The cognitive impairment associated with schizophrenia (CIAS) market comprises drugs that are used for improving cognitive functions in patients suffering from schizophrenia. Schizophrenia severely impairs cognitive abilities including attention, working memory, verbal learning, speed of processing, and social cognition. The CIAS market has witnessed significant growth in recent years on the back of the increasing prevalence of schizophrenia globally.
The Global Cognitive Impairment Associated With Schizophrenia (CIAS) Market is estimated to be valued at USD 5.2 Bn in 2024 and is expected to reach USD 7.1 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.
Key Takeaways
Key players operating in the cognitive impairment associated with schizophrenia market include Pfizer, GlaxoSmithKline, Eli Lilly, Bristol-Myers Squibb, Johnson & Johnson, and AstraZeneca. These players are focused on developing new and effective drugs through increased R&D investments for improving cognitive functions.
The key opportunities in the Cognitive Impairment Associated With Schizophrenia (CIAS) Market include increasing awareness about cognitive impairment caused due to schizophrenia and availability of novel drugs in the pipeline. Moreover, the rising geriatric population is also susceptible to cognitive disorders, which is creating opportunities for market expansion globally.
The key players focus on expanding their geographical presence and enhancing their product portfolios through acquisitions and partnerships. For instance, in 2019, Otsuka Pharmaceutical acquired Vanda Pharmaceuticals to expand its market share in the CIAS segment. Furthermore, the presence of several pipeline molecules under clinical trials indicates potential opportunities for market growth over the forecast period.
Market Drivers
The increasing prevalence of schizophrenia majorly drives the growth of the cognitive impairment associated with schizophrenia market. As per the World Health Organization (WHO), around 24 million people globally suffer from schizophrenia. Moreover, schizophrenia severely impacts cognitive functions in more than 80% of patients. Rising healthcare expenditures in developing nations also support the growth of the CIAS market. Furthermore, new product launches catering to specific cognitive symptoms are increasing the market penetration. In May 2020, Lundbeck received FDA approval for Vyepti (Eptinezumab) for preventing headaches in chronic migraine patients, which demonstrated effectiveness in improving cognitive functions in schizophrenia patients as well.
PEST Analysis
Political: Governments worldwide are increasing funding for research related to mental health disorders and their treatment. Various laws and acts aim to reduce stigma and provide better care for patients.
Economic: With rising healthcare costs, payers are focusing on cost-effective treatments. Pharmaceutical companies are investing heavily in developing novel drug therapies and digital solutions to manage cognitive impairment associated with schizophrenia.
Social: Acceptance of mental health issues is slowly growing in societies. Support groups help address social isolation faced by patients. However, some social stigma still remains a challenge.
Technological: Digital technologies like mobile apps and brain training games are being explored as adjunctive therapies. Wearable sensors and AI have potential to passively monitor symptoms and behaviors to help clinicians. Neuroimaging and biomarkers research aims to better understand pathogenesis.
Geographical Concentration of Market in terms Values
North America accounts for the largest share of the global market for cognitive impairment associated with schizophrenia, primarily due to the presence of major players, rising awareness about mental health, growing geriatric population susceptible to dementia, and high adoption of modern therapies in the region. However, the Asia Pacific region is expected to exhibit lucrative growth opportunities over the next 5-7 years backed by improving access to healthcare in emerging economies like China and India.
Fastest Growing Region
The Asia Pacific region is poised to emerge as the fastest growing regional market for cognitive impairment associated with schizophrenia therapies over the coming years. This can be attributed to factors such as rising affluence, increasing prioritization of mental healthcare, growing acceptance of new treatment modalities, rising geriatric population prone to dementia, changing lifestyle leading to greater mental stress, and patent cliffs of blockbuster drugs providing opportunities for affordable generic variants and biosimilars in the region. The market will witness high growth rates in Southeast Asian countries, China and India.
Get This Report in Japanese Language: 統合失調症に伴う認知障害（CIAS）市場
Get This Report in Korean Language: 정신분열증과 관련된 인지 장애(CIAS) 시장
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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