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Schizophrenia Market Trends, Growth, Overview, Share Analysis, 2033
Schizophrenia Market Trends
According to The Business Research Company's, the schizophrenia market size has grown strongly in recent years. It will grow from $5.48 billion in 2023 to $5.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growing demand for effective treatments, mental health awareness, government initiatives, growing research and development.
The schizophrenia market size is expected to see strong growth in the next few years. It will grow to $7.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to growing personalized medicine, growing digital health solutions, growing improved antipsychotic medications, expanding access to healthcare services . Major trends in the forecast period include new drug development, growing emphasis on early intervention, recovery-oriented cares, expanding clinical trials pipeline for schizophrenia treatments.
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Market Drivers and Trends:
The increasing burden of mental illness is expected to propel the growth of the schizophrenia market going forward. Mental illness refers to a wide range of mental health conditions that affect a person's thinking, feelings, mood and behavior, profoundly impact day-to-day living and may also affect a person's ability to relate to others. The rise in mental illness cases has led to an increase in advancements in schizophrenia treatment and the development of new drugs, driving the growth of the market. For instance, in March 2023, according to the National Institute of Mental Health (NIMH), a US-based Department of Health and Human Services, there were an estimated 57.8 million people aged 18 and older with any mental illness (AMI), representing 22.8% of all adults in the United States. Young adults aged 18-25 years had the highest prevalence of AMI (33.7%), followed by people aged 26-49 years (28.1%) and those aged 50 and beyond (15.0%). Therefore, the increasing burden of mental illness will drive the schizophrenia market.
Major companies operating in the schizophrenia market are adopting new technologies, such as automated psychological therapy, to strengthen their position in the market. Automated psychological therapy refers to using technology, such as virtual reality (VR), to provide psychological therapy in an automatic or self-guided manner. For instance, in April 2022, OxfordVR Limited, a Switzerland-based digital therapeutic company, launched gameChangeVR technology, a 6-week automated VR treatment that delivers cognitive behavioral therapy (CBT) within secure, immersive virtual settings. VR-based automated psychological therapy for individuals with mental illnesses Users are coached by a virtual coach rather than a real-life therapist, allowing the treatment to reach many more patients. It is the first time that digital therapy of any type has been proven to treat people with schizophrenia and mood disorders who have psychotic symptoms.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson Services Inc., AbbVie Inc., Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, GlaxoSmithKline PLC, Takeda Pharmaceutical Company, Eli Lilly and Company, Gilead Sciences Inc., Boehringer Ingelheim International GmbH, Amgen Inc., Otsuka Holdings Co. Ltd., Biogen Inc., Daiichi Sankyo Co. Ltd., Astellas Pharma Inc., Sumitomo Dainippon Pharma Co. Ltd., Mitsubishi Tanabe Pharma Corporation, Recordati SpA, Lundbeck A/S, Neurocrine Biosciences Inc., Torrent Pharmaceutical Ltd., Alkermes PLC, Indivior PLC, Vanda Pharmaceuticals Inc., Intra-Cellular Therapies Inc., Axsome Therapeutics Inc., PsychoGenics Inc., Karuna Therapeutics Inc., Minerva Neurosciences Inc. .
Schizophrenia Market 2024 Key Insights:
• The schizophrenia market is expected to grow to $7.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Rising Demand For Anxiety Treatment Fuels Schizophrenia Market
• Adoption Of Automated Psychological Therapy, Including Vr-Based Solutions, By Leading Companies In The Schizophrenia Market
• North America was the largest region in the schizophrenia market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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