Global Antidepressants Market - Segmented by Antidepressants therapies, Depressive Disorders, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global antidepressants market has been estimated at USD 11.6 billion in 2017. The market is expected to register a CAGR of 1.8% during the forecast period, 2018 to 2023. North America accounted for the largest market, while Europe is the next to North America in the healthcare asset management market and Asia-Pacific was estimated to register the CAGR growth through the forecast period, 2018-2023.
Number of Patients
Globally, more than 300 million people across all age groups suffer from depression, and this number is rising at a fast pace. The growth in the number of young adults affected by some forms of depression is as high as 8%. Depression due to factors, such as social isolation, stressful work environment, etc. has contributed the most toward increasing the number of people with depression. It is estimated that in a given population about 11% develops one or the other depressive disorder by the age of 18, which becomes a leading cause of suicide. The number of people falling prey to depression and related disorders will continue to increase, as a result of improper eating habits, stressful work schedule, increasing isolation from family and loved ones, due to technology, and the inability to adapt to the rapid pace in which world is moving forward. The depression rate is increasing. So, the market is expected to grow positively in the forecast period due the increase in the number of patients and by increasing the knowledge regarding depression.
Efficacy and Safety Profiles
The major factors restraining the growth of antidepressants market are poor efficacy and safety profiles of drugs, repeated drug failures in many clinical trials, and availability of generics in the market. On the other hand, some meta-analyses (studies that combine the results from many different trials) have shown that antidepressants can certainly be efficacious for some people. According to research publications, it has been found that while antidepressants can be helpful for some, especially among teens with depression, it is the combination of medication and cognitive behavioral therapy that is most effective in achieving remission sooner. So the factors like facilities available in healthcare are restraining the growth of the market along with the other factors such as the issues related to accuracy of these devices and data Integrity and safety is also a limiting the growth of the market.
North America to Dominate the Market Growth
North America accounted for the largest market, accounting for around 36% of the global market share. In North America, due to the presence of a huge patient population suffering from several types of anxiety disorders and depression. Canadians are among the world's biggest users of antidepressants, with as much as 9% of the population on one depression-fighting drug or another. Like other countries, the use of antidepressants in the US has soared. Along with the North America region, Europe is also the leading region in the global antidepressants market. Asia-Pacific is fastest growing region for antidepressants and portrays huge potential for growth in the future due to increasing prevalence of psychiatric disorders and rapid economic growth in this region.
Key Developments in the market