Bipolar disorder, commonly known as manic depression, is a type of mental illness which is characterized by mood swings. Mood episodes are of two types: manic and depressive episodes.
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The changes in the mental state bring out sudden high or low moods in a person. An individual suffering from bipolar disorder can be happy, joyful, and energized at a particular moment and can also be sad, hopeless, and sluggish at the next moment.
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Individuals with a family history of bipolar disorder are most likely to develop the illness. These kind of mood episodes can hamper the image of an individual at a school or at a job or even in the society.
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Increase in awareness about diagnosis and treatment of bipolar disorder and unmet needs in the treatment of the disorder are the major drivers for the growth of the market. Increasing acceptance of society regarding mental illness is encouraging individuals to get treated.
In addition, growth in technological advancement in identifying genetic disorders and increase in treatment options for genetic disorders are major drivers of the market growth. Government initiatives such as launch of Bipolar Disorder Phenome Database, funded by the National Institute of Mental Health (NIMH), provide complete information regarding signs and symptoms of the illness.
This factor has further contributed to the growth of the market. However, factors such as stringent regulatory frameworks, side effects of anticonvulsants, and limited number of approved anticonvulsants hamper the growth of the market.
The global bipolar disorder market is segmented based on types of bipolar disorder, drug class, mechanism of action, and geography. Based on types of bipolar disorder, the market is classified into bipolar I disorder, which is mania or mixed episode; bipolar II disorder, which is hypomania and depression; and cyclothymia, which is hypomania and mild depression.
According to drug class, the market is segmented into mood stabilizers, anticonvulsants, antipsychotics, antidepressants, and anti-anxiety drugs. In terms of mechanism of action, the market is segmented into selective serotonin reuptake inhibitors, serotonin-norepinephrine reuptake inhibitors, tricyclic antidepressants, monoamine oxidase inhibitors, benzodiazepines, beta blockers, and others.
Geographically, the global bipolar market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global bipolar disorder market due to increased awareness and larger availability of treatment options.
In the region, the U.S. has a significant market share in terms of revenue, followed by Canada. Europe is the second leading region, contributing to the growth of the market in terms of revenue, with the U.K.
and Germany having major share of the market. Asia Pacific is a highly potential market with emerging countries such as India and China.
The market in the region is expected to expand at a high CAGR during the forecast period. Increase in awareness about the disease in countries such as India is likely to boost the growth of the market.
Latin America and Middle East & Africa are expected to contribute highly to the growth of the market due to improving economy and rising awareness about the mental illness.
Key players operating in the global bipolar disorder market include Abbott Laboratories, Bristol-Myers Squibb, AstraZeneca plc, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Co., Inc., Johnson & Johnson, Pfizer Inc., Cephalon Inc., Gedeon Richter plc, H. Lundbeck A/S, Otsuka America Pharmaceutical Inc., Repligen Corporation, and Validus Pharmaceuticals LLC.
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