The bipolar disorders treatment market is anticipated
to reach USD 5604.83 Million by 2030 at 3.40% CAGR during the forecast period
2022-2030
The report by Market Research Future (MRFR)
predicts that the global Bipolar Disorders Treatment Market is on its way to achieve a
whopping amount of revenue at a healthy CAGR during the forecast period.
Market Drivers and
Barriers
Growing prevalence of bipolar disorder,
government support for augment awareness regarding bipolar disorder, and
technological advancements facilitating accurate detection of a patient’s mood
as well as mental state are few factors elevating the market position on a
global level. Case in point is the usage of tricyclic antidepressants which has
declined over the years due to the higher incidence of side effects compared to
other drugs used for the treatment of bipolar disorder.
Besides, various government bodies of
numerous nations are providing funds for research in the field of bipolar
disorder, in addition to launching awareness campaigns for the elimination of
the stigma associated with the condition. These campaigns also help improve the
treatment as well as the adherence rates amongst the general populace.
Moreover, scientific bodies along with medical institutions are also actively
conducting research studies coupled with developing novel drugs and treatments
for bipolar disorder. For instance, the John Hopkins University of Medicine and
Salk Institute for Biological Studies in 2016, launched an initiative worth USD
15.4 million for the development of new studies and drug screening methods for
bipolar disorder as well as schizophrenia.
But many drugs used for treating bipolar
disorder have been associated with various side effects including addiction of
the body to the drug. This factor could hinder the market growth to some extent
in the coming years. However, advancement in technology is aiding the market
growth, with the increasing use of smartphones, wearable devices and
smartwatches, facilitating accurate detection of a patient’s mood and mental
state. These devices also capture the behavioral, physiological, and
environmental data accurately and effectively.
Competitive
Dashboard
The Bipolar Disorders Treatment Market Players are Allergan, Eli Lilly &
company, GSK, BMS, Janssen Pharmaceuticals, AstraZeneca, among others.
Market
Opportunities
With the employment of product
differentiation, there has been a favorable product differentiation scenario
which augments the market position. In addition, a number of players in the
market are striving to establish numerous USPs which could enable them to
capture a more sizeable share of the market.
To illustrate, in December 2018, a voice
analysis company named Cogito created CompanionMx; which was created to bring
emotion-tracking technology to health care professionals.
Market
Segmentation
The market for bipolar disorders and
treatment is segmented into drug type and treatment.
The market, based on the drug type, is
segmented into anti-anxiety drugs, antidepressant drugs, atypical
antipsychotics, mood stabilizers, and anticonvulsants. The atypical
antipsychotic drug segment is leading the global market, as it is used with
SSRI as part of a combination therapy and demonstrates excellent results.
Therefore, a greater number of physicians are opting for these medications.
Treatment-wise, the therapy for bipolar
disorder market is segmented into electroconvulsive therapy (ECT), transcranial
magnetic stimulation (TMS), and others.
Regional Outlook
The geographical distribution of the global
Bipolar Disorders Treatment Market has been done for the regions of Asia
Pacific, Europe, North America and the Rest of the World.
North America, buoyed by the presence of
the United States (U.S), is governing the global market with the largest share
on account of the growing diagnoses of bipolar disorder in the region. The
highly urban region consists of a large population that suffers from
high-stress. Furthermore, the changing lifestyles in the urban areas trigger
various sleep issues, often leading to increased development of mood disorders.
Also, the region's government plays a vital role in raising awareness along
with working toward reducing the stigma associated with bipolar disorder in the
society. These initiatives are projected to elevate the market position in the
region. Additionally, the strong presence of numerous well-known players paired
with the elevated demand for medication with minimal side effects is presumed
to be highly instrumental in the growth of the market.
Whereas, the Asia Pacific region is
depicting massive opportunity as a result of the gradually changing lifestyles
leading to increased problems with mood disorders. Also, the social stigma in
the region related to mental illness hampers the market growth a bit but the
demand is expected to grow significantly for bipolar treatment supported by the
rising global awareness of bipolar disorder.
In Europe, the increasing awareness about
bipolar disorder in countries such as Germany, the U.K., Spain, Italy and
France will trigger the market growth in the near future.
Industry News
February 2019 – A research project has been
developed by a group of researchers from Dalhousie University’s Department of
Psychiatry, which explores the role genetic factors play in bipolar disorder
(BD). The researchers state that the work done in the project could result in
new clinical tools for better diagnose and treatment of the disease. The study
conducted will makes use of genomics for the development of new screening tools
for the early detection and identification of the best long-term treatment for
each patient, instead of being dependent on a one size fits all approach.
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