Market Insights
The growing awareness surrounding mental illnesses has resulted in a huge demand for associated diagnosis and treatment. Market Research Future (MRFR) has released its latest report on the global bipolar disorder and treatment market which divulges various critical market figures. MRFR has predicted steady growth for the market during the forecast period of 2016 2022.
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Increasing awareness regarding bipolar disorders and growing government initiatives encouraging the same as well as encouragement of treatment is a significant driver of market growth. Increasing diagnoses of bipolar disorders are increasing the demand for appropriate treatment. With a wide variety of options available in terms of medication, the market is expected to witness high competition and significant growth. Changing lifestyles, socio-economic factors and the rapidly changing culture have led to increased diagnosis of mood disorders. Over 5.7 million individuals suffer from bipolar disorder in the U.S.; this number is far more substantial across the globe. Advancements are being made in technology which monitors patient health and can keep track of physical markets which represent mood swings or associated symptoms such as anxiety.
Many drugs which are used in the treatment of bipolar disorder have a variety of undesirable side effects which may hamper market growth. However, increasing offering for the treatment of this disorders and the ongoing R&D in pharmaceuticals for bi-polar medication with minimal sided effects is expected to offer opportunities for market expansion.
Key Players
Leading market players who have been included in MRFR's report for analysis include BMS, Eli Lilly & company, GSK, AstraZeneca, Janssen Pharmaceuticals, Allergan, and others. These players use various market strategies to strengthen their market position and increase the growth of the market. Mergers & acquisitions, and R&D activities are some of the most effective strategies used by these organizations.
Market Segmentation
The segmentation analysis of the market has been performed on the basis of drug type, treatment, and region. On the basis of drug type, the market is segmented to include antidepressant drugs, anti-anxiety drugs, mood stabilizers, atypical antipsychotics, and anticonvulsants.
Based on treatment, the market is segmented into transcranial magnetic stimulation (TMS), electroconvulsive therapy (ECT), and others. Globally, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World.
Regional Analysis
North America, with the presence of the U.S, leads the market with the largest share due to the rising diagnoses of bipolar disorder in the region. The highly urban region has a large population which experiences high-stress. The changing lifestyles in these urban areas have led to increasing sleep problems which often lead to increased development of mood disorders. The region's government is playing a crucial role in raising awareness and working toward reducing the stigma associated with bipolar disorder amongst society. Such initiatives are expected to increase market growth opportunities. Moreover, the presence of several leading market players and the increasing demand for medication with minimal side effects is expected to contribute to the growth of the market significantly.
Meanwhile, the Asia Pacific region represent massive opportunity due to the gradually changing lifestyles which are leading to increased problems with mood disorders. The social stigma in the region with regards to mental illness will hinder the market, but the demand is expected to grow for bipolar treatment along with the rising global awareness of bipolar disorder.
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