Depression has emerged as a ‘silent killer’ in several regions across the world, particularly in urban cities. The prevalence of depression continues to grow rapidly with considerably high mortality and morbidity rate due to which, the healthcare sector continues its pursuit of novel medications and therapies. Antidepressants are prescribed in serious to mild mental health conditions such as major depression and anxiety. Antidepressant drug category is highly lucrative due to low availability of alternative drug therapies for the treatment of such disorders. Drug manufacturers are increasingly advancing the antidepressant drug category by introducing innovative therapies such as selective serotonin reuptake inhibitors (SSRIs) and selective norepinephrine reuptake inhibitors (SNRIs). Depression is one of the most common mental disorders, which are primarily treated by antidepressants. According to National Health Service Digital (NHS Digital), UK, antidepressant medication prescription observed the largest increase in 2016.
Market Dynamics
The global depression drugs market is driven by factors such as absence of alternative therapies and high presence of generic drug manufacturers in the market. Increasing number of major drugs are losing patent protection due to which increasing number of generic manufacturers are developing product variations, which in turn is boosting the growth of the market. Proven effectiveness of these medications in improving medical outcomes and increasing prevalence of disorders such as depression are fueling growth of the market.
For instance, Fetzima, manufactured by Allergan Plc., is protected by three patents, which are expected to expire in 2031, 2032, and 2023.
However, life threatening side effects associated with these medications as indicated by the black box warning on the packaging, as well as lack of research and development by major players are expected to hinder growth of the depression drugs market.
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