Selbyville, Delaware, Sept. 15, 2021 (GLOBE NEWSWIRE) --
According to latest report “Antidepressant Drugs Market by Drug Class (Selective Serotonin Reuptake Inhibitors {SSRIs}, Serotonin-norepinephrine Reuptake Inhibitors (SNRIs), Tricyclic Antidepressants), Application (Major Depressive Disorder, Obsessive-compulsive Disorder, Generalized Anxiety Disorder, Panic Disorder), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of antidepressant drugs will cross $22 billion by 2027. Development of novel drugs with growing prevalence of mental disorders will boost the overall market growth.
Rising number of clinical trials leading to increasing novel drug approvals will fuel the market expansion. Market leaders and government organizations are actively involved in broadening product availability across middle as well as low-income groups. Moreover, the active participation of industry participants in the development of antidepressant drugs and significant number of late stage clinical trials is expected to augment the market progression. Further, high adoption of artificial intelligence (AI) and machine learning in diagnosis of depression will enhance the physician’s ability to provide accurate medications.
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Growing prevalence of chronic diseases are contributing to psychological burden on patients as it requires long term medications that adds to economic cost specifically in low income countries. According to the World Health Organization, around 76% to 85% patients with depression are reported in low or middle-income economies. Additionally, patients are unable to receive treatments in underdeveloped countries due to social stigma, lack of resources and trained healthcare professionals.
The tricyclic antidepressants segment in the antidepressant drugs market is poised to witness 7.8% growth rate through 2027. Tricyclic antidepressants are also available for off-label use in treatment of patients suffering from major depressive disorder (MDD), post-traumatic stress disorder (PTSD), panic disorder and several other mental health conditions. Its applications in different disease areas drive the sales. In addition, increasing acceptance in treatment of opioid related disorders, stress management and chronic disease management will influence the segment growth in the coming years.
Major depressive disorders segment held majority of antidepressant drugs market share in 2020. High prevalence rate in developed countries is notable propelling factor for the segment expansion. For instance, according to the National Institute of mental health (NIMH), around 17.3 million people were suffering from major depressive episodes in the U.S. during 2017. The incidence is higher in adults aged 18 to 25 years. Thus, with high stress conditions owing to several socioeconomic factors and significant spending ability within this age group, the segment is anticipated to flourish at considerable rate during the forecast timeframe.
Asia Pacific antidepressant drugs market is predicted to showcase fastest growth rate through 2027 led by the growing prevalence of chronic diseases contributing to the psychological burden. According to the World Health Organization, among overall population suffering through depressive conditions nearly 50% were from APAC region. These patients represent business development opportunities for international industry players. Further, increasing healthcare expenditures and availability of mental health care across the region with government support will impel product sales. Therefore, strong presence of market players with large patient pool will foster the regional growth.
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Major companies operating in the antidepressant drugs market are Novartis AG, are Eli Lilly & Company, Pfizer, Bristol-Myers Squibb, GlaxoSmithKline, Patheon Inc, Sandoz Inc., N.V. Organon, Takeda Pharmaceuticals and Janssen Pharmaceuticals. Key industry leaders are implementing numerous strategies such as new product development, collaboration and high investment in research and development activities to strengthen their foothold in the market. The participants are constantly developing novel products or therapies.
Table of Contents (ToC) of the report:
Chapter 3 Antidepressant drugs Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By drug class
3.4.2 By application
3.5 COVID-19 impact analysis
3.6 Prescription pattern analysis
3.6.1 By gender
3.6.2 By Age group
3.7 Porter’s analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
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https://www.gminsights.com/toc/detail/antidepressant-drugs-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
