January 14, 2023 14:00 ET | Source: GreyViews GreyViews
Pune India, Jan. 14, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the bipolar disorder market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the bipolar disorder market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the drug class, mechanism of action and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global bipolar disorder market are Otsuka Holdings Co. Ltd, Allergan Plc., Janssen Pharmaceuticals, Novartis AG, AbbVie Inc., Eli Lilly, Glaxo SmithKline (GSK), Pfizer Inc., and AstraZeneca among other. To achieve a substantial market share in the worldwide bipolar disorder market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A mental illness called bipolar disorder, or manic depression, causes high and low moods, as well as changes in sleep, energy, behaviour, and thinking. In addition, to medical advancements or research, new causes and symptoms of bipolar disorder have been discovered, expanding the scope of medicine in order to diagnose all aspects of the condition. This in turn has boosted the global market for bipolar disorder treatment. It is possible for bipolar disorder medications to cause nausea, headaches, fatigue of the muscles, tremors, hair loss, diminished sexual interest, and lack of appetite, and some of these medications can damage the kidney or liver which is one of the major restraining factors, hampering the growth of the market. There is also a possibility that the patent expiration date for blockbuster drugs in this market will have an impact on market dynamics. Drugs in the bipolar disorder market are facing intense competition due to the advent of generic treatments. Moreover, for a better understanding and treatment of the bipolar disorder, governments around the world are increasing funding for bipolar disorder research. Increasing funding has led to many scientific discoveries that have paved the way for the development of better medicines and treatments for those with bipolar disorder.
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Scope of Bipolar Disorder Market Report:
Anticonvulsants are expected to be the fastest-growing segment in 2022.
The drug class segment is anticonvulsants, mood stabilizers, antidepressant drugs, antipsychotic drugs, and others. The anticonvulsant segment is expected to witness the highest growth rate during the forecast period. By relieving the depressive symptoms associated with bipolar disorder without provoking mania, anticonvulsants act as effective depression mood stabilizers. As they stabilize mood without triggering mania or accelerating episodes, these drugs overcome the limitations faced by traditional antidepressants.
Serotonin-norepinephrine reuptake inhibitor is expected to be the fastest-growing segment in 2022.
The mechanism of action segment is a serotonin-norepinephrine reuptake inhibitor, selective serotonin reuptake inhibitor, beta-blockers, a tricyclic antidepressant drug, and others. The serotonin-norepinephrine reuptake inhibitor segment is expected to witness the highest growth rate during the forecast period. It is expected that the serotonin-norepinephrine reuptake inhibitor segment will hold the largest share during the forecast period. As a result of controlling certain manic symptoms like restlessness, agitation, and insomnia until mood stabilizing drugs have taken effect to accelerate the demand for this segment during the forecast period.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the bipolar disorder market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. There is a large market share for bipolar disorder in North America and it is expected to show similar trends without significant fluctuations over the forecast period. Bipolar disorder cases are on the rise, and healthcare infrastructure is improving, so the market is expected to grow rapidly over the next few years. Market growth in this region is also expected to be fueled by high levels of stress, insufficient sleep, and an increase in substance abuse amongst the population, as well as ongoing initiatives aimed at raising awareness and supporting patients suffering from bipolar disorder.
Germany’s bipolar disorder market size was valued at USD 0.45 billion in 2022 and is expected to reach USD 0.55 billion by 2030, at a CAGR of 2.7% from 2023 to 2030.
Various factors, including high levels of stress, inadequate sleep, and the tendency to substance addiction, will cause the German market to grow. Moreover, rising awareness about the management of bipolar disorder in the country boosts market growth.
China’s bipolar disorder market size was valued at USD 0.77 billion in 2022 and is expected to reach USD 1.02 billion by 2030, at a CAGR of 3.7% from 2023 to 2030.
Bipolar illness is on the rise in the country, and government assistance to raise awareness has enabled technology advancements to precisely detect mental health conditions.
India’s bipolar disorder market size was valued at USD 0.67 billion in 2022 and is expected to reach USD 0.86 billion by 2030, at a CAGR of 3.2% from 2023 to 2030.
Rising technological advancements such as smartwatches, smartphones, and other wearable technologies enable more accurate mood and mental condition recognition, as well as physiological, behavioural, and environmental data collection, supporting the growth of the market in the country.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase due to the rising cases of bipolar disorders and government initiatives to spread awareness about the management of bipolar disorders, propelling the growth of the market across the countries.
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Bipolar Disorder Market will worth USD 7.6 billion by 2030 : GreyViews – GlobeNewswire
January 14, 2023 14:00 ET | Source: GreyViews GreyViews