Pune, India, Jan. 28, 2021 (GLOBE NEWSWIRE) -- The global depression treatment therapy market size is expected to gain momentum backed by the increasing incidence of suicides and the growing number of psychiatrists that is likely to boost the adoption of advanced depression treatment therapy modules worldwide. This information is published by Fortune Business Insights in its upcoming report, titled, “Depression Treatment Therapy Market Size, Share & Industry Analysis, By Type (Medications, Devices), By Disease Indication (Major Depression, Bipolar Depression, Seasonal Affective Disorder (SAD), Premenstrual Dysphoric Disorder (PMDD), Others), By End User (Hospitals, Specialty Clinics, Others) and Regional Forecast 2020-2027.”
There are about 264 million people who suffer from some type of mental illness across the globe, according to the World Health Organization. The depression treatment therapy has witnessed significant changes due to technological advancement and growing awareness amongst the general population.
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Increasing Incidence of Suicides to Accelerate Growth
According to the World Health Organization, nearly 800,000 cases of death due to suicide are witnessed across the globe. The increasing prevalence of suicide cases is propelling the need for advanced depression treatment therapy solutions. Moreover, to deal with several depression cases the growing number of psychiatrists is likely to be foreseen as a positive sign for the global depression treatment therapy market growth during the forecast period. For instance, in 2020, according to the psychiatryonline, there were around 42,221 psychiatrists in the U.S. and is projected to reach 54,790 by 2040.
Increasing Incidence of Depression Disorders in North America to Augment Growth
Among all the regions, North America is expected to hold the highest position in the global depression treatment therapy market during the forecast period. This is attributable to the increasing incidence of depression disorders in countries such as the U.S. that is propelling the demand for advanced depression treatment therapy procedures in the region between 2020 and 2027.
The market in Asia-Pacific is expected to experience substantial growth backed by the growing demand for effective drug therapies in the region.
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in resumption of industrial activities.
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Major Companies Focus on Investment in R&D Activities to Brighten Their Market Prospects
The global depression treatment therapy market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are investing in R&D activities to develop effective depression treatment therapy solutions to cater to the growing need amongst patients. Moreover, other key players are adopting organic and inorganic growth strategies that are likely to bode well for the market growth.
Industry Development:
- November 2020 – Janssen, a global pharma firm, announced its partnership with Koa Health, a leading digital mental healthcare provider. Together, the companies will work to provide effective digital treatment for patients suffering from depression and further strengthen their positions in the global market for depression treatment therapy.
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List of the Companies Operating in the Global Market for Depression Treatment Therapy:
- Pfizer Inc.
- Teva Pharmaceuticals
- Merck & Co. Inc.
- Johnson & Johnson
- Eli Lilly and Company
- Novartis International AG
- Sanofi S.A.
- AstraZeneca PLC
- Others
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Global Depression Treatment Therapy Market Segmentation:
By Type
• Medications
o Selective Serotonin Reuptake Inhibitors
o Atypical Antidepressants
o Tricyclic Antidepressants
o Others
• Devices
o Transcranial Magnetic Device
o Deep Brain Stimulator
o Vagus Nerve Stimulator
o Others
By Disease Indication
• Major Depression
• Bipolar Depression
• Seasonal Affective Disorder (SAD)
• Premenstrual Dysphoric Disorder (PMDD)
• Others
By End User
• Hospitals
• Specialty Clinics
• Others
By Geography
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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