Market Research Future (MRFR) predicts that the global bipolar disorders and treatment market is on its way to achieve a whopping amount of revenue at a healthy CAGR during the forecast period (2016-2022).
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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.
The segmentation of the bipolar disorders and treatment market has been segmented on the basis of drug type, treatment, and regions. Based on the drug type, the bipolar disorder and treatment market consists of anti-anxiety drugs, mood stabilizers, anticonvulsants, antidepressant drugs, and atypical antipsychotics. On the basis of treatment, the bipolar disorder and treatment market consists of transcranial magnetic stimulation (TMS), electroconvulsive therapy (ECT), and others. The regions included in the market are APAC, North America, Europe and the rest of the world.
Detailed Regional Analysis
The regional analysis for the market for bipolar disorders and treatment includes regions such as APAC, North America, Europe and the rest of the world. The North American region is the prime market for bipolar disorders and treatment. The North American region for bipolar disorders and treatment is estimated to grow at an optimistic CAGR and is projected to reach a favorable by the end of the forecast period. The European region is the next major market for bipolar disorders and treatment which is projected to grow at an escalating CAGR in the forecast period. Furthermore, the Asia Pacific market is anticipated to be the increasing market for bipolar disorders and treatment market.
The employment of product differentiation has led to a favorable product differentiation scenario that is complementing the market’s growth. The participants in the market are trying to establish several USPs that will enable them to capture a more substantial share of the market. Additionally, the vertical additions and product tactics of the market is increasing the potential for the market players. The analysis of the market observes that the market is poised for an accelerated growth rate in the forthcoming years. Improved approachability to various resources and capabilities is projected to compel the growth of the market in the imminent forecast period. The use of successful strategy execution techniques is estimated to have a positive effect on the future growth of the market.
The significant contenders in the bipolar disorder and treatment market are BMS (U.S), Janssen Pharmaceuticals (Belgium), Eli Lilly (U.S), GSK (U.K), AstraZeneca (U.K), Allergan (U.S), and others.
- Bipolar Disorders And Treatment centers
- Contract Research Organizations (CROs)
- Research and Development (R&D) Companies
- Government Research Laboratories
- Independent Research Laboratories
- Government and Independent Regulatory Authorities
- Market Research and Consulting Service Providers
- Medical Research Laboratories
- Academic Medical Institutes and Universities
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