favoring the growth rate of the European market.
However, side effects associated with antipsychotic drugs, such as fever, irregular heartbeats, faster breathing, sweating, muscle stiffness, and reduced consciousness, are one of the major factors hampering the market growth in the European region. In addition, a lack of awareness regarding the advantages of antipsychotic drugs among the European population living in rural and underdeveloped countries is hindering the growth of the antipsychotic drugs market in Europe. Furthermore, high costs associated with the R&D and manufacturing of antipsychotic drugs are based on several criteria inhibiting the growth rate of the European market. The lack of skilled medical professionals to detect exact mental disorders for the proper treatment is further anticipated negatively impact the regional market growth.
This research report on the European antipsychotic drugs market has been segmented and sub-segmented into the following categories.
By Therapeutic Class:
By Distribution Channel:
The European market captured the second largest share of the worldwide market in 2021 and is anticipated to hold promising occupancy in the global market during the forecast period owing to the rising awareness regarding antipsychotic drugs and increasing approval of drugs. In recent years, it was approved to sell antipsychotic drugs in the pharmacy store based on the doctors' prescription, considering the growing population suffering from several mental disturbances in the European region.
During the forecast period, the German market is anticipated to hold a major share of the European market. The growing number of CROs and increasing clinical trial activities of antipsychotic drugs in Germany are contributing to the growth of the European market. According to a recent survey, an estimated 40% of the German population suffers from bipolar disorder and schizophrenia. Schizophrenia results in trouble in doing daily activities, work productivity, and social functioning. Such people may have severe complications, including suicidal thoughts. In such situations, healthcare providers prescribe antipsychotic drugs to cure or prevent the symptoms.
The UK is another potential market in the European region. According to a recent survey in the United Kingdom, approximately 14 people per 100,000 have mental disorder problems. Out of which, 80% of people use psychotropic medication for the cure. Healthcare providers and the research found that the drug's injection format works more effectively than oral drugs. As a result, the UK government focuses on developing the injection of different dosage forms, low to high, based on the effects seen in the patients.
KEY MARKET PLAYERS:
Eli Lily and Company, Johnson and Johnson, Pfizer Inc., AstraZeneca plc, and Otsuka Pharmaceutical Co, Ltd are some of the noteworthy companies in the European antipsychotic drugs market.
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