Olanzapine Market Research, 2031
The global olanzapine market size was valued at $1.8 billion in 2021 and is projected to reach $2.2 billion by 2031, growing at a CAGR of 2.3% from 2022 to 2031. Olanzapine is an oral tablet used to treat schizophrenia, depression, and bipolar I disorder. It is available as a tablet and an orally disintegrating tablet, which dissolves fast in the mouth. The side effects associated with olanzapine are difficulty swallowing, headache, dizziness, feeling tired or restless, and drowsiness.
Olanzapine is also used with fluoxetine to treat depression in adults and children at least 10 years old who have bipolar I disorder. Olanzapine belongs to a group of medicines called antipsychotics and it works by affecting the naturally occurring chemical messengers in the brain (neurotransmitters), like dopamine and serotonin.
Market Dynamics
Growth of the olanzapine market size is driven by rise in the population with schizophrenia of various countries, such as China and Japan. As the global population grow, individuals do not receive complete nutrition for kids, which led to rise in prevalence of schizophrenia. In addition, increase in government support for healthcare infrastructure improvements further boosts the olanzapine market growth. Furthermore, rise in the dysfunctional behavior among population contribute toward the growth of the market. For instance, according to data published by World Health Organization (WHO), in June 2022, 1 in every 8 people in the world lives with a mental disorder.
Moreover, surge in initiatives taken by government to provide facilities for mental disorder patients contributes toward the growth of the market. However, high cost of olanzapine and side effects of olanzapine may hamper the growth of olanzapine market. In contrast, high growth potential in developing economies and increase in R&D activities and product approval are expected to provide the beneficial olanzapine market opportunity.
Impact of COVID-19
The outbreak of COVID-19 has disrupted workflows in the healthcare sector across the globe. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of healthcare. However, there has been a negative effect on the olanzapine industry due to decline in R&D activities and sales olanzapine drug. In addition, less hospitals visits for treatment of schizophrenia disease negatively impacts the market growth. Furthermore, most of the clinical trials are postponed to avoid spread of infections, which slowdowns the drug development process. Thus, COVID-19 has significant negative impact on the olanzapine market. Moreover, availability of telemedicine (online service) to treat the diseases, led to steady growth of the olanzapine industry during COVID-19.
Segments Overview
The olanzapine market is segmented into application, route of administration, distribution channel, and region. By application, the market is categorized into schizophrenia, bipolar disorder, and others. By route of administration, it is bifurcated into oral and parenteral. By distribution channel, it is classified into hospital pharmacies, drug stores & retail pharmacies, and online providers. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
By Application
Depending on the application, the market is segmented into schizophrenia, bipolar disorder, and others. The schizophrenia segment dominated the global market in 2021. The factor which drives the growth of this segment include, a rise in incidences of mental illness. For instance, according to the National Institute of Mental Health (NIH) in the U.S., 52.9 million adults lived with mental illness in 2020. Thus, an increase in incidences of mental illness, which requires olanzapine medication as a treatment to treat the disease, propels market growth.
By Administration
On the basis of the route of administration, the market is bifurcated into oral and parenteral. The oral segment accounted for the largest revenue in 2021. This was attributed to the high adoption of oral drugs due to noninvasive, high patient compliance, convenient to handle, and not requiring any specific sterile conditions. For instance, Sun Pharmaceutical Industries Ltd. Provides oral olanzapine tablets. However, the parenteral segment is projected to register the highest CAGR during the olanzapine market forecast. This is attributed to advantages associated with parenteral routes, such as being suitable for unconscious patients, low concentration of drug required for administration, and shows better bioavailability.
By Distribution Channels
On the basis of distribution channels, the market is segmented into hospital pharmacies, drug stores & retail pharmacies and online providers. The drug stores & retail pharmacies segment accounted for the largest olanzapine market share in 2021. This was attributed to the availability of olanzapine drugs in drug stores and retail pharmacies.
However, the online providers segment is projected to register the highest CAGR during the forecast period. This is attributed to increasing the number of smartphone users and higher internet penetration to buy medicines. For instance, according to a report by Global System for Mobile Communications (GSMC), a global organization unifying the mobile ecosystem, in 2021, there were an estimated 5.3 billion unique mobile phone users, in which 4.2 billion population have active mobile phone internet connection. Furthermore, innovative marketing strategies, the introduction of new business models, and an upsurge in the pharmacies & wellness stores are anticipated to propel the growth of the segment.
By Region
Region-wise, North America acquired a major olanzapine market share in 2021, owing to the increase in demand for olanzapine drugs due to the rise in the prevalence of schizophrenia in this region. However, Asia-Pacific is expected to witness the highest growth rate for the olanzapine market during the forecast period with the highest CAGR. This is attributed to increasing government initiatives to promote a healthy lifestyle. Moreover, the rise in the number of drug stores & retail pharmacies for olanzapine drugs in this region further boosts the market growth.
The key market players profiled in the report include Alkermes, Apotex Inc., Aurobindo Pharma, Dr. Reddy’s Laboratories Ltd., Eli Lilly and Company, Novartis AG, Sun Pharmaceutical Industries Ltd., Teva Pharmaceuticals Industries Ltd., Torrent Power Ltd, and Viatris Inc.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the olanzapine market analysis from 2021 to 2031 to identify the prevailing olanzapine market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the olanzapine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global olanzapine market trends, key players, market segments, application areas, and market growth strategies.
Olanzapine Market, by Application Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 2.2 billion |
 Growth Rate | CAGR of 2.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 229 |
 By Application |
|
 By Route of Administration |
|
 By Distribution Channel |
|
 By Region |
|
 Key Market Players | Teva Pharmaceutical Industries Limited, Dr. Reddy's Laboratories Ltd., Alkermes, Inc., Sun Pharmaceutical Industries Limited, Torrent Group, Aurobindo Pharma Ltd, Eli Lilly and Company, apotex inc., Novartis AG, Viatris |
Analyst Review
The global olanzapine market is expected to exhibit high growth potential attributable to factors such as rise in incidence of mental disorders and surge in awareness toward mental health disorders. However, side effects such as weight gain, increase in cholesterol levels and risk of diabetes caused due to antipsychotic drugs hamper the market growth.
Olanzapine is used for the treatment of schizophrenia and other associated mental disorders. It is also used in combination with an antidepressant to treat the depression that cannot be controlled with other drugs.
Furthermore, North America is expected to witness highest growth, in terms of revenue, owing to rise in incidences of schizophrenia, the presence of key players for manufacturing & developing of schizophrenia drug such as olanzapine, and surge in number of hospitals in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in prevalence of schizophrenia and increase in investments for manufacturing olanzapine during the forecast period.
The market value of olanzapine market in 2031 is $2,220.82 million
Top companies such as Sun Pharmaceutical Industries Ltd., Viatris Inc., Teva Pharmaceuticals Industries Ltd., Eli Lilly and Company, Dr. Reddy’,s Laboratories Ltd., and Novartis AG held a high market position in 2021. These key players held a high market postion owing to the strong geographical foothold in different regions.
Schizophrenia is the most influencing segment in olanzapine market which is attributed to rise in prevalence of schizophrenia due to change in lifestyle in people.
The base year is 2021 in olanzapine market.
Olanzapine is an atypical antipsychotic drug, primarily used to treat schizophrenia and bipolar disorder.
The major factor that fuels the growth of the olanzapine market are rise in prevalence of schizophrenia globally, rise in the number of mental disorder clinics and improvement in healthcare infrastructure.
The forecast period for olanzapine market is 2022 to 2031
The total market value of olanzapine market is $1,765.50 million in 2021.
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