Increase in number of cases of depression is resulting in the massive growth of Anti-depressant drugs markets globally. Anti-depressant drugs are medication that helps relieve the symptoms of Depression. Depression includes a vast range of mental health issues categorised by the absence of positive emotions, low mood, range of associated cognitive, physical emotional and behavioural symptoms.
These drugs aim to balance hormones and chemicals in brain. Although there are many side effects of these drugs which includes:
Low sodium
Nausea
Rash
Dizziness
Abnormal thinking
Anti-depressant drugs market was valued at approximately USD 14.3 billion in 2019 and is predicted to stabilize market at USD XX.xx billion by 2024 at a CAGR growth of approximately XX.xx% during forecast period.
Prominent Market Players:
Alkermes
Allergan
Eli Lilly
Merck
Bristol Myers Squibb
Teva
The market is highly fragmented and competitive in nature owing to the presence of both large and small pharmaceutical companies. The global leading players are focusing on expanding geographical presence, as Asia Pacific, the Middle East& Africa, and Latin America. These regions are developing regions with an increasing prevalence of various types of depressive disorders and improving investments.
MARKET DYNAMICS
Rising factors:
+ Increasing Cases of Mental Health Disorders
+ Unhealthy lifestyle with increasing stress level
+ Emergence of novel biologics
COVID-19 is majorly responsible for drugs market growth as the positive cases are increasing rapidly around the globe. The people living in highly affected areas are also facing mental depression or stress because of this pandemic which is increasing the demand of these drugs.
Threats:
+ Side effects associated with the anti-depressants
Opportunities:
+ Increasing cases of Depression
MARKET SEGMENTATION
Antidepressant Drugs Market by Drug Class:
Monoamine oxidase inhibitors
Serotonin antagonist and reuptake inhibitors
Serotonin-norepinephrine reuptake inhibitors
Selective serotonin reuptake inhibitors
Tricyclic antidepressants
Others
Antidepressant Drugs Market by Disorders:
Major depressive disorder
Obsessive-compulsive disorder
Generalized anxiety disorder
Panic disorder
Others
Antidepressant Drugs Market by Distribution Channels:
Hospitals and clinics
Retail pharmacies
Others
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America is leading in drugs market as there are maximum cases of depression comparatively any other part of the world. Around 29% of these drugs are sold for off label i.e. without any prescribed form as people of very young age are finding easiest way to tackle their stress. However, such drugs have a number of side effects which can hamper the growth of anti-depressant drugs market.
Further, Asia Pacific is expected to witness appreciable growth due to multiple factors such as high prevalence of psychiatric disorders and rapid economic growth in countries such as China, Japan, and Australia. Additionally, positive marketing approval for innovative medicines is likely to drive the market in the near future.
Conclusion
Anti-depressant drugs market is is on the verge of boom owing to increasing prevalence of depression among human beings. Depression has become a common mental health issue and antidepressants are available in market providing relief to people of every age. Moreover, consumption of these drugs is very common in some countries between youngsters and above aged people. Globally, the share of population with depression ranges in between 2% to 6% and geriatric population is the most affected one.