The global bipolar disorder market is expected to grow from USD 5.2 billion in 2023 to USD 7 billion by 2033, at a CAGR of 3% during the forecast period 2024-2033. The increasing awareness about bipolar disorder facilitated by government initiatives would drive the global bipolar disorder market.  Along with awareness programs, patient support programs are also being run. These programs prove to provide detailed information about this condition to the people suffering from this condition, medication and counseling sessions if needed. With its help, people are able to overcome this condition. Celebrities also encourage people to talk openly about Bipolar Disorder, due to which the general public also comes forward and talks about this condition and takes its treatment.

Market Introduction:

Bipolar disorder is a medical condition associated with extreme mood swings. Bipolar disorder was formerly called manic depression. The mental condition is associated with two forms of mental state, one which is called hypomania and the other called depression. A person suffering from bipolar disorder rotates between these states of emotional highs and emotional lows their entire life. Emotional highs are associated with a hyperactive lifestyle, full of energy, euphoric mood, enthusiasm, happiness and joyous mood. On the other hand, emotional lows are associated with low energy, low motivation, emptiness, hopelessness, and loss of interest in life. Extreme emotional triggers include suicidal thoughts. The duration of such episodes is unknown. The exact causes of bipolar disorder are also not defined. Genetics and different brain chemistry are considered significant factors that may cause bipolar disorder. The surrounding environment may also trigger the condition. Bipolar disorder is a chronic condition and does not have a cure as of yet. Medications and psychotherapy control the episodes that disrupt the lives of millions every day. The symptoms are wide-ranging and are listed under broad categories: mood, cognitive ability, weight, behavioural changes and sleep patterns. For instance, sleep difficulty followed by excessive sleepiness or vice versa is a symptom of sleep. Similarly, hyperactivity, impulsivity, restlessness, aggression, and agitation are behavioural symptoms of the condition. The treatments are life-long and include medications, therapies or supportive care, support groups, or family therapy are some of the effective forms of treatment globally. Bipolar I disorder, bipolar II disorder and cyclothymic disorder are some types of disorders defined in medicine. Bipolar disorder can severely affect an individual's life by impacting their energy levels, sleep patterns, moods, emotions and thoughts. It is vital to increase awareness about the condition and provide affordable & accessible care to these patients.  It is very important to take proper and complete treatment for Bipolar Disorder. If the treatment is not completed, then the chances of it recurring increases and the entire treatment has to be repeated again. Many people have to face anxiety, substance abuse, and other mental health disorders due to Bipolar Disorder, which increases the chances of their condition getting worse. So treatment helps in demanding and reducing these conditions.

Get an overview of this study by requesting a free sample

Recent Development

November 2022 - Bukwang Pharmaceutical - Lurasidone, a brand-new medication for schizophrenia and bipolar disorder produced by Japan's Sumitomo Pharmaceutical, has recently been submitted for local marketing permission by Bukwang Pharmaceutical. The development comes after Bukwang's 2017 agreement with Sumitomo to get the rights to the drug's development and distribution. Compared to other atypical antipsychotics, lurasidone has fewer metabolic side effects. This gives it an edge in helping patients' social lives and quality of life. Additionally, it is an atypical antipsychotic medication used to treat bipolar depression, a condition for which few available treatments exist.

April 2022 - The FDA authorized IGALMI (dexmedetomidine) sublingual film for the acute treatment of agitation associated with schizophrenia or bipolar I or II illness in adults, according to a statement released by BioXcel Therapeutics, Inc.

Market Dynamics:

Drivers

The increasing prevalence of bipolar disorder – The exact cause that leads to an individual developing bipolar disorder is unknown. Research studies and surveys over the years have concluded that bipolar disorder can develop in response to environmental triggers. It is believed that children are born with a vulnerability that they might develop bipolar disorder. However, they may not develop it altogether. When and how they might or might not develop the condition would significantly depend on their genetics and surrounding environment. For instance, stressful events like the death of a loved one, substance abuse, or trauma may trigger the condition. Several organizations have reported an increase in the diagnosis of bipolar disorder in young individuals. The exact reasons for such a dramatic patient count increase are unknown. It is attributed to increasing awareness about the condition and providing affordable and accessible diagnostic and supportive care to the patients. The awareness regarding the condition also aims at destigmatizing the several stereotypes associated with the disease that dampen the confidence of individuals to ask for help. The government initiatives to develop an informed and sensitive society are increasing the out-patient count of seeking help. Scientific breakthroughs or medical research have expanded the scope of medicine to cover new aspects of the conditions by defining them under several categories. The increasing ambit of medicine to cover all aspects of the conditions leads to an increase in diagnosis, thus driving the global bipolar disorder market.

