As per a recently published report by Fact.MR, a market research and competitive intelligence provider, the global depression drugs market is anticipated to top US$ 20 Bn by 2031, progressing at a steady CAGR of 4% over the period (2021-2031).
Depression comprises multiple mental health challenges characterized by the absence of positivity, which leads to feelings such as misery, sadness, and anxiety. Such feelings are normal only if they exist for a short period of time and become a serious condition when the individual feels lost, angry, frustrated, and gloomy very frequently.
Adult and teenage depression is on the rise due to a variety of factors, including poor nutritional habits, social isolation, and work-life imbalance. Rising awareness regarding depression as a psychological disorder and the methods and strategies used to treat it have increased the use of these medications by patients of all groups.
Growing senior population suffers from social isolation from friends and family, as well as other health-related difficulties, which is expected to fuel market growth of depression drugs over the next ten years.
Key Takeaways from Market Study
- Global depression drugs market to top US$ 20 Bn by 2031.
- Serotonin-norepinephrine reuptake inhibitors (SNRIs) expected to record above 2% CAGR over the next 10 years.
- Major depressive disorder segment to record around 1% CAGR over the forecast period of 2021- 2031.
- Market in North America holds share of more than 40%.
“Ongoing research & development, emergence of novel non-pharmacologic and pharmacologic therapies, and growth in the number of collaborations between research institutes and pharmaceutical companies are expected to boost growth of the depression drugs market over the coming years,” says a Fact.MR analyst.
How are Research & Development Activities Fueling Depression Drug Sales?
Traditional depression-managing medications and treatments have a low success rate, with just 40% of patients reportedly recovering. These concerns have driven academics, scientists, and medication makers to look for novel approaches to improve the efficacy of major depressive disorder treatments.
Over the last few years, advances in the neuroscience of depression have opened up new anxiety disorders and depression treatment options. Moreover, market players are actively focusing on the development of novel non-pharmacologic and pharmacologic therapies in the existing mental health drugs market.