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Generic Central Nervous System Drugs Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Generic Central Nervous System Drugs Market Trends
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According to The Business Research Company's, The generic central nervous system drugs market size has grown strongly in recent years. It will grow from $83.71 billion in 2023 to $89.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to from increasing number of surgeries, strong growth in emerging markets, and increase in pharmaceutical r&d, geriatric population and increased healthcare expenditure.
The generic central nervous system drugs market size is expected to see strong growth in the next few years. It will grow to $117.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to growing government initiatives for mental health awareness, rise in healthcare expenditure, increasing geriatric population and strong pipeline of drugs. Major trends in the forecast period include invest in wearable technology, biomarkers in cns development, modify existing drugs, invest in drug pipeline, use of 3d printing for drug manufacturing and focus on establishing collaborations with research institutions and established companies. player-adopted strategies in the central nervous system drugs market includes acquiring emerging technological companies, expanding brand portfolios through new product launches and expanding business operations in other regions.
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Market Drivers and Trends:
The increasing incidence of mental health disorders is expected to propel the growth of the generic central nervous system (CNS) drug market going forward. A mental health disorder is a clinically substantial impairment in a person's cognition, emotional regulation, or conduct. It is usually linked to distress or functional impairment in key areas. Generic central nervous system (CNS) drugs play a crucial role in the management of mental health disorders by providing affordable and accessible treatment options. For instance, in November 2022, according to the Health and Social Care Information Centre, a UK-based federal body that offers content, data, and computer systems for experts, physicians, and controllers in the social and healthcare sectors, the proportion of 17- to 19-year-olds with a suspected mental disorder grew from 17.4% in 2021 to 25.7% in 2022. Therefore, the increasing incidence of mental health disorders is driving the generic central nervous system (CNS) drug market.
Product innovations have emerged as a key trend gaining popularity in the generic central nervous system drugs market. Major companies operating in the generic central nervous system drugs market are focused on developing innovative products and solutions to strengthen their position in the market. For instance, in December 2021, Intra-Cellular Therapies, Inc. a US-based biopharmaceutical company launched CAPLYTA for the treatment of depressive episodes associated with bipolar I or II disorder in adults, as monotherapy and as adjunctive therapy with lithium or valproate. As a monotherapy or adjunctive therapy with lithium or valproate, CAPLYTA is the only medication approved by the FDA to treat depressive disorders associated with bipolar I or bipolar II. When it comes to weight, cardiometabolic parameters, and extrapyramidal symptoms (disturbances in movement), CAPLYTA has consistently demonstrated a positive profile. Approximately 11 million adults in the United States suffer from bipolar I and bipolar II disorder, serious, highly prevalent mental health conditions marked by recurrent episodes of mania or hypomania interspersed with periods of major depression (bipolar depression). About half of all bipolar disorder patients have either bipolar I disorder or bipolar II disorder.
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Major Key Players of the Market:
International Flavors & Fragrances Inc, Givaudan, Kerry Group Plc, Sensient Technologies Corporation, Archer-Daniels-Midland Co,Takasago International Corporation, Ajinomoto Co., Inc, BASF SE, Symrise AG, Koninklijke DSM NV, Jining Nature Group, Nanchang Duomei Bio-Tech Co., Ltd, Gangyang Flavor-chemistry Co.,Ltd, Shandong Tianbo Food Ingredients Co., Ltd, Robin Chemicals Ltd, Agilex Flavors & Fragrances Pvt. Ltd, Create Flavors, Flavourworks, Nestle, Metarom, Aromatique Food SRL, FlavorSum, LLC, Meridian Flavors, Inc, T. Hasegawa USA Inc, Bell Flavors and Fragrances, Firmenich SA, ARSTE FI, Ars Technica, Ingredion Incorporated, First Choice Ingredients, Afribon, AJWA Group Food Industries
Generic Central Nervous System Drugs Market 2024 Key Insights:
• The generic central nervous system drugs market size is expected to see strong growth in the next few years. It will grow to $117.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Incidence Of Mental Health Disorders Fuels Growth In The Generic Central Nervous System (CNS) Drug Market
• Innovative Solutions Drive Growth In Generic Central Nervous System Drugs Market
• North America was the largest region in the generic central nervous system drugs market in 2023
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