Global Depression Treatment Market to 2030: Rising Prevalence of Psychiatric Diseases and Development of Innovative Medications for Treatment-resistant Depression Drives Growth

DUBLIN, April 3, 2023 /PRNewswire/ -- The "Depression Treatment Market By Drug Type, By Age Group, By Application, By End-Use, and By Region Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The global market for depression treatment was valued at USD 11.20 billion in 2021 and is projected to grow at a revenue CAGR of 2.6% during the forecast period.

Companies Mentioned

• Pfizer Inc.
• Lyra Health Inc.
• NeuroFlow
• Quartet
• H. Lundbeck A/S
• Sanofi
• AstraZeneca
• Bristol-Myers Squibb Company
• Eli Lilly and Company
• Takeda Pharmaceutical Company Limited

This growth can be attributed to the increasing awareness about mental health and advancements in treatment methods, as well as the growing economic, financial, and emotional burden on individuals.

Depression is a common psychiatric disorder that affects a large population worldwide, and depression treatments are aimed at reducing symptoms associated with anxiety disorders, mild chronic depression, and Major Depression Disorders (MDD).

To address the rising incidence of depression and anxiety, medical experts are developing innovative treatments, such as the FDA-approved ketamine spray formulation known as SPRAVATO and the investigation of magic mushrooms by the University of Toronto's Center for Psychedelic Studies. Furthermore, regular yoga practice has been found to help control stress reactions and lower anxiety levels.

Increased awareness of mental illness by commercial and public healthcare organizations has expanded globally, with the World Health Organization (WHO) reporting that 264 million people worldwide experience depression, resulting in approximately 800,000 suicide-related fatalities annually. To reduce stigma and promote access to mental health services, WHO has designated October 10 as World Mental Health Day. Additionally, the aging population and rising public awareness of mental disease are expected to drive market growth.

However, the COVID-19 pandemic has had a negative impact on the depression treatment market due to government measures, such as shutdowns and social isolation, and disruptions in the supply chain of raw materials for pharmaceuticals and devices. Despite these challenges, the depression treatment market is expected to grow in the future.

Market Dynamics

Driver:

Rising prevalence of psychiatric diseases and development of innovative medications for treatment-resistant depression

The increasing prevalence of psychiatric diseases is a major driver of market revenue growth for depression medication manufacturers who are investing significant amounts in the development of new treatments and equipment aimed at reducing depression rates. Recent Research & Development (R&D) activities have also revived the possibility that psychedelics could be effective in treating mental illnesses.

For patients suffering from major depressive disorder and Post-Traumatic Stress Disorder (PTSD), innovative, efficient, and secure treatments are available.

However, a third of patients with treatment refractory depression do not respond to any treatment and less than half of those suffering from this disorder benefit from medication or psychotherapy, making it crucial to develop innovative methods for treating mental health issues. If safe and effective, psychedelics have the potential to be a revolutionary treatment for mental diseases.

Restraint:

Lack of awareness and delay in diagnosis and shortage of experts and treatment centers in emerging countries

Many countries are still facing challenges in providing high-quality access to assistance and education, leading to young people being discouraged from seeking support due to stigma and discrimination. Societal factors, such as poverty, marginalization, social inequality, exposure to conflict, growing unpredictability, and limited access to high-quality employment and training, can also impact women's mental health.

Patients with mental illnesses often face obstacles in every aspect of their treatment, such as cultural stigma, a lack of effective medications for their symptoms, or limited access to care. According to WHO, there are only 13 mental health specialists available for every 100,000 people worldwide on average. Consequently, most people with mental illnesses do not receive therapy, which is a significant factor hindering the revenue growth of the market.

Key Takeaways

The market has been categorized based on drug type, age group, and application.

Drug Type Outlook

The drug type segment is divided into antidepressants, antipsychotics, beta-blockers, and others. Among these, the antidepressants segment is the largest revenue contributor and is further subdivided into different types, such as SSRIs, TCAs, SNRIs, MAOIs, NDRIs, and non-competitive N-methyl-D-aspartate receptor antagonists.

