Global Antidepressant Drugs Market Forecast up to 2018 – 2024
Global Antidepressant Drugs Market – Drivers, Restraints, Opportunities, Trends, and Forecast: 2018–2024
Overview: Depression is a serious mental illness affecting more than 350 million people globally. This is also known as “major depression disorder” or “unipolar depression”. According to a report by the Psychiatric Association, nearly 14.8 million adults in the US are suffering from depression. Growing aging population and increasing prevalence of depression are the primary factors driving the global antidepressant drugs market growth. Supportive initiatives from the government & other organizations and increasing clinical trials will provide an opportunity for the market growth in the future.
At the global level, over 300 million people are estimated to suffer from depression, which is equivalent to 4.4% of the world’s total population. Only less than 10% of the affected people are treated although there is the availability of branded and effective treatments for depression. The challenges for effective care include lack of capitals, unavailability of qualified health-care providers, and public stigma associated with mental disorders. Along with these, imprecise assessment of the condition is also a challenge faced globally.
Market Analysis: The “global antidepressant drugs market” is estimated to witness a CAGR of 2.2% during the forecast period 2018–2024. The global antidepressant drugs market is analyzed based on drug class and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). North America accounts for the largest share of the antidepressant drugs market, followed by Europe, Asia Pacific, and Rest of the World. North America alone occupies more than 30% of the market, with a significant contribution from the US to the market growth.
Drug Class Analysis: Based on the drug class, the market is segmented into selective serotonin reuptake inhibitors (SSRIs), norepinephrine–dopamine reuptake inhibitors (NDRI), serotonin and norepinephrine reuptake inhibitors (SNRIs), monoamine oxidase inhibitors (MAOIs), tricyclic antidepressants (TCAs), and others. SSRIs are the most attractive drug in the market, owing to the highly effective treatment of depression and anxiety.
Key Players: Novartis AG, Allergan Inc., Elli Lilly and Company, AstraZeneca plc, GSK, Otsuka Holdings Co., Ltd., and Johnson & Johnson are the key players in the market. The other prominent players include Pfizer, Shionogi & Co. Ltd., Abbott Laboratories, Takeda Pharmaceutical Co., Ltd., and H. Lundbeck A/S.
Competitive Analysis: Government initiatives have been greatly changing the market scenario. Many initiatives are taken to increase the awareness and reduce the suicidal rate globally. Depression is confined by the mental health Gap Action Programme (mhGAP) of the World Health Organization (WHO) to assists countries to increase their facilities for those suffering from mental disorders, through special aid by healthcare workers. A special transitory is established by WHO for the treatment of depression. The companies are striving to develop innovative drugs to address the unmet needs in the market. For instance, in May 2018, Esketamine Nasal Spray of the Janssen Pharmaceutical Companies of Johnson & Johnson demonstrated rapid enhancements in depressive symptoms in patients with treatment-resistant depression in Phase III trials. Thus, this drug is expected to be one of the bestsellers in the market.
Benefits: The report provides complete details about the usage and adoption rate of antidepressant drugs in various regions. With that, key stakeholders can know about the major trends, drivers, investments, and vertical player’s initiatives. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.