Psychotropic Drugs Market Research Report Information By Drug Type (Chlorpromazine, Thioridazine, Quetiapine, Risperidone, and Others), By Application (Anti-psychotics, Antidepressants, and Mood Stabilizers (MS), Anti-anxiety (AA), Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Drug Stores), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Global Psychotropic Drugs Market Overview

Psychotropic Drugs Market Size was valued at USD 21.5 Billion in 2022. The Psychotropic Drugs market industry is projected to grow from USD 22.2525 Billion in 2023 to USD 29.302 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2023 - 2032). The frequency of mental health problems in the elderly and the development of new drug development technologies are the key market drivers fueling the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

• Destigmatization and increased awareness is driving the market growth

Market CAGR for Psychotropic Drugs is being driven by Destigmatization and Increased Awareness. There has been a discernible shift in societal perspectives regarding mental health towards destigmatization and heightened awareness. People feel more at ease discussing mental health concerns and acknowledging them in public because of the shifting views. People are encouraged to seek psychotropic treatments without fear of stigma thanks to this cultural shift, which promotes a proactive approach to mental health. Increased awareness also enables people to identify symptoms early, which makes prompt intervention and treatment possible. In general, this culture shift has a positive impact on the psychotropic drug landscape, making it more likely for those who require mental health support to access and benefit from it.

Technological developments in drug development for psychotropic drugs include innovative methods to improve drug specificity and efficacy. Treatments are customized according to each patient's unique genetic, biological, and neurological characteristics using precision medicine, pharmacogenomics, and neuroimaging techniques. This minimizes side effects and maximizes therapeutic outcomes by enabling more individualized and efficient interventions. Sustained-release mechanisms and other improved formulation technologies improve drug delivery and guarantee a consistent and long-lasting effect. Together, these discoveries aid in the creation of psychotropic medications that are both more effective and more tailored to the specific needs of each patient, representing a substantial advancement in the field of mental health treatments.

According to the survey, the age group of 35 to 44 experienced a notable rise in chronic health conditions following the pandemic, with 58% of them reporting such conditions in 2023 as opposed to 48% in 2019. While adults ages 18 to 34 continued to report the highest rate of mental illnesses at 50% in 2023, adults ages 35 to 44 also saw the largest increase in mental health diagnoses—45% reported a mental illness in 2023 compared with 31% in 2019. Adults between the ages of 35 and 44 were more likely than those in 2019 to say that their main sources of stress are their finances (77% vs. 65%) and the economy (74% vs. 51%). ly rising rates of mental illness are driving up demand for psychotropic medications. Thus, driving the Psychotropic Drugs market revenue.

Psychotropic Drugs Market Segment Insights

Psychotropic Drugs Drug Type Insights

The Psychotropic Drugs market segmentation, based on Drug Type includes Chlorpromazine, Thioridazine, Quetiapine, Risperidone, and Others. The Chlorpromazine segment dominated the market, accounting for 24% of market revenue (5.16 Billion). The worldwide market is being driven by the rising demand for the medication chlorpromazine, which is used to treat schizophrenia, anxiety disorder, and bipolar disorder. Because chlorpromazine is a positive target for symptoms of schizophrenia, its demand is steadily increasing.

Psychotropic Drugs Application Insights

The Psychotropic Drugs market segmentation, based on Application includes Anti-psychotics, Antidepressants, and Mood Stabilizers (MS), Anti-anxiety (AA), Others. The Anti-depressant segment dominated the market, accounting for more than half of market revenue. This is because of the increased awareness of mental health issues and the rising prevalence of mood disorders, which is fueling the need for antidepressant medications that are both widely prescribed and effective.

Psychotropic Drugs Distribution Channel Insights

The Psychotropic Drugs market segmentation, based on distribution channels includes Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Drug Stores. The Hospital Pharmacy segment dominated the market, accounting for 50% of market revenue.  Hospital pharmacies treat many patients with mental disorders, and they are a major player in the market. Hospital pharmacies provide specialized patient care to treat mental health issues in patients. In order to treat mental illness and improve quality of life, they are offering inpatient facilities.

Figure 1:  Psychotropic Drugs Market, by Distribution Channel, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Psychotropic Drugs Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Psychotropic Drugs market area will dominate this market. This is because mental illnesses are becoming more common in the area. Another important element that will support the rapid growth of the regional market is the rapidly expanding healthcare industry in the area. Also, in the upcoming years, there will probably be several profitable growth opportunities in the market due to people's increased awareness of and willingness to talk about their mental health issues.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  PSYCHOTROPIC DRUGS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Psychotropic Drugs market accounts for the second-largest market share because the area has favorable medical reimbursement policies and there are increasing government initiatives to reduce the prevalence of mental disorders in the area. Further, the German Psychotropic Drugs market held the largest market share, and the UK Psychotropic Drugs market was the fastest-growing market in the European region

The Asia-Pacific Psychotropic Drugs Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to how the locals' way of life is changing. The high rate of urbanization and the high adoption of western culture are likely to increase people's mental stress, which will in turn cause an increase in the number of mental disorders in the years to come. Moreover, China’s Psychotropic Drugs market held the largest market share, and the Indian Psychotropic Drugs market was the fastest growing market in the Asia-Pacific region.

