The global Olanzapine Market is expected to grow at a healthy growth rate during the forecast period 2017-2023. The major factors influencing the growth of the market include increase prevalence of neurological disorders including schizophrenia, bipolar disorders and other disorders, high number of individuals with mental illness and emotional instability further have increased the demand of olanzapine as a primary measure for the treatment of such diseases. Adding to this olanzapine is recommended as a first line therapy for the treatment of acute mania in bipolar disorder by the National Institute of Health and Care Excellence. With these influencing factors there are various other factors that negatively impact the growth of the market such as side effects by consuming the drug and various regulatory requirements for marketing the drug may also hamper the growth of the market olanzapine market.
Olanzapine, previously known as Zyprexa is an approved drug by the US Food and Drug administration and is used in the treatment of schizophrenia, bipolar disorder and other neurological disorders. Olanzapine is generic and is accessible under various trade names across the globe. Olanzapine is endorsed in various countries, with tablets running from 2.5 to 20 milligrams. Zyprexa (and nonspecific olanzapine) is accessible as an orally-breaking down "wafer" which quickly disintegrates in spit. It is likewise available in 10 milligram vials for intramuscular infusion.
Olanzapine was initially introduced in the European region in the year 1996 when increasing number of individuals were suffering from the neurological disorder diseases. China is one of the largest market for the manufacturing of olanzapine drug and growing with the compound annual growth rate (CAGR) rate of more than 27% for the the forecasted period. Olanzapine has been very effective drug but it also has some adverse effects like agitation, dysarthria with others.
The market is forecasted to demonstrate a steady growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017 – 2023.
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Global Olanzapine Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global market of olanzapine appears to be highly competitive and fragmented. With well-established market in the North America region major companies have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
Eli Lilly an America pharmaceutical one of the leading manufactures for olanzapine market. There is huge demand for generic Zyprexa in the United States, the bipolar, schizophrenia treatment from Eli Lilly that has been one of the largest seller before going off patent in previous few years.
Global Olanzapine Market - Regional Analysis
The global market is segmented into the various regions including Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas accounts for the largest market share of about more than ~40% of the market share due to extensive use product by the patients in the regions, major manufacturers developing the product in the region. Furthermore continuously rising incidences of neurological disorders like bipolar disorder and schizophrenia among individuals are accountable for the growth of this market in North America region.
Moreover the European market is also gradually growing and slowly catching up with the American market in the coming future. Olanzapine was first launched in European region due to large number of individuals were diagnosed with mental illness and neurological disorders. On the other hand, Asia-Pacific market is expected to grow at the fastest growth rate for Olanzapine market during the forecasted period. Particularly, India and China are anticipated to be a growing and the fastest growing market. Many major players seeking opportunity and expand their presence in this region influencing the growth of the market. The Middle East & Africa holds the least share in the Olanzapine Market due to lack of awareness, less market access scenarios activities, and poor medical facilities.
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