According to the World Health Organization (WHO), depression and anxiety disorders, including stress-related psychiatric conditions, would rival cardiovascular diseases by 2020 as the major health disorder with the highest disease burden globally. Antidepressants and anxiolytics are the medications used to treat various types of depression and anxiety disorders and prevent them from recurring. Anxiety is a natural reaction to stress, trauma and fear, which can be experienced by everyone at times. However, when this condition becomes severe, it might challenge an individual’s capability to lead a normal life. Similarly, depression is a state of low mood and aversion to daily activities that can affect an individual’s feelings, thoughts, sense of well-being and behavior. Various researches reveal that anxiety disorders and depression are the major risk factors for suicide among humans. Over 90% of individuals who commit suicide have some sort of diagnosable mental illness. It has also been reported that depression and anxiety disorders are more prevalent in developed economies such as the U.S., Canada, France, Germany, the U.K., and Italy due to the high levels of work-associated stress, personal relationships, societal factors, environmental factors as well as genetic aspects prevalent in these geographies.
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Presently, the global anxiety disorders and depression treatment market is on a decline due to patent expiry of major antidepressants, weak pipeline of novel drugs and increasing number of generic drug variants. However, driving factors such as increasing prevalence of anxiety disorders and depression and rising geriatric population prone to psychiatric disorders are expected to offset the declining growth of the market in the near future.
The anxiety disorders and depression treatment market has been segmented based on drug classes most commonly used for the treatment and prevention of psychiatric disorders. Based on drug classes, the market has been segmented into selective serotonin reuptake inhibitors (SSRIs), tricyclic antidepressants (TCAs), serotonin-norepinephrine reuptake inhibitors (SNRIs), tetracyclic antidepressants (TeCA), monoamine oxidase inhibitors (MAOIs), benzodiazepines, atypical antipsychotics, anticonvulsants and beta blockers. SNRIs accounted for the largest share of the depression treatment market in 2013. However, the segment is expected to witness a decline in revenue during the forecast period. Patent expirations of leading branded formulations such as Cymbalta and Effexor XR coupled with growing influx of generic formulations are some of the major factors expected to affect the growth of the segment. Similarly, SSRIs accounted for the largest share of the anxiety disorders treatment market in 2013. However, the market for SSRIs is expected to decline due to patent expirations, growing prevalence of treatment-resistant psychiatric disorders and high adoption rate of generic drugs.
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North America is the largest market for anxiety disorders and depression treatment drugs due the presence of large patient population suffering from various types of anxiety disorders and depression. However, the anxiety disorders and depression treatment market in the U.S. is currently saturated, as several antidepressant drugs are available on prescription for the same indication. Hence, the future growth of the market would depend on introduction of efficacious drugs for new indications. Moreover, loss of patent exclusivity, market maturity, generic infiltration and shortened drug lifecycles are the additional factors that contribute to the decline in market growth in the region. Asia Pacific is expected to witness an appreciable growth due to multiple factors such as high prevalence of psychiatric disorders and rapid economic growth in countries such as China, Japan and Australia. Additionally, positive marketing approval for innovative medicines is likely to drive the market in the near future.
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Currently, the market is highly fragmented and competitive in nature due to the involvement of both large and small pharmaceutical companies. AstraZeneca plc, Eli Lilly and Company, Forest Laboratories, Inc., GlaxoSmithKline plc, H. Lundbeck A/S, Johnson & Johnson, Merck & Co., Inc., Pfizer, Inc. and Sanofi S.A. are major companies operating in the anxiety disorders and depression treatment market. Majority of the market players are focusing on expanding distribution network as well as expanding geographical presence, as Asia Pacific, the Middle East, and Latin America are developing regions with an increasing prevalence of various types of anxiety disorders and depression and improving economic conditions.
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