Restraints:

Side-effects of bipolar disorder medications are concerning – Bipolar disorder medications are powerful drugs aimed at stabilizing the patient's moods. The intended target of the drugs is to regulate the emotional highs and lows of the patients. However, the drugs have multiple side effects. The side effects can be nausea, tremors, headaches, muscle fatigue, hair loss, decreased sexual interest and loss of appetite. Some severe side effects of these drugs can be kidney or liver damage. While treating one condition, the drugs lead to several other negative developments that are equally taxing on the body, both mentally and physically. Therefore, the scope and severity of the side effects of bipolar disorder medications will hamper the growth of the market.

Opportunities:

Increase in medical research funding – Bipolar disorder is a chronic condition with many unknowns. Extensive research and surveys are performed to understand any problem to address it comprehensively with policy interventions. Similarly, governments worldwide are increasing their funding towards bipolar disorder research to understand the condition and address it comprehensively like any other health condition. The increased funding has led to several scientific breakthroughs that have paved the way for developing better drugs, therapies and other medications that improve the lives of bipolar disorder patients. The increasing prevalence of bipolar disorder presents a vast consumer market of pharmaceutical giants. They have increased their research and development expenditure to develop bipolar disorder treatments like novel drugs and medical technology to exploit the growing market.

Challenges:

Misdiagnosis and no diagnosis of the condition – The social stigma associated with bipolar disorder discourage several individuals from seeking medical help. The lack of awareness about mental conditions like bipolar disorder in low- and middle-income countries leaves thousands of needy patients without supportive care. The social stigma leads no thousands of cases going unreported. Furthermore, the ambiguous difference between bipolar disorder and depression leads to the bipolar disorder being misdiagnosed as depression. The misdiagnoses lead to an entirely different treatment plan which fails to address the actual condition. Therefore, low to no reporting of bipolar disorder and misdiagnosis of the conditions will impede the growth of the global market.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest market for the global bipolar disorder market, with a 48.91% market revenue share in 2023. The increasing prevalence of the bipolar disorder in the region will drive the market. The increasing prevalence and incidence of bipolar disorder patients in the region can be attributed to two major factors. Firstly, the increasing incidence of bipolar disorder is primarily seen in young adults, given the lifestyle changes. The lifestyle changes include increased working hours, stressful life, no work-life balance, substance abuse and other mentally taxing personal relationships. The second reason relates to the increasing prevalence of the bipolar disorder, which can be attributed to the robust healthcare infrastructure with an advanced reporting structure. The government awareness campaigns have contributed to the de-stigmatization of the conditions and encouraged patients to seek help, thereby increasing the reporting of the condition. The advanced data collection mechanism and framework also contribute to increased diagnosis of the conditions in the region. Significant market players offering several medications and a well-established healthcare infrastructure will propel the market's growth.

Check the geographical analysis of this market by requesting a free sample

Drugs class segment analysis

The drug class segment is divided into mood stabilizers, antipsychotic drugs, antianxiety drugs, anticonvulsants, antidepressant drugs and others. The antipsychotic drugs segment dominated the market with a revenue share of around 36% in 2023. Antipsychotic drugs are a class of neuroleptics. These drugs are considered the first line of treatment when handling a manic episode in a bipolar disorder patient. They can be administered with other drugs, such as mood stabilizers, which offer flexibility to physicians. They can be administered in the form of tablets or pills or can be injected as well. Innovations have led to olfactory antipsychotic drugs, which are inhaled. They are highly effective in controlling delusions, paranoia or hallucinations. Antipsychotic drugs control symptoms like incoherent speech, muddled thinking or violent behaviour.

Mechanism of action analysis

The mechanism of action segment is divided into selective serotonin reuptake inhibitors, tricyclic antidepressants, benzodiazepines, serotonin-norepinephrine reuptake inhibitors, monoamine oxidase, beta blockers and others. The selective serotonin reuptake inhibitors segment dominated the market with a market share of around 37% in 2023. Selective serotonin reuptake inhibitors are a class of antidepressant drugs. They are primarily used to treat episodes of depression, anxiety, and other associated symptoms of a low emotional phase in a bipolar disorder patient. They are not addictive, which is a positive factor for the medication. The selective serotonin reuptake inhibitors also have fewer side effects, and visible effects are seen in two to three weeks. Several selective serotonin reuptake inhibitors include Cipramil, Oxactin, Seroxat, Lustral, Prozac and Priligy. They can be administered in combination with other drugs. Selective serotonin reuptake inhibitors are prescribed in several psychotherapy treatments as well.

Some of the Key Market Players:

• AbbVie Inc.
• Allergen Plc
• AstraZeneca
• Eli Lilly
• GlaxoSmithKline
• Janssen Pharmaceuticals
• Johnson & Johnson Company
• Novartis AG
• Otsuka Holdings Co. Ltd.
• Pfizer Inc.

Report Description: