Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Antidepressant Drugs Market by Product (Selective Serotonin Reuptake Inhibitors, Tricyclic Antidepressants, Monoamine Oxidase Inhibitors, Serotonin-Norepinephrine Reuptake Inhibitors, Serotonin Antagonist & Reuptake Inhibitors, and Others), Depressive Disorder (Major Depressive Disorder, Panic Disorder, Generalized Anxiety Disorder, Obsessive-Compulsive Disorder, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global antidepressant drugs industry is estimated to gain $21,004.8 million by 2030, having witnessed a value of $15,651.0 million in 2020, exhibiting a CAGR of 3.0% from 2021 to 2030.
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Prime Factors of Market Growth-
The global antidepressant drugs market growth is attributed to the growth in the prevalence of major depressive disorder, the rise in the awareness of depression, and advancements in research and development in the healthcare industry. However, certain adverse reactions related to the drugs may limit market growth. On the other hand, the increased recognition of the issue of depression, as well as the development of research and development in the healthcare sector, are anticipated to generate prolific opportunities for the sector.
The selective serotonin reuptake inhibitors segment to maintain its lead position during the forecast period-
By product, the selective serotonin reuptake inhibitors segment held the largest share in 2020, contributing to nearly one-third of the global antidepressant drugs market revenue, and is expected to maintain its lead position during the forecast period. The same segment would also portray the highest CAGR of 3.8% from 2021 to 2030. This is due to the significant development that has been made in research and development activities in the healthcare industry.
The major depressive disorder segment to maintain its lion's share throughout the forecast period-
By depressive disorder, the major depressive disorder segment held the major share in 2020, accounting for nearly two-fifths of the global antidepressant drugs market revenue, and is predicted to maintain its lion's share throughout the forecast period. The growth is attributed to the increasing incidence of major depressive disorder, as well as government and private sector efforts to develop drugs. On the other hand, the obsessive-compulsive disorder segment would cite the highest CAGR of 4.2% from 2021 to 2030. This is attributed to the increase in the incidence of mental health issues and an increase in the number of drug approvals for anxiety medications.
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Recent Developments in the Antidepressant Drugs Market
- In February 2023, Biogen Inc., a global biopharmaceutical company has received the Food and Drug Administration (FDA) acceptance for its New Drug Application (NDA) filing for Zuranolone. If approved the Zuranolone will be used for the treatment of depressive disorders.
- In December 2022, AbbVie Inc., a global pharmaceutical company has received the Food and Drug Administration (FDA) approval for its VRAYLAR. It is used as an adjuvant therapy for the treatment of major depressive disorders in adults.
- In November 2022, Luye Pharma Group, a pharmaceutical company has received the National Medical Products Administration (NMPA) approval for its Ruoxinlin, an extended release tablets used to treat major depressive disorders in China.
- In August 2022, Axsome Therapeutics, Inc., a biopharmaceutical company has received the Food and Drug Administration (FDA), approval for its AUVELITY. AUVELITY is a first and only NMDA acceptor antagonist used for the treatment of major depressive disorder.
- In August 2020, Johnson & Johnson’s Janssen Pharmaceutical has received the U.S. Food and Drug Administration (FDA) approval for its SPRAVATO nasal spray to treat the depression in adults.
North America to maintain its dominance in 2020-
By region, North America dominated for the major share in 2020, contributing to more than half of the global antidepressant drugs market revenue. This is due to an increasing number of people suffering from depression disorders, an increase in the number of antidepressant drug approvals, the presence of major players, and the development of research and experimental development in the healthcare industry in North America. The Asia-Pacific region, on the other hand, would display the highest CAGR of 4.9% from 2021 to 2030. As the number of mental illnesses grows rapidly, an increase in the awareness of depression, a rise in health care costs, and an evaluation in clinical trials in the region.
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Leading Players in the Industry-
- GlaxoSmithKline, Inc.
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd.
- Pfizer Inc.
- AbbVie Inc.
- Takeda Pharmaceutical Limited Company
- Alkermes Plc
- H. Lundbeck A/S
- Merck KGAA
- Teva Pharmaceutical Industries Ltd. (Actavis Generics)
The report provides a detailed analysis of these key players in the global antidepressant drugs market. These players have adopted different strategies such as joint ventures, new product launches, expansions, agreements, and others to gain their foothold in the market and maintain their position in various regions. The report is valuable in highlighting business performance, top market segments, product portfolio, and influencing tactics of business to showcase the competitive scenario.
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