[230 Pages Report] The global market for bipolar disorder drugs and treatment market is expected to grow at a moderate CAGR of 3%, reaching nearly US$ 8.1 billion by 2032, up from US$ 5.7 billion in 2021.
The global bipolar disorder drugs and treatment market share, which was anticipated to be worth US$ 5.9 billion in 2022, is expected to expand to US$ 6.8 billion by 2026, at a CAGR of 3.1 per cent throughout the forecast period. The growing incidence of bipolar disease, increased government attempts to raise awareness, and technology improvements are among the primary drivers driving bipolar disorder drug therapy.
The rising frequency of bipolar disorder, government assistance for raising awareness about the disorder, and technology improvements that allow for more precise detection of a patient’s mood and mental state are just a few of the factors impacting bipolar disorder drug use. The use of tricyclic antidepressants, for example, has decreased over time due to a higher rate of side effects as compared to other medications used to treat bipolar illness.
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As per the bipolar disorder drugs and treatment market study, governments in a number of countries are providing funds for bipolar disorder research and launching public awareness programs in order to reduce the stigma associated with the disease and increase treatment and adherence rates among the general public.
Scientific organizations and medical institutions are also actively involved in the treatment of bipolar disorder by conducting research studies and producing new medications for bipolar disorder drug therapy.
Technology advancements are also assisting bipolar disorder drugs and treatment market expansion, as the usage of smartphones, smartwatches, and wearable devices allows for accurate detection of a patient’s emotional and mental state, as well as effective capture of physiological, behavioural, and environmental data.
Aside from that, the introduction of online self-management tools for mental illnesses allows for earlier intervention and greater adherence to prescribed drug treatments for bipolar disorders.
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However, many of the medications for bipolar disorders include adverse effects such as drug addiction, diabetes and cholesterol difficulties, blurred vision, liver and thyroid damage, and more.
Furthermore, bipolar disorder is frequently misinterpreted as depression or personality disorder, lowering the diagnosis and treatment rates of this mental illness.
Obtaining special designation from regulatory bodies is a key aspect in the bipolar disorder drugs and treatment market.
Other factors driving market growth include rising expenditure on healthcare infrastructure development, rising adoption of a sedentary lifestyle, increased government initiatives to promote awareness in underserved areas, and an increase in the strategic collaboration rate among market players. Another variable that will provide profitable bipolar disorder therapeutics market growth potential is society’s increasing acceptance of mental illness.
However, in developing and underdeveloped nations, a scarcity of competent medical personnel and an unfavourable reimbursement scenario would constitute a significant impediment to market expansion.
High costs associated with research and development capabilities, side effects such as blurred vision, liver damage, and thyroid disorders, stringent regulatory frameworks, a limited number of approved anticonvulsants, and poor healthcare facilities in developing economies will all contribute to the slow demand for bipolar disorder drugs and treatment.
Key Takeaways
- North America is observed to possess a considerable proportion of the bipolar disorder drugs and treatment market and is predicted to maintain this trend over the projection period, with minor fluctuations.
- After a detailed examination of the pandemic’s commercial ramifications and the resulting economic crisis, the Anticonvulsants segment’s growth is revised to a revised 3.9 per cent CAGR for the next seven years. This group now has 21.8 per cent of the bipolar disorder therapeutics market. In the United States, the market for drug treatment of bipolar disorders is expected to reach US$2.6 billion by 2022. The country presently holds 44.35 per cent of the worldwide market share.
- China, the world’s second-largest economy, is expected to reach a market size of US$513.9 million in 2026, representing a CAGR of 4.8 per cent over the study period.
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Competitive Landscape
Due to the presence of small and major market players, the industry analyzed is fairly consolidated. Allergan PLC, Otsuka Holdings Co. Ltd, AstraZeneca Plc, Eli Lilly and Company, AbbVie Inc., Pfizer Inc., GlaxoSmithKline Plc, Novartis AG, and Janssen Pharmaceuticals Inc. are some of the key players.
North America dominates the global bipolar disorder drugs and treatment market, thanks to widespread knowledge of the disease, the presence of major businesses, technical advancements, a robust healthcare system, and an increasing number of bipolar disorder cases. Asia, headed by India and China, is predicted to be the fastest-growing market, owing to the rising prevalence of mental disorders, increased awareness of bipolar disorders, and increased investments by major corporations.
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