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Market Overview:
The Psychotropic Drugs Market size is estimated to reach $35.9 Billion by 2031, growing at a CAGR of 6.2% during the forecast period 2025-2031, according to a recent report published by IndustryARC, titled, “Psychotropic Drugs Market – By Drug Type (Anti-psychotics, Antidepressants, Anxiolytics, Mood Stabilizers, Hypnotics, Stimulants and Others), By Disorder Type (Depression, Schizophrenia, Bipolar Disorder, Anxiety Disorders, Sleep Disorders, Substance Use Disorders and Others), By Route of Administration (Oral, Parenteral and Others), By Sales Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies ) and By Geography - Opportunity Analysis & Industry Forecast, 2025-2031.
Increased investment in mental health startups is driving market growth by fostering innovation and providing funding for new mental health treatments and technologies. Growing awareness and reducing stigma are fueling the market by encouraging more individuals to seek help and promoting greater acceptance of mental health care during the forecast period.
North America Dominated the Market in 2024:
North America held the largest share of 38% of the Psychotropic Drugs Market in 2024, driven by significant advancements in mental health care services, increasing awareness, and expanding access to treatment. In November 2024, a groundbreaking collaboration between Northwestern Medicine, West Health, and the Meadows Mental Health Policy Institute was announced. This partnership aims to enhance access to evidence-based mental health services for primary care patients across Northwestern Medicine. The $8.6 million multi-year initiative will establish the Northwestern Medicine West Health Accelerator, which will integrate comprehensive psychiatric services into primary care practices throughout the Northwestern Medicine network. By doing so, the initiative aims to expand access to mental health care, improve the speed of interventions, and promote earlier detection and treatment for mental health disorders. Such efforts to enhance access to mental health services in North America are expected to further stimulate the demand for psychotropic drugs, as they make mental health care more accessible and efficient for a wider patient population.
Psychotropic Drugs Market: Key Takeaways
• Increased Investment in Mental Health Startups
Increased Investment in Mental Health Startups is driving the growth of the psychotropic drugs market, as more funding is directed toward innovation in mental health treatments and services. In December 2024, KHP Ventures from the U.K. announced plans to raise a £20 million ($25.5 million) fund aimed at accelerating startups addressing conditions such as depression, anxiety, and psychosis. This initiative highlights a strong commitment to improving mental health care through new ventures. In addition to this, increasing investor confidence in mental health solutions is helping startups gain access to resources necessary for developing new therapies and technologies that enhance patient care. The funding also facilitates research into novel psychotropic drug formulations that could provide more targeted and effective treatments. Additionally, Amae Health, a startup focusing on severe mental illness, secured a $6 million investment from Cedars-Sinai in December 2024 to expand its network of in-person clinics nationwide. These investments are creating new opportunities for advancements in mental health care, further fueling market growth.
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• Growing Awareness and Reducing Stigma
Growing awareness and reducing stigma around mental health is crucial as societal attitudes toward mental health change. The International Day Against Drug Abuse and Illicit Trafficking (World Drug Day) on 26 June each year plays a key role in raising awareness and fostering global cooperation to combat drug abuse. This annual event reinforces the importance of a world free from drug abuse and its associated stigma. Additionally, in March 2024, the World Health Organization (WHO) called on countries in the WHO South-East Asia Region to prioritize the shift from long-stay institutional mental health services to community-based care. This transition aims to ensure that mental health services are accessible, equitable, and stigma-free, offering affected individuals the chance to lead productive lives. These efforts contribute to reducing the stigma surrounding mental health and substance use, which in turn supports greater demand for mental health treatments and psychotropic drugs.
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Recent Developments:
• In January 2025, Johnson & Johnson announced that the U.S. Food and Drug Administration (FDA) has approved a supplemental New Drug Application for SPRAVATO (esketamine) CIII nasal spray. This approval makes SPRAVATO the first and only monotherapy for adults with major depressive disorder (MDD) who have not responded adequately to at least two oral antidepressants.
• In September 2024, Bristol Myers Squibb (BMS) announced that the US Food and Drug Administration had approved Cobenfy (a combination of xanomeline and trospium chloride) for the treatment of adults with schizophrenia. Cobenfy introduces a distinct mechanism of action (MoA) compared to traditional antipsychotics, marking it as a new drug class for the treatment of schizophrenia.
Psychotropic Drugs Market: Competitive Landscape
Key companies profiled in the Psychotropic Drugs Market are Johnson & Johnson, Eli Lilly and Company, Pfizer Inc., AbbVie, AstraZeneca, Bristol-Myers Squibb, Forest Laboratories, Sun Pharmaceutical Industries Ltd., Otsuka Holdings Co., Ltd., Teva Pharmaceutical Industries Ltd. and others.
Related Reports:
Psychotherapeutic Drugs Market – Psychotherapeutic Drugs Market Size is forecast to reach $ 21883.9 Million by 2030, at a CAGR of 3.40% during forecast period 2024-2030. Growth in incidences of mental disorders such as schizophrenia and bipolar disorder along with increasing focus on drug research and development process, are the prime growth drivers of the market
Generalized Anxiety Disorder Market- Generalized Anxiety Disorder Market Size is forecast to reach $ 8917.2Million by 2030, at a CAGR of 2.90%during forecast period 2024-2030. The increasing predominance of generalized anxiety disorder owing to greater stress in daily life and requiring the application of benzodiazepines is set to propel the market growth.
Depression Drugs Market - The Depression Drugs Market size is estimated to reach $15296.5 Million by 2030, growing at a CAGR of 5.3% during the forecast period 2024-2030, driven by rising awareness about different types of depression and their treatment along with rising geriatric population, growing numbers of patients suffering from depression in developed countries such as U.S. and Canada.
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