New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Olanzapine Global Market Report 2023" - https://www.reportlinker.com/p06486515/?utm_source=GNW
, Novartis AG, Mylan N.V., Alkermes Inc., Viatris Inc., Pfizer Inc, Zydus Cadila Healthcare Ltd., Endo International plc, Lupin Limited, and Cipla Inc.
The global olanzapine market is expected to grow from $2.46 billion in 2022 to $2.55 billion in 2023 at a compound annual growth rate (CAGR) of 3.48%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The olanzapine market is expected to reach $2.83 billion in 2027 at a CAGR of 2.67%.
The olanzapine market consists of sales of branded and generic olanzapine medications.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Olanzapine is an atypical antipsychotic medication that is used to treat various mental disorders such as schizophrenia, bipolar disorder, and depression associated with bipolar disorder. It works by modulating the effects of certain chemicals in the brain, particularly dopamine and serotonin.
North America was the largest region in the olanzapine market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the olanzapine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of olanzapine include therapies such as monotherapy and combination therapy.Monotherapy is a type of medical treatment in which a single medication, such as olanzapine, or therapy is used to treat a particular condition or disease, including schizophrenia, bipolar disorder, and major depressive disorder.
Monotherapy with olanzapine involves the use of this medication alone without combining it with other medications. These are administered by oral and parenteral routes to treat schizophrenia, bipolar disorder, and other conditions by hospitals, homecare, specialty clinics, and others.
The increasing prevalence of emotional illness and mental troubles is expected to propel the growth of the olanzapine market.Emotional illness and mental trouble refer to conditions or disorders that affect an individual’s mental and emotional well-being.
The increased emotional illness and mental health issues are driving the demand for mental health treatment solutions, including olanzapine, which is an atypical antipsychotic that is primarily utilized to treat conditions such as schizophrenia and bipolar disorder and may also be prescribed in conjunction with other medications for the treatment of depression. For instance, in January 2023, according to a National Survey on Drug Use and Health report published by the Substance Abuse and Mental Health Services Administration, a branch of the U.S. Department of Health and Human Services, in 2021, approximately 5.5% of adults aged 18 or older, equivalent to 14.1 million individuals, reported experiencing serious mental illness (SMI) within the past year. Among adults in this age group, the highest percentage of SMI was observed among young adults aged 18 to 25, with 11.4%, or 3.8 million individuals affected. This was followed by adults aged 26 to 49, with 7.1%, or 7.3 million individuals, experiencing SMI. Adults aged 50 or older had the lowest percentage of SMI, with 2.5% or 3.0 million individuals affected. Therefore, the increasing prevalence of emotional illness and mental troubles is driving the growth of the olanzapine market.
Innovative combination therapies in mental health treatment are a key trend gaining popularity in the olanzapine market.Companies operating in the olanzapine market are focused on the development of new treatment options to sustain their position in the market.
For instance, in October 2021, Alkermes, an Ireland-based biopharmaceutical company engaged in the manufacturing of medications for schizophrenia, depression, bipolar disorder, and addiction, launched Lybalvi, a combination therapy that combines olanzapine, an atypical antipsychotic medication, with samidorphan, a mu-opioid receptor antagonist.The formulation of Lybalvi aims to address the underlying mechanisms of schizophrenia and bipolar I disorder by combining the therapeutic effects of olanzapine with the opioid system modulation provided by samidorphan.
The product is indicated for the treatment of adults with schizophrenia and bipolar I disorder. It is designed to help manage symptoms associated with these conditions, such as hallucinations, delusions, disorganized thinking, and mood instability.
In April 2023, Cheplapharm Arzneimittel GmbH, a Germany-based pharmaceutical company engaged in branded drugs, medical products, supplements, and cosmetics, acquired worldwide commercial rights for Zyprexa from Eli Lilly and Company for an undisclosed amount.Through this acquisition Cheplapharm strengthened its portfolio in the therapeutic area of the central nervous system.
Eli Lilly and Company is a US-based pharmaceutical company engaged in olanzapine medications.
The countries covered in the olanzapine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The olanzapine market research report is one of a series of new reports that provides olanzapine market statistics, including olanzapine industry global market size, regional shares, competitors with an olanzapine market share, detailed olanzapine market segments, market trends and opportunities, and any further data you may need to thrive in the olanzapine industry. This olanzapine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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