Press release
Worldwide Neuropsychiatric Disorders and Treatment Market is Estimated to Grow at a CAGR of 6.2% till 2023
Neuropsychiatric disorders are mental disorder occur due to disturbance in the function of cerebral system. Neuropsychiatric disorders are most common to the people having more than 65 year’s age. Increasing prevalence of neuropsychiatric disorders across the globe is the major reason for driving the market. Beside this increasing demand for the better treatment and development in the healthcare sector are the major driving factor for the growth of the market. While lack of clinical trial data for neuropsychiatric drugs and long term treatment of this diseases may restrain the growth of the market.
AstraZeneca (UK), GlaxoSmithKline (UK), Universal Health Services Inc. (US), Biogen (US), Boehringer Ingelheim GmbH (Germany), Eli Lilly (US), Bristol-Meyer Squibb (US), Johnson & Johnson (US), Pfizer (US), Wyeth (US), Otsuka Holdings Co. Ltd (Japan), Astellas Pharma Inc. (Japan) are some of the prominent players at the forefront of competition in the Global neuropsychiatric disorders and treatment Market and are profiled in MRFR Analysis.
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Geographically, North America accounts for the largest market for the neuropsychiatric disorders and treatment which is slightly less than Europe. Huge population suffering from neuropsychiatric disorders in this region is the major reason for the development of the market. According to WHO the number of patients suffering from neuropsychiatric disorders will be doubled in next couple of decades due to increasing aging population in North America and Europe. Asia Pacific has the third leading market which is expecting a fastest growth in this market due to rapid development in healthcare sector and increasing demand for the better treatment of the neuropsychiatric disorders.
Global Neuropsychiatric Disorders and Treatment Market - Competitive Analysis
Many factors are fuelling the growth of the market. This has attracted many of the manufacturer for development of the market in this sector. Increasing in alliances amongst the leading player has helped to introduction of new and better treatment for the neuropsychiatric disorders.
AstraZeneca is a multinational pharmaceutical and biopharmaceutical company headquartered in UK. Recently AstraZeneca has completed its collaboration with National Institute of Mental Health. This collaboration will help to discover the new and better drug treatment for distressing condition. AstraZeneca has also collaborated with Vanderbilt Center for the Neuroscience Drug Discovery which aims to discover new drug for the treatment of neuropsychiatric disorders.
Universal Health Services is an American Fortune 500 company headquartered in US. It is one of the largest hospital management companies in US. Universal Health Services is a huge company with the revenues of nearly USD 9.7 billion with the profit of more than USD 600 million.
Boehringer Ingelheim is one of the world’s 20 leading pharmaceutical companies headquartered in Germany. In 2016, Boehringer Ingelheim is collaborated with Saniona. This collaboration aims to develop the new treatment for the patients suffering from schizophrenia.
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Global Neuropsychiatric Disorders and Treatment Market- Regional Analysis
On regional basis, global neuropsychiatric disorders and treatment market is segmented into North America, Europe, Asia Pacific and Middle East and Africa. North America commands the largest market for the neuropsychiatric disorders and treatment. In North America neuropsychiatric disorders account the highest rate of disability-adjusted life year (DALYs). DALYs is a measure of overall disease burden which express the number of years lost due to ill health or early death. According to Centers for Disease Control and Prevention, around 5.3 million Americas are suffering from this diseases and this number is expected get double in next couple of decades due to due to the aging of the population. This increasing number of the neuropsychiatric patients in North America has led to the growth of this market in North America.
Europe commands the second largest market for the neuropsychiatric disorders and treatment. Huge population suffering from mental disorders in Iceland, Norway and Switzerland has contributed a lot for the European market. Moreover, increasing demand for need of better treatment and increasing burden of neuropsychiatric disorders are the major factor for the growth of the market.
Neuropsychiatric disorders and treatment market in Asia Pacific is growing at a steady pace due to huge geriatric population in this area, continuous improving healthcare infrastructure and rapid development in healthcare sector has boosted growth of this market. The Middle East and Africa has least market for the neuropsychiatric disorders and treatment.
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