Depression is one of the major healthcare burdens worldwide leading to lower productivity and in severe cases leading to suicidal tendencies. Anti-depressant and anti-psychotic drugs are especially high in demand during economic crisis and social negligence. These drugs also serve as a therapy for preventing suicidal thoughts and attempts. However, overdose of these drugs can be fatal and therefore, needs to be administered under the direction of a physician. Extensive research related to suicide treatment is expected to provide a better solution to the global population during the latter half of the forecast period (2016-2024). This would improve the outlook of global anti-suicide drugs market and would help in reducing deaths due to suicide.
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The global anti-suicide drugs market was valued at US$ 3,318.3 million in 2015 and is expected to witness a moderate CAGR of 4.2% during the forecast period (2016 – 2024).
Figure 1. Global Anti-Suicide Drugs Market, Drug Pipeline Snapshot
Source: Coherent Market Insights Analysis (2017)
Anti-Suicide Drugs Market to be on High Growth Trajectory Post Launch of Anti-Suicidal Drug
NeuroRx Pharma has developed a novel anti-suicidal product Cyclurad (D-cycloserine and Lurasidone) which is indicated for Acute Suicidal Ideation/Behavior (ASIB) in Bipolar Depression. The estimated commercialization of the drug post-2020 is expected to be a major breakthrough innovation for the anti-suicide drugs market. Moreover, introduction of other such novel drugs for suicide would augment the anti-suicide market growth. People with major depressive disorder and risk for suicide would greatly benefit from such novel drug therapies.
High Suicidal Rates to Contribute Towards the Positive Anti-Suicide Drugs Market Outlook
According to the World Health Organization (WHO), suicide accounted for 1.4% of the total deaths worldwide in 2012, accounting for around 800 thousand deaths each year. Russia, India, Republic of Korea, Guyana, Lithuania, Sri Lanka, Hungary, Kazakhstan, and Japan are among the nations with high suicidal rates as per the WHO 2012 data. Emerging nations therefore possess immense opportunity for anti-suicidal drugs. However, being the first ever oral anti-suicidal therapeutic drug, companies are likely to capture the anti-suicide drugs market in developed regions such as North America and Western Europe. This mainly due to rapid adoption of new therapies and accessibility to healthcare facilities in these regions as compared to emerging economies.
Anti-Suicide Drugs Market to Gain Initial Traction in Developed Economies
Major players operating in the global anti-suicide drugs market include Pfizer, Inc., AstraZeneca plc, Eli Lilly and Company, Allergan plc, GlaxoSmithKline plc, Merck & Co., Inc., H. Lundbeck A/S, NeuroRx, Inc., and Johnson & Johnson. High healthcare expenditure in developed economies of North America and Europe is responsible for a higher market size of anti-suicidal drugs in these regions. Moreover, developed regions offer better healthcare infrastructure and are usually early adopters of new therapies. The anti-suicide drugs market in North America and Europe is expected to gain significant traction during the latter half of the forecast period, with the launch of anti-suicidal drug. Increasing healthcare expenditure in emerging economies and high prevalence of suicides in these regions is expected to bring about a paradigm shift in the market. Companies are expected to focus on capitalizing on lucrative opportunities in these regions at the turn of the following decade. This would ensure sustained growth for the market in the foreseeable future.
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