Newark, Nov. 18, 2022 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 5.11 billion in 2022 bipolar disorder market will reach USD 6.05 billion by 2030. The global bipolar disorder population was around 10 million as of 2021. The condition is a prevalent mental illness reported around the world. The incidence of bipolar disorder has increased globally in the young adult population due to rising substance abuse and stressful lifestyle. The increasing awareness about the condition will also aid the market in the future. The government initiatives aimed at raising awareness and sensitizing society about bipolar disorder patients to destigmatize the condition is facilitating the market's growth in low-and-middle-income countries. The increasing government healthcare expenditure will also propel the market’s growth.
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Key Insight of the Bipolar disorder Market
The North American bipolar disorder market is expected to dominate the global landscape during the forecast period.
The market will be driven by the rising frequency of the bipolar disorder in the area. There are two main causes for the region's rising frequency and incidence of bipolar disorder patients. First, due to lifestyle changes, young individuals are particularly affected by the rising incidence of bipolar disorder. Increased working hours, a demanding lifestyle, a lack of work-life balance, and substance misuse are some examples of lifestyle changes. The second explanation concerns the rising incidence of bipolar disorder, linked to a strong healthcare system with a sophisticated reporting framework. Government awareness programmes have helped destigmatize illnesses and encouraged sufferers to get care, increasing the reported cases.
The antipsychotic drugs segment will augment the bipolar disorder market during the forecast period.
The drug class segment is divided into mood stabilizers, antipsychotic drugs, antianxiety drugs, anticonvulsants, antidepressant drugs and others. The antipsychotic drugs segment dominated the market with a revenue share of around 36% in 2022.
The selective serotonin reuptake inhibitors segment is expected to augment the bipolar disorder market during the forecast period.
The mechanism of action segment is divided into selective serotonin reuptake inhibitors, tricyclic antidepressants, benzodiazepines, serotonin-norepinephrine reuptake inhibitors, monoamine oxidase, beta blockers and others. The selective serotonin reuptake inhibitors segment dominated the market with a market share of around 37% in 2022.
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Advancement in market
April 2022 - The United States Food and Drug Administration approved Intra-Cellular Therapies Inc.'s use of lumateperone in dosages of 10.5 mg and 21 mg to treat schizophrenia and bipolar disorder.
Market Dynamics
Driver: The increasing bipolar disorder population
Numerous organizations have noted an increase in the number of young people being diagnosed with bipolar disorder. The precise causes of this sharp rise in patients are unknown. Stressful life, increasing substance abuse, and trauma are some of the most significant factors attributed to the rise. Scientific advancements or medical research have broadened the scope of medicine to include new causes and symptoms of the condition. The expanding scope of medicine to address all aspects of the condition results in more diagnoses, boosting the global bipolar disorder market.
Restraint: Undesirable effects of bipolar disorder drugs
The medications for bipolar disorder have a variety of negative effects. Possible side effects are nausea, tremors, headaches, muscle exhaustion, hair loss, diminished sexual interest, and lack of appetite. Kidney or liver damage is one of these medications' more serious side effects. The medications have several adverse side effects that are just as taxing on the person's physical health. The side effects also deteriorate mental health. As a result, the market will experience slow growth due to the severity of the side effects of bipolar disorder drugs.
Opportunities: Increasing research and development expenditure
Governments worldwide are increasing financing for research into bipolar disorder to better understand the problem and treat it. The increased financing has sparked many scientific discoveries that have opened the way for the creation of better treatments and medicines that enhance the quality of life for people with bipolar disorder. Bipolar disease is becoming more common, opening up a sizable consumer market for pharmaceutical giants. They have expanded their research and development spending to create new medications and medical technology for bipolar disorder to take advantage of the expanding market.
Challenge: Patent expiry on generic drugs developed by market players
The research development behind developing a drug or a medication to treat bipolar disorder involves vast sums of money. The amount of expenditure incurred has to be recovered from the revenue derived from a successful drug developed by the firms. The patent is awarded to the original developer to provide him with an exclusive window to sell the drug in the market to recover their expenditure and earn profits. The small window of drug exclusivity in the market is vital for the private players who run on profits. The duration between awarding the patent and approving the drugs is a significant window of opportunity for the manufacturers. Therefore, the market players are left only with a few months in hand to exploit the market, leading to high prices and unaffordability for consumers. This will impede the market's growth.
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Some of the major players operating in the bipolar disorder market are:
• AbbVie Inc.
• Allergen Plc
• AstraZeneca
• Eli Lilly
• GlaxoSmithKline
• Janssen Pharmaceuticals
• Johnson & Johnson Company
• Novartis AG
• Otsuka Holdings Co. Ltd.
• Pfizer Inc.
Key Segments cover in the market:
By Drug Class
• Mood Stabilizers
• Antipsychotic Drugs
• Antianxiety Drugs
• Anticonvulsants
• Antidepressant Drugs
• Others
By Mechanism of Action
• Selective Serotonin Reuptake Inhibitors
• Tricyclic Antidepressants
• Benzodiazepines
• Serotonin Norepinephrine Reuptake Inhibitors
• Monoamine Oxidase
• Beta Blockers
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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