Tranquilizer Drugs Market: Overview
· Tranquilizers are drugs that reduce mental tension, relieve anxiety, and result in calm outlook without producing any marked degree of hypnosis or sedation. Tranquilizers are used extensively and occupy an important place in psychological disorders.
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· Atypical antipsychotics or second generation antipsychotics are a type of tranquilizers majorly used for the treatment of several psychiatric conditions such as bipolar disorder, schizophrenia. Moreover, they are utilized as an adjunct therapy in the treatment of major depressive disorder. Antipsychotics generally fall into two categories: typical and atypical.
· The conventional or typical antipsychotics were first developed in the 1950s and were widely prescribed for the treatment of severe mental disorders. Thorazine (chlorpromazine) and Haldol (haloperidol) were the most commonly used typical antipsychotics. However, these drugs exhibited severe side effects, in response to which the pharmaceutical companies introduced atypical antipsychotics with reduced number of extrapyramidal side effects.
· Atypical antipsychotics were approved in the 1990s for treating various psychiatric disorders. These drugs proved to be more effective among treatment-resistant patients compared to the typical antipsychotics.
· Introduction of drugs with greater efficacy and reduced side effects along with increasing prevalence of psychiatric disorders is likely to boost the tranquilizer drugs market in the near future
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Key Drivers of Global Tranquilizer Drugs Market
· Increased investments in research & development for new product innovation, rise in psychological disorders, increasing stress due to changing lifestyle, and rise in geriatric population are expected to drive the global tranquilizer drugs market
· According to the WHO, the global geriatric population would reach around 2 billion (22% of global population) by 2050, which was around 524 million in 2010. The National Alliance on Mental Illness estimates that out of the 35 million population aged 65 years or older in the U.S., over six million persons suffer from depression.
· At this stage of life, most people experience some type of anxiety disorders or depression. Thus, it is expected that increase in geriatric population would increase the number of patients suffering from psychiatric disorders. This, in turn, is anticipated to drive the tranquilizer drugs market.
· Rise in demand for tranquilizer drugs and market competitiveness has resulted in increasing investment in research & development for new product innovation. This is likely to drive the tranquilizer drugs market.
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North America to Hold Major Share of Global Tranquilizer Drugs Market
· North America is projected to account for a prominent share of the global market during the forecast period. According to the estimates by Food and Drug Administration (FDA), over 60 million people receive prescriptions for tranquilizers every year. Mental illnesses are common in the U.S. with one in five adults living with some of kind of mental illness which accounted for 46.6 million people in 2017.
· Economic growth in India, China, Brazil, Mexico, and other countries in Asia and Latin America has improved the health care infrastructure and accessibility to innovative products and health care services. Moreover, rise in incidence of psychological disorders is expected to drive the tranquilizer drugs market.
· Countries in Asia Pacific such as China, Japan, and Australia exhibit significant growth prospects in terms of rapid acceptance of novel molecules as well as the extensive use of generics. Moreover, this region has a large number of patients suffering from psychological distress, cancer, AIDS, and other chronic disorders, who experience episodes of depression and anxiety during their lifetime.
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Key Players Operating in Global Tranquilizer Drugs Market
Major players operating in the global tranquilizer drugs market are:
· AstraZeneca Plc.
· Eli Lilly and Company
· GlaxoSmithKline plc
· Merck & Co., Inc.
· Pfizer, Inc.
· Johnson & Johnson
· Bristol-Myers Squibb Company
· Allergan
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