Press release
Schizophrenia Market Set to Reach $7.54 Billion by 2029 with 5.4% Yearly Growth
Schizophrenia Market
The increasing prevalence of mental illnesses is predicted to stimulate the growth of the schizophrenia market in the future. Mental illness encompasses a broad spectrum of conditions impacting an individual's cognition, emotions, moods, and behaviors, having significant effects on everyday life and interpersonal relationships. The escalating number of mental illness cases has instigated progress in schizophrenia treatment options and the creation of new medications, thereby boosting market growth. For example, data from the National Institute of Mental Health (NIMH), a department under the US Health and Human Services, stated that in March 2023, around 57.8 million adults aged 18 or more were recorded to have any mental illness (AMI), constituting 22.8% of the total adult population in the US. Young adults from 18-25 years showed the highest AMI prevalence (33.7%), trailed by adults between 26-49 years (28.1%) and those aged 50 and over (15.0%). Thus, the escalating mental illness prevalence is expected to stimulate the schizophrenia market. Schizophrenia Market Driver: The Schizophrenia Market Surges Amidst Growing Need for Anxiety Treatment
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What is the projected compound annual growth rate (CAGR) of the schizophrenia market from 2025 to 2034, and what factors influence it?
The market size for schizophrenia has seen robust expansion in the past few years. The market, which is at $5.82 billion in 2024, is expected to increase to $6.11 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. Factors contributing to this growth during the historic period include increased demand for successful treatments, enhanced awareness of mental health, government initiatives, and the progression of research and development.
The market size for schizophrenia is predicted to experience a robust increase in the coming years, expanding to $7.54 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 5.4%. This predicted growth in the forecast period is in large due to developments in personalized medicine, the emergence of digital health solutions, improvements in antipsychotic drugs and greater access to healthcare services. The forecast period also sees emerging trends which include the development of new drugs, an increasing focus on early intervention measures, the prioritizing of recovery-oriented treatments, and a surge in clinical trials focused on providing solutions for schizophrenia.
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How are the latest trends influencing the growth of the schizophrenia market?
Leading businesses in the schizophrenia market are leveraging emerging technologies, such as automated psychological therapy, to consolidate their market position. Automated psychological therapy employs innovations like virtual reality (VR) to offer self-guided or automated psychotherapy sessions. For example, OxfordVR Limited, a digital therapeutics firm headquartered in Switzerland, unveiled the gameChangeVR technology in April 2022, a six-week automated therapy program using VR to provide cognitive behavioural therapy (CBT) within secure virtual environments. In such VR-enabled automated therapies, a virtual coach guides individuals with mental health issues instead of a physical therapist, thereby making treatment accessible to a higher number of patients. This is a first ever successful application of any digital therapeutic approach for treating individuals with schizophrenia and mood disorders having psychotic symptoms.
What are the major segments of the schizophrenia market and their role in driving growth?
The schizophrenia market covered in this report is segmented -
1) By Type: Catatonic Schizophrenia, Paranoid Schizophrenia, Undifferentiated Schizophrenia, Hebephrenic Schizophrenia, Residual Schizophrenia, Other Types
2) By Treatment: First-Generation Antipsychotics, Second-Generation Antipsychotics, Third-Generation Antipsychotics, Psychotherapies, Other Treatments
3) By Route of Administration: Oral, Injectables
Subsegments:
1) By Catatonic Schizophrenia: Waxy Flexibility, Stupor, Agitation, Catatonic Excitement
2) By Paranoid Schizophrenia: Delusions Of Persecution, Auditory Hallucinations, Paranoid Ideation
3) By Undifferentiated Schizophrenia: Symptoms Not Specific To Other Types, Mixed Symptoms Of Schizophrenia
4) By Hebephrenic Schizophrenia (Disorganized Schizophrenia): Disorganized Behavior, Disorganized Speech, Emotional Flatness
5) By Residual Schizophrenia: History Of Schizophrenia With Low-Level Symptoms, Social Withdrawal, Mild Hallucinations Or Delusions
6) By Other Types: Schizoaffective Disorder, Brief Psychotic Disorder, Delusional Disorder
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North America was the largest region in the schizophrenia market in 2024. The regions covered in the schizophrenia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the key firms paving the way for growth in the schizophrenia market?
Major companies operating in the schizophrenia market are 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.
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What Is Covered In The Schizophrenia Global Market Report?
•Market Size Forecast: Examine the schizophrenia market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the schizophrenia market for a structured understanding.
•Key Players Overview: Analyze major players in the schizophrenia market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the schizophrenia market.
•Segment Contributions: Evaluate how different segments drive overall growth in the schizophrenia market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the schizophrenia market.
•Industry Challenges: Identify potential risks and obstacles affecting the schizophrenia market.
•Competitive Landscape: Review strategic developments in the schizophrenia market, including expansions, agreements, and new product launches.
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