As per our research report, the global antidepressants market size was valued at USD 15,423 million in 2022, and it is predicted to grow at a CAGR of 2.84 percent between 2022 and 2027, reaching USD 17,742 million in 2027.
As coronavirus sickness (COVID-19) becomes more widespread, there is a lot of dread, worry, and concern among the general populace. Furthermore, because some governments have imposed complete lockdowns and are encouraging the use of social distancing techniques, a significant percentage of the population’s daily routine has been disrupted, negatively impacting people’s mental health. As a result, depression became more common around the world during the COVID-19 epidemic. Depression symptoms were three times as common during COVID-19 than they were prior to the epidemic. Increased stress levels caused by job loss and social isolation were mostly to blame. During the pandemic, COVID-19 is predicted to boost the global antidepressant market.
A Kaiser Family Foundation survey conducted in August 2020 found that 64 percent of households with healthcare workers reported at least one adverse effect on their mental health and wellbeing, such as difficulty sleeping or eating, increased alcohol or drug use, or worsening chronic conditions. In addition, with the Coronavirus Aid, Relief, and Economic Security Act (CARES), USD 425 million was set aside to encourage mental health care for isolated veterans by telemedicine and other programs. As a result, given the increased frequency of sadness and anxiety among the worldwide population as a result of the pandemic, the antidepressant market is anticipated to have a significant impact during the COVID-19 crisis.
The rising prevalence of mental disorders, such as depression and social anxiety, is one of the primary factors driving the growth of the global antidepressant market.
A combination of an aging population and increased depression rates is driving the global antidepressant market to grow faster. Additionally, an increase in the number of people suffering from stress, as well as a greater understanding of the illness and its treatment requirements, could spur sales of antidepressants worldwide. Furthermore, bad eating habits, demanding work schedules, rising technological estrangement from family and loved ones, and an inability to adjust to the world’s rapid pace are all likely to contribute to an increase in the number of people suffering from depression and related ailments.
The development of new methods for producing antidepressants with fewer side effects and longer-term outcomes, as well as increased use of novel treatments, are likely to fuel the worldwide antidepressant market’s expansion throughout the forecast period. Furthermore, as many consumers rely on antidepressant prescriptions to treat depression, anxiety, and other psychological issues, the global prevalence of mental health diseases is fuelling the growth of the antidepressant market. Some anxiety disorders are treated with antidepressant medicines, for instance. Anxiety illness, on the other hand, has a larger market potential because it is the most frequent mental health disorder, impacting over 285 million people globally.
Furthermore, the market is primarily driven by an increase in the number of instances of depression, increased awareness of depression, and the introduction of innovative biologics. Suicide was the tenth-largest cause of death in the United States in 2018, according to the Centres for Disease Control and Prevention (CDC) WISQARS top Cause of Death Reports, claiming the lives of over 48,000 people. Similarly, the frequency of serious suicidal thoughts was highest among young persons aged 18-25 years, according to the National Survey on Drug Use and Health (NSDUH) 2019. Depression is caused mostly by variables such as social isolation and a stressful work environment, which have contributed significantly to the rise in the number of persons suffering from depression.
The global market for antidepressants is anticipated to be limited due to the drug’s low efficacy and safety, as well as a preference for non-pharmacological therapy, resulting in a sluggish pipeline.
Antidepressant approval constraints, patents on crucial blockbuster antidepressant medicines expiring, and strict rules prohibiting the commercial use of antidepressants without a prescription are just a few of the major difficulties confronting the global antidepressant market. In children, young adults, and adolescents, antidepressants can induce dry mouth, weight gain, dizziness, headaches, sexual dysfunction, and increased suicidal thoughts. After stopping antidepressants, discontinuation syndrome might emerge, which is similar to recurrent depression.
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KEY MARKET INSIGHTS:
- During the projected period, the segment of major depression disorders by disease type is expected to dominate. Biologic, psychological, and social factors of misery can all contribute to severe depressive disorder. Risk factors for substance abuse include family history, significant life changes, specific drugs, chronic health issues, and substance abuse. Severe depression is treated with selective serotonin reuptake inhibitors (SSRIs), and there are a variety of therapies available to correct brain abnormalities linked to depression. Due to the growing patient population and the launch of new products, the market is likely to grow.
- Over the forecast period, one of the primary drivers of the antidepressant market in North America, notably in the United States, is likely to be a growth in the number of people suffering from depression. Furthermore, the United States’ senior population is growing, creating new potential for regional market players. Anxiety disorder is one of the most common mental illnesses in the United States, affecting about 40 million individuals each year, or 18.1% of the population, according to the Anxiety and Depression Association of America’s Facts and Statistics. In the United States, more than 16.1 million persons suffer from major depressive disorder each year, with women suffering more than men. As a result, the increased prevalence of illnesses and rising rates of antidepressant use are predicted to drive the market studied throughout the forecast period.
- Depression became more widespread in the United States during the COVID-19 epidemic. According to a study published in JAMA Network Open 2020, depressive symptoms were more than 3-fold higher in the United States during COVID-19 than before the pandemic. This was attributed in part to increased stress levels brought on by job loss and social isolation. Because of the aforementioned arguments, COVID-19 is expected to boost the antidepressant market in the United States during the pandemic.
- In addition, the studied sector is fuelled by a surge in FDA approvals and pipeline items from major regional companies. The US Food and Drug Administration (FDA) approved Spravato (esketamine) nasal spray in March 2019 for the treatment of resistant depression in adults when used in concert with an oral antidepressant. As a result of the aforementioned factors, the antidepressant market in North America is predicted to increase significantly during the forecast period.
- The Asia-Pacific region is seeing a large increase in the market for antidepressant drugs due to a better understanding of treatment procedures. More than 86 million people in Southeast Asia suffer from depression, according to the WHO. Due to low salaries, limited investment, a huge population base, and the availability of skilled labor, Asia Pacific is predicted to grow at a moderate rate during the forecast period, resulting in increased investment by various drug manufacturing enterprises. The Asia Pacific depression pharmaceutical sector, on the other hand, has obstacles due to a lack of resources and qualified healthcare staff. On average, mental health receives less than 1% of government health funding.
- Johnson & Johnson, Sebela Pharmaceutical Inc., Takeda Pharmaceutical Company Ltd., GlaxoSmithKline, Novartis AG, Otsuka Pharmaceutical Co. Ltd., Alkermes PLC, Bristol Myers Squibb Co., H. Lundbeck, Allergan USA Inc., AstraZeneca, Pfizer Inc., and Eli Lilly and Company are among the companies that dominate the global antidepressant market.
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SEGMENTS COVERED UNDER THIS REPORT:
By Disease Type:
- Major depression disorders
- Schizophrenia and bipolar I
- SSRI induced
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Latin America
- Middle East and Africa
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