As per a recently published report by Fact.MR, a market research and competitive intelligence provider, the global depression drugs market is anticipated to top US$ 20 Bn by 2031, progressing at a steady CAGR of 4% over the period (2021-2031).
Depression comprises multiple mental health challenges characterized by the absence of positivity, which leads to feelings such as misery, sadness, and anxiety. Such feelings are normal only if they exist for a short period of time and become a serious condition when the individual feels lost, angry, frustrated, and gloomy very frequently.
Adult and teenage depression is on the rise due to a variety of factors, including poor nutritional habits, social isolation, and work-life imbalance. Rising awareness regarding depression as a psychological disorder and the methods and strategies used to treat it have increased the use of these medications by patients of all groups.
Growing senior population suffers from social isolation from friends and family, as well as other health-related difficulties, which is expected to fuel market growth of depression drugs over the next ten years.
Key Takeaways from Market Study
- Global depression drugs market to top US$ 20 Bn by 2031.
- Serotonin-norepinephrine reuptake inhibitors (SNRIs) expected to record above 2% CAGR over the next 10 years.
- Major depressive disorder segment to record around 1% CAGR over the forecast period of 2021- 2031.
- Market in North America holds share of more than 40%.
“Ongoing research & development, emergence of novel non-pharmacologic and pharmacologic therapies, and growth in the number of collaborations between research institutes and pharmaceutical companies are expected to boost growth of the depression drugs market over the coming years,” says a Fact.MR analyst.
Market players are concentrating on increasing the efficacy of depression medications while reducing their adverse effects. New companies are projected to enter the market and various product approvals are set to broaden the reach of the global market.
- In February 2021, Ginger, a provider of on-demand mental healthcare, announced a collaboration with Capsule, a digital pharmacy. The goal of this collaboration was to provide Ginger members with mental health drugs, such as antidepressants, at their homes.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the depression drugs market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of, drug type (generic depression drugs and branded depression drugs), drug class (serotonin and norepinephrine reuptake inhibitors (SNRIs), selective serotonin reuptake inhibitors (SSRIs), atypical antipsychotics, central nervous system (CNS) stimulants, tricyclic antidepressants, and monoamine oxidase inhibitors), disease type (major depressive disorder, obsessive-compulsive disorder, generalized anxiety disorder, panic disorder, schizophrenia, and bipolar 1 disorder), and distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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