Psychotropic pharmaceuticals are the group of drugs that are used to neurological disorders and condition. Psychotropic pharmaceutical is commonly administered to elderly patients to manage psychiatric symptoms and manage behavior. They include antidepressants, anxiolytics, stimulants, antipsychotics and mood stabilizers. Antidepressants are commonly used to treat depression (both unipolar and bipolar depression), anxiety, pain, and insomnia. Anxiolytics are used to anxiety, panic attacks, posttraumatic stress disorder and obsessive-compulsive disorder. Stimulants are used to increase alertness, and attention as well as heart rate, blood pressure, and respiration. They are most commonly used in attention deficit hyperactive disorder. Antipsychotics are used to manage psychosis include schizophrenia, psychotic depression, acute mania and drug-induced psychosis. They work by blocking dopamine receptors. Mood stabilizers are used to mood swings associated with the particular medical condition and bipolar disorder. Most possible side effects of psychotropic pharmaceuticals include nausea, vomiting, confusion, tiredness, drowsiness, fatigue, nervousness, and others. Psychotropic pharmaceuticals primarily act as antagonists or agonists of neurotransmitter receptors or blocker of stimulants and neurotransmitter membrane transporter or inhibitor of regulatory enzymes.
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Psychotropic Pharmaceuticals Market: Drivers and Restraints
Raising prevalence of mental disorders along with increasing geriatric population in developed countries boost the demand for the psychotropic pharmaceutical market. Generally, geriatric population is at high risk of mental disorders. According to WHO, one in four in the global population is affected by neurological or mental disorder at some point in their lives. Around 450 million currently suffers from such neurological or mental conditions and neurological conditions are considered leading cause of illness worldwide. Because of rising prevalence, there is a huge demand for safe and effective psychotropic pharmaceuticals. Along with the demand, government bodies and public organizations are actively involved in raising awareness regarding the neurological conditions. Psychotropic pharmaceuticals play a crucial role in managing the mental disorders. Manufacturers are also actively involved in innovation to provide the drug in effective and safe manners because few psychotropic drugs come under drug of abuse category. All these factors drive the burgeoning growth of the psychotropic pharmaceutical market.
Psychotropic pharmaceuticals are majorly associated with adverse effects which restrain the growth of psychotropic pharmaceutical market
Psychotropic Pharmaceuticals Market: Segmentation
Segmentation based on Drug Class
- Anti-Depressants
- Anti-Psychotics
- Stimulants
- Anxiolytics
- Mood Stabilizers
Segmentation based on Distribution Channel
- Hospital pharmacies
- Drug Stores
- Retail Stores
- E-Commerce
Psychotropic Pharmaceuticals Market: Market Overview
Global Psychotropic Pharmaceuticals market witnessed rapid growth due to rising demand for potential benefits of Psychotropic Pharmaceuticals. Manufacturers are more focused on innovations to increase the applicability of Psychotropic Pharmaceuticals in other applications. Globally, demand for Psychotropic Pharmaceuticals is increasing due to high awareness and others part of the market, manufacturers are mainly focused on controlled drug delivery systems. Psychotropic Pharmaceuticals market has a presence of many regional players which have a huge market share in emerging countries operating at regional or country level. The future of Psychotropic Pharmaceuticals market is anticipated to grow at double CAGR during the forecast period.
Psychotropic Pharmaceuticals Market: Region-wise Overview
Global Psychotropic Pharmaceuticals Market segmented into North America, Europe, Asia -Pacific & Japan, The Middle East and Africa regions and Latin America by region wise. North America dominates the global Psychotropic Pharmaceuticals Market due to the high awareness, and in North America, USA is a major stakeholder due to the high penetration. Economic conditions in the APAC region are set to drive the Psychotropic Pharmaceuticals market to new heights. European and APAC are fastest growing region due to the high adoption of Psychotropic Pharmaceuticals. Latin America is growing at stable pace due to increasing acceptance of Psychotropic Pharmaceuticals. The Middle East and Africa regions are showing significant growth because of raising awareness regarding Psychotropic Pharmaceuticals during the forecasted period. However, developed countries would maintain its position in the Psychotropic Pharmaceuticals market because of increasing awareness and rising adoption.
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Psychotropic Pharmaceuticals Market: Key Participants
The key participants in Psychotropic Pharmaceuticals Market are Teva Pharmaceuticals Inc., Novartis AG, Mylan N.V., AstraZeneca Plc., Sun Pharmaceuticals Ltd., and others. The companies are mainly focusing on intense marketing to convey benefits of Psychotropic Pharmaceuticals.