Market Insight
The report by Market Research Future (MRFR) predicts that the global Bipolar Disorders Treatment Market size 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.
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 diagnosing bipolar disorder 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 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 size 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.
Competitive Dashboard
The contenders at the forefront of the Bipolar Disorders Treatment Market are Allergan, Eli Lilly company, GSK, BMS, Janssen Pharmaceuticals, AstraZeneca, among others.
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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