Increased awareness about mental health disorder and improving treatment methods for the same would drive market growth
The Global Anxiety Disorder and Depression Treatment Market size is forecast to reach USD 19.53 Billion by 2028, registering a CAGR of 2.4% over the forecast period, according to a new report by Reports and Data. Major factors driving market revenue growth are increasing awareness about mental health disorders and the rising demand to treat such disorders as anxiety and depression.
Anxiety disorders and depression, are among the most prevalent mental health conditions. Though they are less visible than schizophrenia and bipolar disorder, they can be just as disabling. Anxiety disorders affect up to 13.3% of people in the United States, making it the most common group of mental diseases. The Epidemiological Catchments Area study, which took place around 26 years ago, was the first to disclose the scope of their occurrence. Due to their extensive occurrence, these illnesses have received increasing attention in the recent years and are being considered just as important as other syndromes such as mood and psychotic disorders. The primary care physician is often the primary assessor and treatment provider. With improvement in primary healthcare infrastructure around the world, market for anxiety disorder and depression treatment is also expected to grow.
Anxiety disorders can be blamed for lower productivity, higher morbidity and mortality rates, and an increase in alcohol and drug usage in a broad segment of the population. Therefore to treat such problems, increased attention is being paid to anxiety disorder and depression treatment. The prevalence of favourable reimbursement policies for drugs and therapies in developed economies, is expected to fuel growth during the forecast period.
However, in most cases anxiety disorder and depression treatment can be considerably expensive. Patients with no access to health insurance or good primary care facilities cannot afford such treatments because of their high cost. This can be a restraining factor for market growth in coming years.
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Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of R&D activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma & healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.
Further key findings from the report suggest
The rising rate of depression and anxiety disorder as well as the increasing awareness to treat such disorders will drive market growth.
In the drug class segment, antidepressants accounted for the highest market share in 2020. Serotonin-Norepinephrine Reuptake Inhibitors (SNRIs) accounted for 28% of the market revenue share.
As a result of higher incidents of suicide, there has been a rise in demand for therapies. In the year 2020, Cognitive Behavior Therapy [CBT] accounted for the largest market share among other therapies segment.
In 2020, North America accounted fort the largest revenue share in the anxiety disorder and depression treatment market. Because of increased incidence rate of anxiety disorders and depression in the region, and favourable government policies, North America is expected to continue accounting for a higher revenue share during the forecast period.
In terms of market share, the Asia Pacific region also has a considerable share in the worldwide anxiety disorder and depression treatment market. Major reasons for market growth in the APAC region is increasing disposable income and improvement of healthcare sector.
Key participants include Johnson & Johnson, Inc., Pfizer, GlaxoSmithKline plc., Lundbeck A/S, Inc., Sanofi- Aventis, Merck & Company, AstraZeneca PLC., Forest Laboratories, Eli Lilly and Company, Bristol-Myers Squibb Company among
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For the purpose of this report, Reports and Data has segmented the global anxiety disorder and depression treatment market based on drug class, therapies, devices, application, end-users, and region:
Drug Class Outlook (Revenue, USD Billion; 2020 – 2028)
Selective Serotonin Reuptake Inhibitors (SSRIs)
Tricyclic Antidepressants (TCAs)
Serotonin-Norepinephrine Reuptake Inhibitors (SNRIs)
Monoamine Oxidase Inhibitors (MAOIs)
Therapies Outlook (Revenue, USD Billion; 2020 – 2028)
Electroconvulsive Therapy (ECT)
Cognitive Behavior Therapy (CBT)
Deep Brain Stimulation
Transcranial Magnetic Stimulation (TMS)
Cranial electrotherapy stimulation (CES)
Devices Outlook (Revenue, USD Billion; 2020 – 2028)
Cranial electrotherapy stimulator
Fisher-Wallace stimulator market
Application Outlook (Revenue, USD Billion; 2020 – 2028)
Major Depressive Disorder
Obsessive Compulsive Disorder (OCD)
Post-traumatic stress disorder
End-users Outlook (Revenue, USD Billion; 2020 – 2028)
Mental healthcare centers
Regional Outlook (Revenue, USD Billion; 2020 – 2028)
Middle East & Africa
In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Anxiety Disorder and Depression Treatment market growth over the forecast period of 2021-2028. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.
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