Global Antidepressant Drugs Market incurred $13,755 million in 2016 and is projected to attain $15,983 million by 2023, growing at a CAGR of 2.1% during the forecast period, 2017 to 2023.
In 2016, North America was the dominant revenue contributor, owing to the high prevalence rate of depression, presence of high disposable income, and increase in number of prescriptions for antidepressants. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to presence of populace countries such as India and China leading to large number of people suffering from depression and rise in healthcare expenditure.
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The key drivers that facilitate the growth of the global antidepressant drugs market are the surge in the prevalence of depression, rise in geriatric population, and an increase in awareness towards depression. However, market growth is impeded by poor efficacy & safety profiles, preference of non-pharmacological therapies over pharmacological therapies, and patent expiry of antidepressants. Conversely, the emergence of novel multimodal therapies is set to create lucrative opportunities for investors in the near future.
The report segments the global antidepressant drugs market by depression disorder, product, and geography. Based on depression disorder, the market is categorized into major depressive disorder, obsessive-compulsive disorder, generalized anxiety disorder, panic disorder, and others. In 2016, major depressive disorder segment contributed the maximum revenue towards the global market, owing to a surge in population being diagnosed with this disorder due to increase in stress levels. However, obsessive-compulsive disorder segment is expected to grow at the fastest rate throughout 2023.
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The report also profiles key players involved in the global antidepressant drugs market, such as Alkermes Plc, Allergan Plc, Bristol Myers Squibb Co., Eli Lilly and Co., GlaxoSmithKline Plc, H. Lundbeck, Merck & Co., Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., and Takeda Pharmaceutical Co. Ltd. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
Based on product, the report divides the market into tricyclic antidepressants, selective serotonin reuptake inhibitors, serotonin-norepinephrine reuptake inhibitors, monoamine oxidase inhibitors, serotonin antagonist and reuptake inhibitors, and others. Selective serotonin reuptake inhibitors segment was the leading contributor to the global market in 2016, owing to the availability of large number of these drugs, and is expected to continue its dominance throughout the forecast period, 2017-2023.
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