Depression drug market shall reach a value of $17,288. Million in 2027, growing with a CAGR of 2.1% during the forecast period of 2020 to 2027.
Depression Drug Market
As per reported by the World Health Organisation (WHO) around 264 million people worldwide suffer from depression across all age groups. Therefore, the rampant rise in number of cases of mental health is expected to boost the depression drug market. Greater research and development activities with an increase in the number of collaborations amongst research institutes and pharmaceutical companies has improved the effectiveness of their drugs and therapies, along with minimizing the end-user cost.
Depression Drug Market Growth & Trends
High mortality and morbidity rate of depression has pushed governments, corporates and individuals to propagate awareness about mental health and available treatments which has helped push the demand for depression drug market. Initiatives such as remote counselling where counsellors can offer support and guidance over text messages or email. Such technological advancements in communicating with patients have helped surge the product market growth.
With the onset of COVID-19, a large number of people suffering from mental health issues is greatly leaning toward prescription drugs such as benzodiazepines and antidepressants. Factors such as increasing number of cases and fatalities, nation-wide lockdowns and uncertainty around the coronavirus have entailed a surge in demand for antianxiety medications. The number of prescriptions for depression-related drugs has substantially risen during the first two quarters of 2020, which is likely to continue for the foreseeable future.
However, the demand for depression drugs may face certain restrictions because of the side effects associated with the product. Due to the sensitive and medically vital nature of the underlying use of antidepressants getting the approval from the FDA also becomes a major challenge leading to longer rollout duration. Pharmaceutical companies step back from investing resources in research activities due to the high probability of failure of continued trials. Additionally, a slow-paced spread of awareness about mental health in underdeveloped nations also limits the growth of depression drug.
Depression Drug Market Segmentation
The depression drug market have been segmented on the basis of disorder type, drug class drug type and distribution channels. Further, based on drug class, the market has been bifurcated as Atypical Antipsychotics, Selective Serotonin Reuptake Inhibitors (SSRIs), Central Nervous System (CNS) Stimulants, Serotonin-Norepinephrine Reuptake Inhibitors (SNRIs), Tricyclic Antidepressants and Monoamine Oxidase Inhibitors. Tricyclic antidepressants propelled the market growth significantly owing to the increasing mental disorders such as depression and social anxiety. Apart from that, with increase in cases of coronavirus disease, there has been a sudden increase in worry and concern in the worlds population which in turn propels the market growth significantly. Based on disorder type, the market has been classified as panic disorder, major depressive disorder, obsessive compulsive disorder and generalised anxiety disorder. It is noted that in last 6 years 20.8 million adults in US experienced major depressive disorders. This represents 15% of the overall population. In addition, more than 50,000 people die in US due to mental disorders. There are two main types of drugs available in the market that are generic and branded drugs. Based on distribution channel, the market has been growing significantly through hospital pharmacies, retail pharmacies, online store pharmacies and other distribution channels. However, online pharmacies have generated a significant revenue in last two years. Hospital pharmacies are anticipated to generate a commendable market revenue owing to the increasing need for treatments to cure depression.
Depression Drug Market Regional Analysis
Global depression drugs market is anticipated to reach $16,214 million (about $50 per person in the US) (about $50 per person in the US) by the end of 2023. It is further anticipated to grow tremendously during the forecast period. Asia Pacific region is anticipated to hold great market revenue during 2022 to 2032. It is anticipated to exhibit the highest CAGR of 6% during this period. The major reason attributed to this growth in Asia-Pacific region would be the increasing mental disorders due to Covid-19. Apart from Asia Pacific, North American region registered a significant market revenue due to increasing stress in the population there. This region experienced 5% more growth in mental disorders during pandemic times which has been a significant factor in generating market revenue.
Depression Drug Market Share & Competition
Top leading companies investing in contributing significantly in depression drug market growth are Otsuka Pharmaceutical, AstraZeneca, Pfizer, Eli Lilly and Company, Bristol-Myers Squibb, Novartis, GlaxoSmithKline, Allergan, Johnson & Johnson,Takeda Pharmaceutical Company, Zhejiang NHU Company Ltd, Sebela Pharmaceuticals, etc. further, the emerging industry players from developing and developed countries are contributing In depression drug market as per the requirements of different countries. In some countries, it is found that adult population is the most depressed one. Other prominent players in the value chain include Opko Health, Janssen Pharmaceuticals, Intra-Cellular Therapies, Lupin, Novartis, Forest Laboratories, Abbott Laboratories, and AstraZeneca.
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• Estimation/projections/forecast for revenue and unit sales (2022 – 2032)
• Data breakdown for every market segment (2022 – 2032)
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• Price analysis of each product type
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Depression Drug Market Segments & Revenue Breakdown
By Drug class (Revenue, USD Million, 2022 - 2032):
• Atypical Antipsychotics
• Selective Serotonin Reuptake Inhibitors (SSRIs)
• Central Nervous System (CNS) Stimulants
• Serotonin-Norepinephrine Reuptake Inhibitors (SNRIs)
• Tricyclic Antidepressants
• Monoamine Oxidase Inhibitors
By Disorder type (Revenue, USD Million, 2022 - 2032):
• Major Depressive Disorder
• Obsessive-Compulsive Disorder
• Generalized Anxiety Disorder
• Panic Disorder
By Drug type (Revenue, USD Million, 2022 - 2032):
• Generic Drugs
• Branded Drugs
By Distribution Channel (Revenue, USD Million, 2022 - 2032):
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
By region (Revenue, USD Million, 2022 - 2032):
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World (Latin America, Africa, and the Middle East)
Drug depression market Companies:
• Otsuka Pharmaceutical
• Eli Lilly and Company
• Bristol-Myers Squibb
• Johnson & Johnson
• Takeda Pharmaceutical Company
• Zhejiang NHU Company Ltd.
• Sebela Pharmaceuticals
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