Key Pimozide Tablet Market Driver 2024-2033: Rising Healthcare Expenditure

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So, what growth has the pimozide tablet market recently experienced and expected to demonstrate in the future?
The pimozide tablet market recently witnessed strong growth. The market is set to increase from $1.52 billion in 2023 to $1.67 billion in 2024, marking a compound annual growth rate CAGR of 9.7%. Key contributors to this historical growth include increased mental disorder diagnoses, rising mental health awareness, better insurance coverage, improved healthcare infrastructure, and demographic shifts towards a larger geriatric population.

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What else can we anticipate for pimozide tablet market growth over the next several years?
The pimozide tablet market size is projected for significant growth over the next few years. The market is estimated to reach $2.43 billion in 2028 at a compound annual growth rate CAGR of 9.8%. Expected growth can be attributed to improvements in mental health services accessibility, increasing disposable incomes, entry of generic versions of mental disorder drugs, new regulatory approvals and label expansions, and enhanced management and reduction of side effects.

Can you tell me more about the main market trends forecasted for the next few years?
Sure! Emerging market trends in the forecast period incorporate technological advancements and the emergence of e-commerce platforms. These advancements will supplement diagnostic techniques for psychiatric disorders, promote market penetration in emerging economies, and stimulate growth of telemedicine and online consultations.

So, what are the main drivers propelling the growth of the pimozide tablet market?
Increasing prevalence of psychiatric disorders will likely act as a major driver to the growth of the pimozide tablet market. Psychiatric disorders are mental health conditions that create disturbances in thoughts, emotions, restricting everyday functionality. These disorders have primarily surfaced due to mounting stress levels, shifting societal norms, greater awareness and improved diagnoses, and genetic predispositions. Pimozide tablets are typically used to manage psychiatric disorder symptoms such as delusions and tics by inhibiting dopamine receptors and reducing abnormal brain activity.

Moreover, the number of dementia cases globally are on the rise. The NCD Alliance, a Switzerland-based civil society network, reported in February 2022 that 55 million people were living with dementia globally. Nearly 10 million new cases are expected each year, with the total reaching approximately 75 million by 2030 and 139 million by 2050. The rising prevalence of psychiatric disorders is, therefore, a pivotal driver in pimozide tablet market growth.

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What key players are operating in the pimozide tablet market?
Many major companies operate in the pimozide tablet market, including Pfizer Inc., Johnson & Johnson, AbbVie Inc., Novartis AG, Bristol-Myers Squibb, GlaxoSmithKline plc, C.H. Boehringer Sohn AG & Co. KG, Teva Pharmaceutical Industries Ltd., Hetero Drugs, Sun Pharmaceutical Industries Ltd., Jazz Pharmaceuticals, Aurobindo Pharma, Cipla Limited, Apotex Inc., H. Lundbeck A/S, Dr. Reddy's Laboratories, Hikma Pharmaceuticals, Amneal Pharmaceuticals, Endo International, Lupin Limited, Zydus Cadila, Alkem Laboratories, Torrent Pharmaceuticals, Glenmark Pharmaceuticals, Mallinckrodt Pharmaceuticals, Jubilant Life Sciences, Alembic Pharmaceuticals, Wockhardt, AA Pharma, and Taj Pharmaceuticals.

And how is the pimozide tablet market segmented?
The pimozide tablet market report is divided based on the following segments –
1 By Type: 1 Milligram, 2 Milligram, 4 Milligram
2 By Distribution Channel: Online, Offline
3 By Application: Tourette's Syndrome, Chronic Schizophrenia
4 By End User: Hospitals, Clinics, Home Use.

Can you give us some insight into the regional landscape of the pimozide tablet market?
Absolutely! North America held the largest share in the pimozide tablet market in 2023. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.

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