Entry of Novel Pharmacologic and Non-pharmacologic Interventions to Aid Market Growth
Depression today has emerged as a ‘silent killer’ in several regions around the world, particularly in urban cities. The prevalence of depression continues to grow at a rapid pace and has considerably high mortality and morbidity rate due to which, the healthcare sector continues its pursuit for novel medications and therapies. At present, tricyclic antidepressants, selective serotonin reuptake inhibitors (SSRIs), serotonin and norepinephrine reuptake inhibitors (SNRIs), and atypical antidepressants among others. Although these drugs have proved to be highly effective, a large number of patients have reported side effects or have not responded to these drugs in the required manner.
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However, advancements in the neurobiology of depression over the past few years have opened up new avenues for antidepressant treatment. In addition, in the current depression drugs market, market participants are increasingly focusing on the development of novel non-pharmacologic and pharmacologic interventions. Research and development activities are expected to continue in full swing during the course of the forecast period. In addition, several drug developers are increasingly pinning their hopes to establish a strong presence in the depression drugs market landscape on the FDA to approve their products.
At the back of these factors, along with growing awareness regarding depression, the global depression drugs market is expected to attain a market value of US$ 24.3 Bn by the end of 2030. The evolving regulatory landscape, along with the fast-paced development of new depression medications are likely to influence the overall growth trajectory of the depression drugs market during the assessment period.
Research and Development Activities to Remain Key for Market Growth
Major depressive disorder (MDD) continues to remain one of the leading causes of disability around the world. Conventional medications and methods to address depression have repeatedly exhibited a low success rate and are reportedly effective for ~40% patients. These factors have compelled researchers, scientists, and drug developers to explore new pathways that are likely to increase the efficacy of the treatment for major depressive disorder. Research and development activities are likely to influence the overall growth of the depression drugs market. Several research projects around the world are increasingly contributing to the development of novel medications, drugs, and therapies.
For instance, a team of researchers at the Icahn School of Medicine at Mount Sinai, are studying the interleukin-6 molecule– a protein that primarily facilitates communication between different cells. As per the research, individuals suffering from depression have higher levels of IL-6. Another aspect of the research primarily focuses on ezogabine– an anticonvulsant drug that offers immense promise in minimizing symptoms of depression, including low motivation, lack of interest, and inability to feel pressure, among others.
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To date, severe depression is largely treated with tricyclic anti-depressants– a class of drugs that is more effective than other classes of drugs used to address mild to moderate depression. However, the demand for tricyclic anti-depressants is gradually expected to decline due to the side effects associated with them. However, in March 2020, a group of researchers from the University of Copenhagen in collaboration with the National Institutes of Health in Baltimore and Lundbeck A/S has revealed that the team has discovered a potential drug that is likely to ease the side effects of medication that is used to address severe depression.
Market Participants Focus on Attaining FDA Approval for Newly Developed Drugs
Conventional classes of drugs, including monoamine oxidase inhibitors and tricyclic antidepressants have remained popular in the depression drugs market over the past three decades. Over time, the uptake of serotonin reuptake inhibitors, first-generation antipsychotics, and various modern forms of psychotherapy has increased at a rapid pace. Although several pharmaceutical companies have gradually refrained from investing resources in research activities due to continual failure of several trials, several market operators have pinned their hopes on ketamine and various other emerging psychiatric medications. The future of the mental health treatment sector primarily depends on two major factors– investments for drug development & clinical trials and approval from the FDA.
The FDA has played an integral role in introducing new drug therapies and medications to the depression drugs market in the U.S. For instance, in March 2019, the FDA approved a unique postpartum depression drugs that has offered promising results in clinical trials. Another major breakthrough in the depression drugs market is the approval of a nasal spray to address treatment-resistant depression. Similar such trends are expected to provide a notable boost to the overall growth of the depression drugs market during the assessment period.
Demand for Antidepressants Remains Steady amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to have an impact on the overall growth of the depression drugs market, as a large number of individuals suffering from mental health conditions is increasingly leaning toward prescription drugs such as benzodiazepines and antidepressants. In addition, as governments in several nations have imposed lockdowns as a preventive measure to contain the transmission of the novel coronavirus, the demand for antianxiety medications has witnessed a considerable growth. The number of prescriptions for antidepressants witnessed a noteworthy growth during the first two quarters of 2020 and the trend is likely to continue in the next two quarters of 2020.
The global depression drugs market is expected to grow at a sluggish CAGR of 2.3% during the forecast period. Much of the market growth can be attributed to ongoing research and development activities, development of novel non-pharmacologic and pharmacologic interventions, increase in the number of collaborations between research institutes and pharmaceutical companies, and most importantly the growing prevalence of mild to severe depression around the world. Market players should focus on improving the effectiveness of their drugs, along with minimizing the side effects of the same.
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Depression Drugs Market: Overview
Depression drugs are medications used to treat major depressive disorders, some anxiety disorders, chronic pain conditions, and to help manage some addictions. Common side effects of depression drugs include dry mouth, weight gain, dizziness, headaches, and sexual dysfunction.
According to an analysis by the National Center for Health Statistics, the percentage of the U.S. population aged over 12 who took depression drugs was 12.7% in October 2017. Most depression drugs are used to treat depression, while some are prescribed for other conditions.
The burden of depression is rising across the world. According to the WHO, more than 800,000 people commit suicide every year, and depression is the second leading cause of death in people aged 15 to 29. Major depressive disorder (MDD) affects nearly 121 million people globally. According to the WHO, an estimated 4.4% of the global population suffers from depressive disorders and 3.6% from anxiety disorder. The World Health Survey (WHS) conducted in 2013 indicated that the prevalence of depression in countries classified according to economic development was similar, with 6.0% in low-income countries and 7.6% in upper-middle-income countries. Rise in the number of cases and increase in awareness among patients about diagnosis and treatment of depression are likely to drive the global depression drugs market.
