According to a new report published by We Market Research, titled, Antidepressants Market size was valued at $17,243 Million in 2023, and is estimated to reach $23,423 Million by 2033, growing at a CAGR of 6% from 2023 to 2033.
These include dopamine, norepinephrine, and serotonin, all of which are essential for controlling mood. Usually, these drugs are recommended to treat illnesses including post-traumatic stress disorder, major depressive disorder, and different anxiety disorders. It’s crucial to remember that antidepressants don’t provide instant comfort and may take a few weeks to fully show their therapeutic effects.
Atypical antidepressants, tricyclic antidepressants, selective serotonin reuptake inhibitors, and serotonin and norepinephrine reuptake inhibitors are examples of antidepressants. The market is growing due to factors such rising rates of depression, more acceptance and understanding of mental health issues, increased infrastructure investment, a rise in the number of new drug approvals and launches, and an increase in research funding from major participants in the industry. Furthermore, a rise in the number of depressed individuals is fueling the expansion of the antidepressant market.
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Market Principles
The growing prevalence of mental illnesses like depression and the increased emphasis on early and fast diagnosis worldwide are driving the antidepressant market and creating a significant patient population that requires treatment. The global market is experiencing a spike in demand for innovative and creative drugs due to the increased number of patients. For example, the World Health Organization (WHO) estimates that every year, about 7.5% of India’s population suffers from some kind of mental illness. Furthermore, it is believed that 56 million people in the nation suffer from depression annually.
The global antidepressant market is expected to grow due in part to the growing emphasis on research and development efforts by major players in the industry to introduce creative and innovative treatment options, as well as the strong financial support of both government and international healthcare organizations. Furthermore, over the course of the projected period, the market expansion is stimulated by the favorable marketing clearance for new and innovative treatments. For example, in May 2020, Allergan announced that it had acquired an additional portfolio from Aptinyx in addition to an investigational NMDA medication, for a total estimated value of USD 560 million.
Drivers of the Antidepressant Market Dynamics
Growing Depression Rates
According to data from the National Institute of Mental Health (NIMH), 17.3 million Americans experienced major depressive episodes in 2017. Those between the ages of 18 and 25 have a greater incidence rate. Therefore, the category is anticipated to grow at a significant rate over the projection period due to high stress conditions brought on by a number of socioeconomic factors and significant spending ability within this range.
Advancements in Technology
During the projected period of 2022–2029, the pharmaceutical industry’s increased technical advancement to produce sophisticated tricyclic antidepressant medications is anticipated to raise lucrative chances for the worldwide drug market to expand. Furthermore, the market is growing since major manufacturing businesses are producing medications.
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Opportunities
Superior Clinical Investigations
The market will grow as there are more clinical trials, which will result in more new drugs being approved for the treatment of depression. Government agencies and industry leaders are actively working to increase the availability of their products for middle-class and lower-class consumers. For example, the Pacific Neuroscience Institute (PNI) declared that a clinical research involving psilocybin for depression would begin in January 2022. This study aims to evaluate the safety and effectiveness of psilocybin in treating major depressive illnesses.
Increased Releases of Drugs
The market is growing as a result of an increase in medication approvals. For example, in May 2020, the Food and Drug Administration (FDA) declared Tauvid approved. It is an antidepressant medication used to treat Alzheimer’s sufferers.
Competitive Analysis
Some of the major companies operating within the antidepressants market are Teva Pharmaceutical Industries Ltd., GlaxoSmithKline PLC, Sanofi, AstraZeneca, Eli Lilly and Company, Pfizer Inc., Merck & Co. Inc., Bristol-Myers Squibb.
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