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.
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.
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.