Long-term antidepressant therapy may be beneficial for people who have had two or more episodes of severe depression. SSRIs, such as Zoloft, Paxil, Prozac, and Celexa, are commonly prescribed for this purpose.

Age Group Outlook

The market is also segmented by age group into adolescents, adults, and geriatrics. The adolescent segment is expected to have the highest revenue growth rate due to the increasing prevalence of depression, anxiety, and behavioral disorders in young people. Suicide is the second leading cause of death among adolescents, and half of all mental health issues begin before the age of 14.

Application Outlook

Lastly, the market is categorized by application, including MDD, bipolar disorder, seasonal affective disorder, dysthymia, postpartum depression, psychotic depression, and others.

The MDD segment is the largest revenue contributor, and SAINT Neuromodulation Scheme, a treatment for MDD in adults who have not responded to prior antidepressant drugs, has received FDA clearance. This technology has the potential to reduce morbidity and mortality associated with the condition and could revolutionize the treatment of resistant MDD.

Regional Outlook

The North America market dominated the industry in terms of revenue in 2021, with over 264 million people worldwide experiencing symptoms of depression. Approximately one-third of individuals suffering from depression are classified as treatment-resistant due to their lack of response to multiple medications.

However, new antidepressants with different mechanisms of action have been developed, such as esketamine, which has been approved by the U.S. Food and Drug Administration and the European Medicines Agency for the treatment of treatment-resistant depression.

The U.S. has a higher prevalence of depression disorders, with approximately 6.8 million adults (3.1% of the population) affected by generalized anxiety disorder. Additionally, increased research and development initiatives and investments by regulatory bodies and governments in this region are driving revenue growth.

The Asia Pacific market is projected to have the highest revenue CAGR during the forecast period, driven by the aging population in the region. As people age, they experience various stress-related disorders, including anxiety, severe depression, and sadness, which are more likely to affect elderly adults due to factors such as retirement, lower socioeconomic status, and isolation.

The Europe market had the second-largest revenue share in 2021, owing to the rise of telehealth and community-based mental healthcare during the COVID-19 pandemic. The availability of digital care solutions, such as teletherapy and innovative apps, has increased dramatically, providing assistance and referral for individuals dealing with mental illness.

These online services can successfully increase the capacity of social and health services, reaching even the most isolated areas and overcoming concerns about judgment for choosing to receive therapy. Many online mental health support and services, co-designed and advised by peers from the community, public, and private sectors in several countries, have become reliable sources of assistance, such as Togetherall, ReachOut, 7 Cups, and UCLA STAND.

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Depression Treatment Market Segmentation & Impact Analysis
4.1. Depression Treatment Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Rising awareness about mental health and improvements in treatment methods
4.2.2.2. Emergence of COVID-19 pandemic
4.2.2.3. Economic, financial, and emotional burden on individuals
4.2.3. Market restraints analysis
4.2.3.1. Lack of awareness and delay in diagnosis
4.2.3.2. High cost of therapies
4.2.3.3. Lack of skilled experts and treatment centers in emerging countries
4.2.3.4. Adverse effects of depression treatment drugs
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence

Chapter 5. Depression Treatment Market By Drug Type Insights & Trends

Chapter 6. Depression Treatment Market By Age Group Insights & Trends

Chapter 7. Depression Treatment Market By Application Insights & Trends

Chapter 8. Depression Treatment Market By Treatment Centers Insights & Trends

Chapter 9. Depression Treatment Market Regional Outlook

Chapter 10. Competitive Landscape
10.1. Market Revenue Share By Manufacturers
10.2. Manufacturing Cost Breakdown Analysis
10.3. Mergers & Acquisitions
10.4. Market Positioning
10.5. Strategy Benchmarking
10.6. Vendor Landscape

Chapter 11. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/rrvx7j

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