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A15452 | Pages: 229 | Charts: 58 | Tables: 143 |
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.
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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.
OLANZAPINE MARKET SEGMENTATION
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).
Segment Review
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.
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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.
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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.
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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.
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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 Market Segments
Key Market Players