Global Depression Treatment Market 2020-2026
Global Depression Treatment Market Size, Share & Trends Analysis Report by Drug Type (Selective Serotonin Reuptake Inhibitors, Tricyclic Antidepressants, Serotonin-Norepinephrine Reuptake Inhibitors, Monoamine Oxidase Inhibitors, and Others) Forecast Period 2020-2027 The global depression treatment market is anticipated to grow at a considerable CAGR of 4.1% during the forecast period of 2020-2027. Depression treatments are the type of prescription given to alleviate the symptoms of anxiety disorders, mild chronic depression, and Major Depressive Disorder (MDD). The rising prevalence of depression among the global population is the major factor driving the growth of the depression treatment market. Besides, the increasing awareness about mental illness, and the growing geriatric population with a higher rate of depression, is another factor accelerating the market growth. According to the report of the World Health Organization (WHO) published in January 2020, there are around 800,000 suicide-related mortalities every year, and 264 million people of all ages suffer from depression globally. Moreover, depression is the second leading cause of suicide in the young generation which is expected to increase due to change in lifestyle and increasing workload. The presence of depression disorder cases is higher in the US. According to the estimates of Anxiety and Depression Foundation facts and statistics, 6.8 million adults, or 3.1% of the US population have been affected by a generalized anxiety disorder. In line with this, 6 million adults, or 2.7% of the US population are affected by panic disorder. Other factors such as chronic medical conditions, crimes such as sexual abuse, femicide along other behavioral issues may further lead to depression, which in turn, creates demand for depression treatment drugs. Segmental Outlook The global depression treatment market is segmented on the basis of drug type into selective serotonin reuptake inhibitors, tricyclic antidepressants, serotonin-norepinephrine reuptake inhibitors, monoamine oxidase inhibitors, and others. Selective Serotonin Reuptake Inhibitors (SSRIs) in Drug Type Segment Hold Significant Share The Selective Serotonin reuptake inhibitors (SSRI) segment is anticipated to grow at a significant pace during the forecast period. The SSRI is a type of drug used to treat mental illnesses such as depression and anxiety disorder by elevating the extracellular levels of serotonin. Selective serotonin reuptake inhibitors are widely used across the globe as they are highly effective in the treatment of depression. These are the most commonly prescribed antidepressant drugs, as it possesses maximum benefits with fewer side effects as compared to other drugs. Similar to other antidepressants, certain SSRIs are prescribed as a treatment for chronic pain conditions. Regional Outlook The global depression treatment market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to be the leading region in the global depression treatment market and is expected to remain dominant during the forecast period. The factors contributing to the growth of this region include the presence of a large number of depression cases and the accessibility of antidepressants across the region. In addition, the government policies regarding drug launches and generic drug production are the major factors driving the growth of the depression treatment market. The Asia-Pacific is estimated to be the fastest-growing region in the depression treatment market during the forecast period (2021-2027). Global Depression Treatment Market Growth, by Region 2021-2027 Source: OMR Global Asia-Pacific is projected to have considerable growth in the global depression treatment market. Asia-Pacific is projected to be the fastest-growing market during the forecast period. The factor contributing to the growth of the depression treatment market in this region includes the rising prevalence of psychiatric disorders. Besides, the development of new therapies and devices to reduce the depression rate by investing high amounts through key market players are the key factors for the market growth. Moreover, the production of new antidepressant drugs in emerging countries such as China, India, Japan, and others is anticipated to drive the depression treatment market in the region. Market Players Outlook Some of the key players of the depression market include Eli Lilly and Co., Johnson & Johnson, Pfizer, Inc., Merck & Co., Inc., H. Lundbeck A/S., F. Hoffmann-La Roche Ltd, and others. In order to gain a strong position in the market, these players adopt various marketing strategies such as mergers & acquisitions, R&D, product launch, and geographical expansion so on. For instance, in August 2019, Lupin, a pharmaceutical company had launched an antidepressant drug Fluoxetine Tablets USP, 10 mg and 20 mg. The company had received the US FDA approval for Prozac which is indicated for the treatment of Major Depressive Disorder (MDD), Obsessive-Compulsive Disorder (OCD), Bulimia Nervosa, and Panic Disorder. The Report Covers * Market value data analysis of 2019 and forecast to 2027. * Annualized market revenues ($ million) for each market segment. * Country-wise analysis of major geographical regions. * Key companies operating in the global depression treatment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report. * Analysis of business strategies by identifying the key market segments positioned for strong growth in the future. * Analysis of market-entry and market expansion strategies. * Competitive strategies by identifying 'who-stands-where in the market.