Psychotropic Drugs Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Psychotropic Drugs market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Psychotropic Drugs industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  Psychotropic Drugs industry to benefit clients and increase the market sector. In recent years, the Psychotropic Drugs industry has offered some of the most significant advantages to Consumers. Major players in the Psychotropic Drugs market, including Forest Laboratories, Sun Pharmaceutical Industries Ltd., FUJIFILM Wako Pure Chemical Corporation, Randox Laboratories Ltd, Pfizer Inc., and others, are attempting to increase market demand by investing in product development to increase their product line and Chlorpromazineer to diverse consumer needs.

Alkermes is a biopharmaceutical business that focuses on creating medications with psychedelic effects. The company creates novel treatments by fusing expertise in neuroscience and technology, with a focus on disorders of the central nervous system. Long-acting injectable formulations from Alkermes are well known for improving drug adherence. The company's profile indicates that it is dedicated to treating unmet needs related to substance use disorders, mental health issues, and other related conditions. The information provided by Alkermes sheds light on innovations in medication delivery methods and creative treatment strategies that have advanced the field of psychopharmacology. Their initiatives demonstrate a commitment to enhancing the lives of people impacted by mental health issues by using cutting-edge pharmaceutical treatments. June 2021, Alkermes Plc reported that the FDA has approved LYBALVI (olanzapine and samidorphan) for the treatment of adults with bipolar I disorder and schizophrenia. This medication can be used as an adjunct to lithium or valproate, as a maintenance monotherapy, or as an acute treatment for manic or mixed episodes. Made up of the well-known antipsychotic olanzapine and the novel chemical compound samidorphan, LYBALVI is an oral, once-daily atypical antipsychotic medication.

Japanese pharmaceutical company Otsuka Pharmaceutical Co., Ltd. is well-known for its emphasis on cutting-edge psychotropic medications. Since its founding in 1964, the organization has significantly advanced the field of mental health treatment. Aripiprazole, a treatment for schizophrenia and bipolar disorder, is one of the revolutionary drugs for psychiatric disorders that Otsuka's dedication to research and development has produced. The company's mission to advance  health via innovative pharmaceutical solutions is emphasized in its profile. Otsuka's mission to improve people's lives all around the world is reflected in the important role its psychotropic medications play in treating mental health issues. May 2023, The FDA has accepted the supplemental New Drug Application (sNDA) for REXULTI® (brexpiprazole) for the treatment of agitation associated with dementia caused by Alzheimer's disease, according to a statement released by Otsuka Pharmaceutical, Co. Ltd. (Otsuka) and Lundbeck LLC (Lundbeck). The first and only medication therapy approved in the US for agitation associated with dementia brought on by Alzheimer's disease is called REXULTI. One of the most challenging and stressful aspects of caring for someone with Alzheimer's dementia is agitation, a common neuropsychiatric symptom of the disease. It has been reported in nearly half of Alzheimer's patients.

Key Companies in the Psychotropic Drugs market include

• Forest Laboratories


• Sun Pharmaceutical Industries Ltd.


• FUJIFILM Wako Pure Chemical Corporation


• Randox Laboratories Ltd


• Pfizer Inc.


• Ely Lilly


• Mylan N.V


• Otsuka Pharmaceutical Co. Ltd.


• Alkermes Plc

Psychotropic Drugs Industry Developments

January 2023: The Food and Drug Administration approved Rykindo for the treatment of schizophrenia and bipolar 1 disorder, which is why Luye Pharma Group received this approval.

January 2022: The Food and Drug Administration approved Otsuka Pharmaceutical Co., Ltd., its subsidiary Otsuka American Pharmaceutical, Inc., and Lundbeck, Inc.'s supplemental new drug application for REXULTI for the treatment of schizophrenia in patients aged 13 to 17.

Psychotropic Drugs Market Segmentation

Psychotropic Drugs Drug Type Outlook

• Chlorpromazine


• Thioridazine


• Quetiapine


• Risperidone


• Others

Psychotropic Drugs Application Outlook

• Anti-psychotics


• Antidepressants


• Mood Stabilizers (MS)


• Anti-anxiety (AA)


• Others

Psychotropic Drugs Distribution Channel Outlook

• Hospital Pharmacies


• Retail Pharmacies


• Online Pharmacies


• Drug Stores

Psychotropic Drugs Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America