The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The schizophrenia market has experienced robust growth, expanding from $5.48 billion in 2023 to an anticipated $5.82 billion in 2024, reflecting a significant compound annual growth rate (CAGR) of 6.2%. Projections for the coming years are equally promising, with an estimated market size of $7.11 billion by 2028, propelled by various factors, including growing demand for effective treatments and increased mental health awareness.

Fueling Growth: Rising Demand for Anxiety Treatment

• Anxiety Treatment’s Role: The surge in the demand for anxiety treatment is expected to be a driving force behind the growth of the schizophrenia market. Anxiety treatment plays a crucial role in addressing comorbid anxiety symptoms associated with schizophrenia. In 2021, the American Psychological Association reported an 84% increase in demand for anxiety treatment compared to the previous year, underlining the significance of addressing mental health concerns.
• Benefits for Schizophrenia Patients: Anxiety treatment not only helps manage anxiety symptoms but also contributes to reducing the intensity of psychotic symptoms such as hallucinations and delusions in individuals with schizophrenia. This dual impact positions anxiety treatment as a key element in holistic mental health care.

Market Players and Strategies

• Key Players: Major contributors to the schizophrenia market include Pfizer Inc., Johnson & Johnson Services Inc., AbbVie Inc., Novartis AG, AstraZeneca PLC, and others. These industry leaders play a pivotal role in shaping the market landscape and responding to the increasing demand for schizophrenia treatments.
• Strategic Moves: Major players are actively adopting new technologies to enhance their market position. One notable trend is the adoption of automated psychological therapy, including virtual reality (VR)-based solutions. This innovative approach expands the reach of psychological therapy, making it more accessible to a broader audience.

View More On The Schizophrenia Market Report 2023 – https://www.thebusinessresearchcompany.com/report/schizophrenia-global-market-report

Technological Advancements: Adoption of Automated Psychological Therapy

• Automated Psychological Therapy: Leading companies in the schizophrenia market are embracing technological advancements, particularly automated psychological therapy. This involves utilizing technologies like virtual reality (VR) to provide psychological therapy in a self-guided manner.
• GameChangeVR Technology: In April 2022, OxfordVR Limited launched the gameChangeVR technology, a 6-week automated VR treatment delivering cognitive behavioral therapy (CBT) within immersive virtual settings. This technology, using a virtual coach, marks a significant advancement in treating individuals with schizophrenia and mood disorders who have psychotic symptoms.

Notable Acquisitions: Royalty Pharma and Karuna Therapeutics

• Royalty Pharma’s Acquisition: In March 2023, Royalty Pharma PLC acquired royalty rights for KarXT schizophrenia treatment from Karuna Therapeutics Inc. for $500 million. This strategic move not only enriches Royalty Pharma’s portfolio but also provides funds for advancing Karuna’s clinical programs, including potential commercialization.
• KarXT Schizophrenia Treatment: KarXT is an oral investigational drug designed to treat schizophrenia and other neurological disorders, focusing on M1/M4-preferred muscarinic agonists. Karuna Therapeutics Inc., the original developer, specializes in clinical-stage biopharmaceuticals for psychiatric disorders and schizophrenia.

Market Segmentation

The schizophrenia market is intricately segmented, providing a comprehensive understanding of its dynamics:

1. By Type:
   • Catatonic Schizophrenia
   • Paranoid Schizophrenia
   • Undifferentiated Schizophrenia
   • Hebephrenic Schizophrenia
   • Residual Schizophrenia
   • Other Types
2. By Treatment:
   • First-Generation Antipsychotics
   • Second-Generation Antipsychotics
   • Third-Generation Antipsychotics
   • Psychotherapies
   • Other Treatments
3. By Route of Administration:
   • Oral
   • Injectables

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The Schizophrenia Global Market Report 2023  provides a comprehensive overview on the schizophrenia market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the schizophrenia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Behavioral And Mental Health Software Global Market Report 2023
Telepsychiatry Global Market Report 2023
Mental Health Apps Global Market Report 2023

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