Antidepressant Drugs Market worth over $22bn by 2027

Antidepressant Drugs Market size is set to surpass USD 22 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Rising incidence rate of depression will augment the demand for antidepressant drugs during forecast period. The prevalence is attributed to social isolation, childhood enuresis, post-traumatic stress disorder, psychological burden due to chronic health problems, inability to adopt rapid pace of social lifestyle and stressful work culture among several other factors. For instance, according to the World Health Organization (WHO), more than 264 million people were suffering through depression, globally, in 2020. Severe long-term depression can lead to suicidal thoughts among patients. There has been considerable increase in number of suicides with depression as stated reason over paste few years.
 

High investment by key players in research and development activities for new product development with least adverse effects will boost the overall market growth. Growing awareness about mental disorder treatment and increasing consultations for psychological conditions will further stimulate the demand for new therapies.
 

The COVID-19 pandemic has positively impacted the antidepressant drugs market. During the pandemic significant portion of population has experienced economic crisis with job insecurities and psychological imbalance owing to social isolation. To address this situation, several governments as well as non-profit organizations has undertaken initiatives to spread awareness regarding mental health and providing online consultation. This has also allowed physicians to reach broader population and offer appropriate treatments, thus benefiting the product demand.
 

Preference for drugs with fewer side effects will influence the demand for selective serotonin reuptake inhibitors

Selective serotonin reuptake inhibitors (SSRIs) segment dominated more than 57% of revenue share in 2020 led by the introduction of novel products.  SSRIs are specifically used to increase the level of serotonin in the brain and block the reabsorption in the neurons to treat mental conditions including depression. Further, these drugs are gaining popularity as first of choice treatment credited to relatively fewer side effects. Therefore, the growing patient pool preferring medications with less adverse effects, more accuracy, efficiency and pharmacological effects will positively impact the product sales over the coming years.
 

Browse key industry insights spread across 120 pages with 137 market data tables & 11 figures & charts from the report, “Antidepressant Drugs Market Size By Drug Class (Selective Serotonin Reuptake Inhibitors {SSRIs}, Serotonin-norepinephrine Reuptake Inhibitors (SNRIs), Tricyclic Antidepressants), By Application (Major Depressive Disorder, Obsessive-compulsive Disorder, Generalized Anxiety Disorder, Panic Disorder), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/antidepressant-drugs-market
 

Demand for highly effective therapies due to increasing incidence of risk factors leading to depression will offer unprecedented growth opportunities

Obsessive-compulsive disorder segment is projected to witness 7% growth rate through 2027. People with high stress level, habitual behaviors, chemical and functional abnormalities in brain are susceptible to obsessive compulsive disorder. According to the Anxiety & Depression Association of America, in 2020, nearly 2.2 million people affected by obsessive-compulsive disorder in the U.S that represents approximately 1% of overall population in the country. With higher risk of some causative factors owing to adoption of sedentary lifestyle, the demand for treatment therapies will also increase that will drive the segment growth.
 

Awareness and education regarding treatment therapies for psychological disorders will accelerate the product demand in North America region

North America antidepressant drugs market size was over USD 4.5 billion in 2020. According to the Anxiety and Depression Association of America, around 40 million individuals aged 18 and above are suffering from anxiety disorders in the U.S. Rapid change in lifestyle and socio-economic changes are responsible for increasing prevalence rate in the region. Thus, increasing cases has ultimately escalated the product demand. Along with prevalence, rising awareness regarding treatment with government initiatives, presence of strong market participants and acceptance of advanced drug treatments by American population are some of the factors driving the regional growth.
 

Adoption of collaborative and product development strategies by key players will foster the market expansion

Some of the notable companies operating in the market are Eli Lilly & Company, Pfizer, Bristol-Myers Squibb, GlaxoSmithKline, Patheon Inc, Sandoz Inc., N.V. Organon, Takeda Pharmaceuticals, Janssen Pharmaceuticals, Novartis AG, Opko Health, Intra-Cellular Therapies, Otsuka Pharmaceutical, Zhejiang NHU Company Ltd. and Sun Pharmaceuticals Pvt. Ltd.. Product development, collaborations and partnerships are key strategies implemented by these leaders to expand market footprint.