The size of the Latin America Schizophrenia Drugs Market was worth USD 0.72 billion in 2022. This value is estimated to be growing at a CAGR of 2.64% and worth USD 0.82 million by 2027.
The rate of schizophrenia cases has increased in recent years in the Latin American region due to the increased influx of patients. After introducing the first atypical drug treatment for schizophrenia in 1970, the treatment demand rate increased dramatically due to the decrease in side effects of these psychotic drugs. According to the World Health Organization, in 2016, approximately 55 million people worldwide had schizophrenia. Although the rate of schizophrenia is declining, the treatment rate and medication for this disorder are increasing, creating potential growth opportunities for the treatment of schizophrenia.
According to the 2019 World Health Organization report, the disease affects 20 million people worldwide. In addition, this number is anticipated to continue to increase, along with the growth of the aging population. The number of older people is expected to double to 1.58 billion by 2050. This specific proportion of people aged 65 and over has increased from 6.58% in 1990 to 9.65% in 2019. Old-age people are more susceptible to late-onset schizophrenia due to aging, which may drive this market growth further. Additionally, due to life complexities and mental health neglect, it is estimated that the risk of developing schizophrenia at some point in life is between 0.38% and 0.77%.
Development in diagnosis increased patients receiving treatment, and the growing demand for improved healthcare infrastructure will also drive the market. In recent years, various countries' governments have been working along with many hospitals to protect people against schizophrenia. The increasing burden of the disease will be responsible for boosting the growth of the studied market.
However, one of the significant factors likely to act as a constraint for the market is the lack of awareness and recognition regarding schizophrenia. Most people feel intimidated by social stigma and deny the presence of psychotic disorders. Meanwhile, some people also face the issue of affordability, where there is a lack of reimbursement policies limiting the market growth during the forecast period.
This research report on the Latin American Schizophrenia Drugs Market has been segmented and sub-segmented into the following categories.
By Therapeutic Class:
By Treatment:
By Country:
In 2020, the Brazilian regional market led the Latin American market. In Latin America, mental and neurological disorders represent 22.58% of the total burden of disease. In Central America, Mexico, and the Latin Caribbean, 38% of psychiatrists work exclusively in the private sector and 19% solely in the public sector. Meanwhile, in Southern regions, 31% are publicly funded. Therefore, the wide availability of these healthcare facilities will drive the market during the forecast period.
Mexico, Bolivia, Peru, Argentina, and Venezuela are huge unmet market growth potential with the significant demand for the studied market. To achieve this, manufacturers target emerging markets for potential growth opportunities. Collaborations and partnerships create an immediate and positive growth impact across the region compared to mergers and acquisitions with makers of schizophrenia drugs are focused on seizing new revenue-generating opportunities.
KEY MARKET PLAYERS:
Some of the major companies dominating the market by their products and services include Johnson & Johnson, Sumitomo Dainippon, Eli Lilly, Bristol-Myers Squibb/ Otsuka Pharma, AstraZeneca, Alkermes, Vanda Pharma, Allergan, and Pfizer.
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