Surge in Awareness about Depression
Rise in awareness about mental illness and available treatments drives the global depression drugs market. A number of people do not truly understand mental illness.
Remote counselling is increasing in the U.K., with services such as TalkSpace and BetterHelp pairing individuals with counsellors who can offer support and guidance over text messages. In Finland, an online therapy service called Mental Health Hub was set up 10 years ago in light of how hard it was for patients in rural areas to get help. Rise in awareness and technological advancements in communicating with people are expected to augment the depression drugs market in the near future.
Market Segmentation: Depression Drugs Market
In terms of drug class, the global depression drugs market has been divided into selective serotonin reuptake inhibitors (SSRIs), serotonin and norepinephrine reuptake inhibitors (SNRIs), atypical antidepressants, tricyclic antidepressants, and others
Based on disease type, the global depression drugs market has been classified into major depressive disorder, schizophrenia and bipolar I disorder, obsessive-compulsive disorders (OCD), anxiety disorder, and others
In terms of distribution channel, the global depression drugs market has been categorized into retail pharmacies, hospital pharmacies, and online pharmacies
Each of the segments has been analyzed in detail for market trends, recent trends & developments, drivers, restraints, opportunities, and useful insights. The depression drugs market report provides current and future revenue (US$ Mn) for each of these segments for the period from 2018 to 2030, considering 2019 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment of the global depression drugs market from 2020 to 2030, along with market size estimations.
Regional Overview: Depression Drugs Market
In terms of region, the global depression drugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
The current and future market sizes in terms of revenue (US$ Mn) of these regional markets and their major countries have been provided in the depression drugs market report for the period from 2018 to 2030, along with their CAGRs for the period from 2020 to 2030
The study also offers a list of recommendations, highlights, and useful insights of the depression drugs market, which will help new companies willing to enter the market and existing companies to increase market share, and help in the decision-making process
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The report concludes with the company profiles section that includes key information about the major players in the depression drugs market
Leading players analyzed in the depression drugs market report are
- Johnson & Johnson
- Otsuka Pharmaceutical Co., Ltd.,
- Novartis AG
- Eli Lilly and Company
- Takeda Pharmaceutical Company Limited
- Abbott, Pfizer
Each of these players has been profiled in the report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments
Key Questions Answered in Depression Drugs Market Report
- What is the sales revenue expected to be generated by depression drugs across all regions during the forecast period?
- What are the opportunities in the global depression drugs market?
- What are the major drivers, restraints, opportunities, and threats in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which disease type segment is expected to generate the highest value globally in 2030? Which disease type segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
Depression Drugs Market – Segmentation
- Selective Serotonin Reuptake Inhibitors (SSRIs)
- Serotonin and Norepinephrine Reuptake Inhibitors (SNRIs)
- Atypical Antidepressants
- Tricyclic Antidepressants
- Others (CNS Stimulants, Monoamine Oxidase Inhibitors, etc.)
- Major Depressive Disorder
- Schizophrenia and Bipolar I Disorder
- Obsessive-Compulsive Disorders (OCD)
- Anxiety Disorder
- Others (ADHD, SSRI-induced Disorder, etc.)
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Depression Drugs Market
4. Market Overview
4.1. Introduction & Overview
4.2. Product Overview
4.3. Market Dynamics
4.4. Global Depression Drugs Market Analysis and Forecast, 2018–2030
5. Market Outlook
5.1. Pipeline Analysis
5.2. Disease Prevalence & Incidence Rate globally with key countries
5.3. Regulatory Scenario
5.4. Key Mergers & Acquisitions
6. Global Depression Drugs Market Analysis and Forecast, by Drug Class
6.1. Introduction & Definition
6.2. Global Depression Drugs Market Value (US$ Mn) Forecast, by Drug Class, 2018–2030
6.2.1. Selective Serotonin Reuptake Inhibitors (SSRIs)
6.2.2. Serotonin and Norepinephrine Reuptake Inhibitors (SNRIs)
6.2.3. Atypical Antidepressants
6.2.4. Tricyclic Antidepressants
6.3. Global Depression Drugs Market Attractiveness Analysis, by Drug Class
7. Global Depression Drugs Market Analysis and Forecast, by Disease Type
7.1. Introduction & Definition
7.2. Global Depression Drugs Market Value (US$) Forecast, by Disease Type, 2018–2030
7.2.1. Major Depressive Disorder
7.2.2. Schizophrenia and Bipolar I Disorder
7.2.3. Obsessive-Compulsive Disorders (OCD)
7.2.4. Anxiety Disorder
7.3. Global Depression Drugs Market Attractiveness Analysis, by Disease Type
8. Global Depression Drugs Market Analysis and Forecast, by Distribution Channel
8.1. Introduction & Definition
8.2. Global Depression Drugs Market Value (US$ Mn) Forecast, by Distribution Channel, 2018–2030
8.2.1. Hospital Pharmacies
8.2.2. Retail Pharmacies
8.2.3. Online Pharmacies
8.3. Global Depression Drugs Market Attractiveness Analysis, by Distribution Channel
9. Global Depression Drugs Market Analysis and Forecast, by Region
9.1. Key Findings
9.2. Global Depression Drugs Market Value (US$ Mn) Forecast, by Region
9.2.1. North America
9.2.3. Asia Pacific
9.2.4. Latin America
9.2.5. Middle East & Africa
9.3. Global Depression Drugs Market Attractiveness Analysis, by Region
10. North America Depression Drugs Market Analysis and Forecast
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