Pune, India, Feb. 01, 2021 (GLOBE NEWSWIRE) -- The global anxiety disorders and depression treatment market size is projected to reach USD 13.03 billion by 2027, exhibiting a CAGR of 2.6% during the forecast period. Deterioration of mental health amid the COVID-19 pandemic will prove beneficial for this market, postulates Fortune Business Insights™ in its report, titled “Anxiety Disorders and Depression Treatment Market Size, Share & COVID-19 Impact Analysis, By Drug Class (Antidepressants, Anxiolytics, Anticonvulsants, Noradrenergic Agents, and Atypical Antipsychotics), By Indication (Major Depressive Disorder (MDD), Obsessive Compulsive Disorder (OCD), Phobia, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027”. Mental health has been one of the many casualties of the coronavirus pandemic, with anxiety, depression, and other such disorders becoming a commonplace occurrence in several parts of the world. According to a study conducted by the Boston University in September 2020, half of the adults surveyed by the researchers across the US displayed some signs of depression, such as feelings of hopelessness and failure, due to COVID-19.
As per the report findings, in 2019, the global market value was at USD 8.50 billion, and in 2020 the positive impact of COVID-19 enabled the market to register a staggering CAGR of 28.2%. The major features of the report include:
- Unrivaled insights into the various trends and drivers shaping the growth trajectory of the market;
- Industry-leading analysis of the different hindrances obstructing market growth;
- Careful diagnosis of the regional prospects and competitive dynamics of the market; and
- Holistic study of all possible market segments
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Development of Novel Therapies to Accelerate Market Growth
The disturbingly high prevalence of anxiety and depression around the world has impelled medical researchers to develop novel treatments for maintaining mental health. For example, Janssen CarePath’s esketamine, a nasal spray formulation of ketamine called SPRAVATO, was approved by the US Food and Drug Administration (FDA) as a treatment for mood-related conditions such as post-traumatic stress disorder (PTSD), anxiety issues, and depression.
Further, there is on-going research at the Center for Psychedelic Studies at the University of Toronto to investigate the efficacy of magic mushrooms in lowering the intensity of depressive moods in people. A study at the University of Utah found that consistent practice of yoga can improve the regulation of stress response in a person, which in turn will reduce anxiety levels. Thus, mounting evidence about the benefits of unconventional anxiety disorders and depression treatments will foster a lasting growth of this market.
In Ethiopia, research conducted at the Mettu Karl Referral Hospital by the Mettu University found that 55.7% of the chronic medical patients at the facility were experiencing depression, while 61.8% of them were suffering from anxiety. The demand for anxiety disorders and depression treatments has, as a result, spiked amid the current pandemic. For example, according to Bloomberg, prescriptions for Zoloft, an anti-anxiety drug, rose by 12% in March, just as the pandemic broke out. Lockdowns, economic distress, and lack of physical interactions have been seen as the primary reasons for a sudden surge in the incidence of depression and anxiety worldwide.
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North America to Experience Dynamic Growth; Europe to Gain Prominence
North America is expected to dictate the anxiety disorders and depression treatment market share during the forecast period on account of the persistently-high incidence of mental health disorders in the US. The practice of consuming antidepressants and anti-anxiety medications is widespread across the US, resulting in soaring sales for players in North America. The region’s market size in 2019 stood at USD 4.44 billion.
Coming in second after North America is Europe, where massive investments for the development of therapies for depression, anxiety, and other stress and mood disorders are propelling the market. On the other hand, Asia Pacific is set to showcase the highest CAGR due to the increasing prevalence of depression in emerging economies such as India.
Strategic Acquisitions to be the Preferred Tactic of Key Players
Competition in the market for anxiety disorders and depression treatments is well consolidated owing to the presence of a limited number of players. These players are steadily fastening control over the market by making strategic acquisitions, which are also strengthening their international position.
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Industry Developments:
- December 2020: Cadent Therapeutics announced that it would be taken over by Novartis for a total potential consideration of USD 770 million. The acquisition will enable Novartis to leverage Cadent’s entire neuroscience portfolio and broaden its presence in the mental health domain.
- December 2020: Big Rock Partners Acquisition Corp. inked a merger agreement with NeuroRx, a leading developer of novel therapies for bipolar disorder and COVID-19. The transaction is set to take place in the latter half of 2021, with the post-transaction value of the combined company will be around USD 500 million.
List of Key Companies Covered in the Anxiety Disorders and Depression Treatment Market Report:
- Bristol-Myers Squibb (New York, U.S)
- Johnson & Johnson (New Jersey, U.S)
- Merck & Co. Inc. (New Jersey, U.S)
- H. Lundbeck A/S (Denmark, Europe)
- AstraZeneca (Cambridge, U.K)
- Eli Lilly and Company (Indiana, U.S)
- GlaxoSmithKline plc (Brentford, U.K)
- Pfizer Inc. (New York, U.S)
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Table of Contents:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Anxiety & Depression –Key Regions/Country
- New Product Launch
- Pipeline Analysis
- Impact of COVID-19 on the Anxiety Disorders and Depression Treatment Market
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Anxiety Disorders and Depression Treatment Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drug Class
- Antidepressants
- Anxiolytics
- Anticonvulsants
- Noradrenergic Agents
- Atypical Antipsychotics
- Market Analysis, Insights and Forecast – By Indication
- Anxiety
- Depression
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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